Forum Replies Created
if you need a computer to handle your investments, you may be able to claim it as a business expense, either in part or full, or maybe some depreciation for part or full amount.
I don't think the FHOG actually stipulates how long you have to live there to claim it, all you have to do, after you get it is say you intended to live there but found that you could not afford to after all, also as far as an investment loan goes, you just tell the bank that it took longer than you thought to find a decent tenant.
Hey Tlp,
Both have the same end result, they are the best way to borrow, BUT you must keep a record of what interest is business and what is personal, as the ATO will rip you a new one.I just got a $500,000 LOC from Homeside Lending(part of NAB) @ 6.47%, to get that rate I had to have 40% and put up only residential to be mortgaged.
I think you can only get this through a broker.
PS $600 Application Fee, covered two valuations I required to cover the loan.
regards,
ruk.
Thanks FinSpec, located exactly in Atherton, north queensland about 100 km from Cairns.
Thanks, but already tried that, the valuer can only compare it to other sales in the area, and none of them are as close to town or next to a golf course, the value they gave me was for $ 500,000, even an idiot like me knows it's worth more than that.
At $20,000 per developable block it's worth $ 1,480,000. anywhere else in town, but everyone else says with this position it has to be more than normal, but how much more, help anyone, please.remember it's better to pay interest, than tax.
my reason for interest only loans.
Borrow $400,000 in 2008.
Pay it off in 2033, when $400,000 will be the cost of a small car.
There are lots of other benefits too, as mentioned before, but I like this one the best.
I have been a " agent " actually it's sales person on and off for many years, the agent is the owner of the business.
I agree commissions are too high, but remember it's not always booming, there were 14 years of hard times.
Things always look greener on the other side of the fence, don't they.
go to real estate .com and chek out what else is available, as this name "waterside" is a bit missleading, being 3 km from the city,the price sounds a bit high as well.
vinyl tiles are usually solid vinyl and can be cut back if scratched, whereas vinyl sheeting only has a thin skin of vinyl on top, but i have had vinyl tiles shrink after a few years, they may have improved in recent years.
are you charging for this advise.
Now
land is $130,000
4 br rendered block house around 200m2 = $170,000
Legals + stamp duty $ 10,000
Sale price $ 400,000
Agent $ 10,000
all amounts are approx. but you get the idea.even if you only make $ 10,000, it's still better than nothing, and you get a #*%@ load of experience, so you will do better on the next one.
RUK
thanks for that
the market has changed since i did my last one but you should still make a profit, I made $120,000 in 10 months, with a $250,000 outlay.
at the moment, if I did it again, it would cost me $310,000 and I would only make $80,000.
the profit is definately in it, but so are the headaches, with everybody, from the word go, the draftsman, the builder, the plumber, the electrician, everyone.
if you don't mind a constant headache the profit is definately there.
Work out how much you need to live on, subtract that from your net income, and the balance divided by the interest rate and that will give you the amount to borrow to buy ip's, you will also have the net income from the ip's to help you pay off even more borrowings and then it just goes on from there, make more, borrow more, buy more, make more, borrow more, buy more, etc,etc,etc.
Go to ratecity.com.au
Suncorp is offering 8.2%remember there are 13 – 4 week months in a year but only 12 calander months, so if paid on the same day each month you will get 12, make sure the tenant understands this, as some of mine have been too stupid. and the agents not much better.
