Forum Replies Created
- god_of_money wrote:go to infochoice.com.au
you can enter you data and it will calculate for youcheers
Thank you,
I will have a look, but I did go to the ING site (who my loan is through) to use their extra repayments calculator but because the loan will go from fixed interest to variable in September it makes it hard to calculate.
Will see if I can work it out though….
Dan42 wrote:It looks as though you are renting at the moment? Is this correct?
If so, you wouldn't pay any CGT if you sold at the moment, as your house would still qualify under the 6 year rule. Basically, you can be away from your main residence for up to 6 years and it is still exempt from CGT, as long as you do not have another PPOR.
Thats right- we are renting at the moment.
So I guess the real question is to everyone- if you were in our situation ie- having someone offer to pay $300 week in rent or off your mortgage- what would you do? Bearing in mind that if we brought we would probably need to sell the rental to buy what we wanted and we would also go back to making minimum repayments off a mortgage rather than paying extra and seeing it get lower. Hmmmm- big decisions.
freelance wrote:Hi Shellb78,Don't forget when you sell the investment property you will pay capital gains tax (you'll have the 50% discount though since you've owned it longer than 12 months).
Really?? I had no idea we would have to pay Capital Gains Tax. We have had the property for 7 years! I thought you only pay CGT on a property that you have owned short term?
Any idea how much we will have to pay?
