Forum Replies Created
Richard I take it that this is a short term loan and the LVR is on the property for renovation? leaving the PPOR as collateral for the O/D?
Obviously the interest rate on this kind of loan would be markedly higher?
Thanks for the reply Terryw.
Thanks everyone for your advice.
I will look into unit trust or other options and see if that sits right with what we want to achieve. I just want my cake and eat it too! haha.
Thanks again.
Thanks Terry. Sorry for the late reply.
Thanks Terry.
We paid outright for the land, so would that be considered part of the costs? If so I doubt I will be able to make a profit, as the land has suffered quite a loss in value.
Whilst on capital gains, I have a question in regards to the dreaded CGT.
we sold our first home some ten years ago and with a portion of the profit we bought a block of land( not one of our better decisions). As it turned out we have had the land sit there for some time and now want to reclaim that money. Problem is, two of Australia’s biggest cyclones tore through there over the last ten years and property prices eventually collapsed, land in particular. So if we were to sell the land as is we would lose a large portion of our investment. However if we build a dwelling we may recover most of the investment upon resale.
The question is…. If we were to build and sell, would we incur CGT on our initial investment amount which was derived from the sale of our original PPOR ?
Thanks Terry and Richard.
Good advice regarding capitalising the repayments.
Thanks JBC.
Some really good info there. Have already been down and checked out Hobart, and will be down to look over Launceston in a couple of weeks. We have been flipping houses on and off up here in QLD for about 15 years. Has been a nice little supplementary income, but work is taking me south. At this stage Launceston seems likely, although I rather Hobart for investment potential, as it seems the north of the state has been suffering economically for a few years.
Again thanks for your advice and yes I may need to employ your services in the near future.
Hi JBC,
My wife and I are looking at relocating into either Launceston or Hobart either later this year or early next year. We will be looking at purchasing shortly. I noticed you are a legal eagle and perhaps you can answer a couple of questions for me.
1. I have noticed that there is no cooling off period in Tas unlike QLD. Do the same T & C’s like building inspection, finance approval, pest inspection etc,etc. apply?
2. What other little Tassie secrets do I need to know before entering into a contract ?
A heads up would be greatly appreciated.
