Forum Replies Created
Hi Richard and Michael,
Firstly, I was not trying to be rude but to make the point that I had not got the said email. And as Michael has said that he had sent it twice seems a bit strange that neither had arrived.
And as you both agree and I accept, time is not on my side. In hindsight, I should have started this about six months ago. At least I would have known what I was in for and been better prepared.
Cheers,
Wayne
Shape wrote:Yep got your email; have sent you a question air to fill out so we can understand your financial a bit better.Don’t want to give you false hope; but at the same time don’t want to shoot you down without trying- so once i get the info back from you we shall go from there…
Regards
MichaelHi Michael,
Don’t understand your email when you say that you have sent a question air which I have not received. And I had sent you a direct email letting you know that it was not received. Why no response? I guess every one is busy.
Thanks anyway.
Wayne
Hi Micheal,
I have sent you an email. In reality, to be honest I don’t think I can get this deal through. But would be prepared to give it ago.
Thank’s Terry and Richard.
Cheers,
Wayne
Hi Rebecca,
I thought that if you sell property with in 12 months you are up for the full Capital Gains Tax but if you sell it after 12 months you are up for HALF the Capital Gains Tax. Thats my understanding.
Cheers
Hi Nigel,
As you say, it’s the hardest finance market in twenty years. I do hope that the market is a lot better when it comes time for me to settle. About six, seven moths ago I was using online calculators to see how much I could borrow and I did the same about a month ago using the same numbers etc only to find that I could borrow around only 70% of what I could borrow back then and thats a big drop, and if you think about that we were in the middle of the GFC.My hope is that property prices keep rising by at least 5% over the next couple of years.
Cheers!
Hi Richard,
Thank for your reply. Firstly, My concerns with just going to a bank to get an extra $570,000 I would think are near impossible taking into account that I already have a loan of $275,000 IO which is at the moment positively geared, until the interest rate start rising above 7 percent. Then it will go into negitive. If I were to let the new property out it will probably bring in $550 a week being $29,000 annually but the debt on that would be $43,000 @ 7.5%, a differnce of ($13,750). However, I could let all three properties out, then I think the rents would pay for the Loans but just. A bit of a gamble.
Yes I understand about banks not holding preapproval for that long. I am not sure that that the property will be finished in two years either. Another gamble I took.
And in regards to the property maintaining it cost value or increasing in value by the time that it is completed is another gamble. I base the value on a block of apartments across the road similar to what I believe would be the condition of the new place. And I always believe that banks are conservative with new buildings.
I do plan to wait out another 12 months at least before going to seek a loan. Just trying to cover my tracks and be prepared. In the mean time I think that it might be a good idea to let this property out that I am living in so that the income is shown on the record.
Any further advice is appreciated.
Thanks for you advice Richard
Cheers
