Forum Replies Created
The costs are all tax deductible, the difference with using a line of credit is your minimum payments are all interest only and once you have paid it out you can redraw on it as in most cases they leave the account open for you. It will give you an extra deduction i.e; interest to claim.
This is only my understanding and is not intended to be financial advice it is of a general nature only please make your own investigations into thsi using a licenced taxation adviser.
Stuart Milne
Non-Conforming Specialist
READY Mortgages
http://www.readymortgages.com.au
[email protected]
Mob: 0404 056 055To be perfectly honest I’m not even game to try and answer your question. If you need a good Lawyer to answer it try
Stephen Moore at
Blair anderson Lawyers
George St Brisbane
Ph: 07 32202622Stuart Milne
Non-Conforming Specialist
READY Mortgages
http://www.readymortgages.com.au
[email protected]
Mob: 0404 056 055Boutique Financial Planning
Subiaco Lvl 1/ 230 Rokeby Rd 6008 (08) 9381 8779Call and ask for Cheryl tell her I referred you. Any problems email me and I’ll do what I can to clear them up for you.
Cheers,
Stuart Milne
Non-Conforming Specialist
READY Mortgages
http://www.readymortgages.com.au
[email protected]
Mob: 0404 056 055Another thing that should be mentioned is that if you end up being stuck with having to pay Mortgage Insurance it only protects the lender NOT you. It is however able to be claimed as a deduction over the first five years of ownership of the property. Eases the hurt, but you still have to pay it and you don’t get it all back…
Stuart Milne
Non-Conforming Specialist
READY Mortgages
http://www.readymortgages.com.au
[email protected]
Mob: 0404 056 055My personal preference in relation development and the developers I know also state the same – if you’re not making 30% after interest and all other costs have been taken into account then it just isn’t worth it. 20% is acceptable if there’s a cost blow out which can happen but thats why you should be looking for the 30%. It covers you in the event of a problem.
Stuart Milne
Non-Conforming Specialist
READY Mortgages
http://www.readymortgages.com.au
[email protected]
Mob: 0404 056 055Just be aware if the Broker you go to see decides your business is best placed elsewhere you may incur “break costs” aka Deferred Astablishment fees and depending on the Lender, Product, etc; these can range from a couple of hundred dollars up to 7%…
Just be sure you really are getting the best deal…..
Stuart Milne
Non-Conforming Specialist
READY Mortgages
http://www.readymortgages.com.au
[email protected]
Mob: 0404 056 055Yep great except everyone here seems to have forgotten the Nab have their own Valuers employed and only outsource them if and when it is absolutely neccessary i.e; they don’t have one in the area.
They also tend to run with Drive-bys as the norm too. Which is great and shouldn’t normally pose too much of an issue except they consistently come in low on them. The culture amongst the staff at the NAB I’ve dealt with is ultra conservative, so I wouldn’t imagine too much outside the square thinking there…
If you’re unhappy you can always leave, as other suggested, or approach the bank after appointing a valuer to do one for yourself.
Try McGaw Hogg – they’re a national company which outsources their Valuation requests at random meaning you pay the bill, but they choose the Valuer for you. It keeps it truly independant and gives you something to show the bank…
Stuart Milne
Non-Conforming Specialist
READY Mortgages
http://www.readymortgages.com.au
[email protected]
Mob: 0404 056 055Something else which hasn’t been considered is the question on the FHOG form which asks is the property is through sale or transfer from a relative. Oh and Gifted properties aren’t eligible anyway – If you pay less than $7,000 for the property all you get is what you pay…
Stuart Milne
Non-Conforming Specialist
READY Mortgages
http://www.readymortgages.com.au
[email protected]
Mob: 0404 056 055Yes again.
I know of one 80% Lo-doc Comparison Rate of 7.06% based on $300k over 30 years loan term.
Again check if this product is suited to your needs, and goals financially.
Stuart Milne
Non-Conforming Specialist
READY Mortgages
http://www.readymortgages.com.au
[email protected]
Mob: 0404 056 055The main reason display homes seem to be over priced is because in the pricing is everything that opens and shuts! You don’t get the standard home you get all of the bells and whistles, and the pipe organ too! Another point in relation to these is that most times the builder has to purchase the furnishings and you can arrange for these to be left in the home and or sold with it as chattel – This means more depreciation! Now that’s not such a bad thing is it?
Oh and the Rental return is to ensure you don’t want to occupy the premises in between times. I know of a couple of people who have purchased display homes and then evicted the builder as they didn’t wish to wait for a home to be built. That’s a bit rude for my mind, but to each their own.
All in all they aren’t such a bad thing if you sell them to an owner occupier at the end of the 2 year lease term, as tenants more often than not won’t appreciate the value of the property and it will not be a good thing for you. Yes I specifically mentioned a 2 year term and That stands! I wouldn’t accept anything less regardless of when they vacate…
Food for thought.
Stuart Milne
Non-Conforming Specialist
READY Mortgages
http://www.readymortgages.com.au
[email protected]
Mob: 0404 056 055I already provide my clients with regular updates either via email or snail mail as they prefer. I also offer my services to them for “mentoring” or management assistance in relation to their loans.
I also conduct Regular Reviews on their loans for them annually to ensure their loan is still up to date and right for their situation. It’s funny how a little bit of old fashioned service seems to go a long way in todays fast paced world.
I must admit though it is always nice to have a face to face client, especially when they make great coffee (I’m with you on that one Richard) but todays society seems to promote more and more remoteness when dealing with others. It always seems to be either via the net or phone, fax and mobile. Whatever happened to a good old fashioned sit down visit?
Oh well enough reminiscing the phone awaits!
Stuart Milne
Non-Conforming Specialist
READY Mortgages
http://www.readymortgages.com.au
[email protected]
Mob: 0404 056 055Rockhampton is stable. Growth will Still occur in the Yeppoon Region and Rockhampton will naturally get some CG over the next 10 or so years, but given the historical performance and the fact there is really nothing in line to drive the areas growth I would suggest it won’t be much. Don’t take my word for it though you can do your research on it – you have the power of the interweb!
Stuart Milne
Non-Conforming Specialist
READY Mortgages
http://www.readymortgages.com.au
[email protected]
Mob: 0404 056 055Using the LOC for deposit and costs is not such a bad idea – But Personally I would put a split in your loan in order to simplify the accounting for your tax agent and to ensure you are able to see clearly how much interest you have paid as these costs are a tax deduction as is the interest paid on them.
Any decent Broker will be able to arange this for you with a minimum of fuss. Anyone who tells you not to bother is obviously not interested in ensuring you get to maximise your investments and doesn’t deserve your business. Take it elsewhere.
All in all you have the final say in any structure so make sure you are 100% satisfied prior to signing your loan documents.
Best of Luck.
Stuart Milne
Non-Conforming Specialist
READY Mortgages
http://www.readymortgages.com.au
[email protected]
Mob: 0404 056 055I’m thinking here that there are 2 different answers o your question.
The first is you can afford to spend $X per week/fortnight or month.
The 2nd is you are comfortable spending $X per week/fortnight or month.
They can be two vastly different amounts. I know of couples who could afford to Borrow $750,000, yet were only comfortable paying off $350,000. It’s up to you, if you can afford it of course…
Ps: Welcome Back!
Stuart Milne
Non-Conforming Specialist
READY Mortgages
http://www.readymortgages.com.au
[email protected]
Mob: 0404 056 055Lets see if this one gets deleted as well shall we gents.
Yes I do. And without mortgage insurance. Loan Limits apply though so depending on the amount you wish to borrow and the security location type etc it may not be as simple as you would hope for but normally all can be done…
Stuart Milne
Non-Conforming Specialist
READY Mortgages
http://www.readymortgages.com.au
[email protected]
Mob: 0404 056 055The only “new” Goldmine I’m aware of is being opened near Charters Towers. There was some rumour about reopening Ravenswood though, which would answer the question.
My concern with Ingham apart from the flooding is the seasonal nature of the work available as many of the workers there are either Mill employees or contract harvesters/Haul out drivers. This would make rental increases harder.Stuart Milne
Non-Conforming Specialist
READY Mortgages
http://www.readymortgages.com.au
[email protected]
Mob: 0404 056 05510% Deposit in Queensland = Unconditional Contract This is why they ask for that amount. The completion date will no doubt be finalised. They obviously haven’t achieved the right amount of pre-sales for their bank to fund the project if they haven’t set one yet.
As for the Developer pulling out I heard about that one and it was the Funder who pulled out due to costs rising above their comfort level. They then gave the order to “trash the contracts” which equates to Game Over Player One…
Stuart Milne
Non-Conforming Specialist
READY Mortgages
http://www.readymortgages.com.au
[email protected]
Mob: 0404 056 055Originally posted by Wylie:Thanks Brahms. The apartment is on floor 20 with three bedrooms, two carparks, 8 square metres of storage space, two bathrooms, gym and spa.
Does that spec seem okay for $920K. Apparently they put down 10% now as deposit.
My friend’s father is happy but her mum is a bit worried.
Thanks, Wylie
Now I’m hoping that You meant they Need to put 10% down now not that they have.
If they have placed their 10% down then they are in for the long haul regardless as they have an unconditional contract.
Personally for my money I would be either buying in Evolution, oh wait I did that’s right, or somewhere like Cairns One which will give you a 3 bedroom villa with unsurpassed amenities including a shop in the complex for tenants only, 7 pools, private spas, you get the drift I’m sure, then again Halcyon Views in Doncaster is another on which should give great value for money.
In regards to the settlement date I would be obtaining a Bank Guarantee for the deposit as this frees up your $92k in Capital which is a substantial amount to have out in a trust fund NOT earning any interest or otherwise assisting your investing career.
Have fun…..
Stuart Milne
Non-Conforming Specialist
READY Mortgages
http://www.readymortgages.com.au
[email protected]
Mob: 0404 056 055Thanks Robo I was close!
Glad to be corrected.
Stuart Milne
Non-Conforming Specialist
READY Mortgages
http://www.readymortgages.com.au
[email protected]
Mob: 0404 056 055The Railway yards at Acacia Ridge along with the Toll Depot, Woolworths Depot, and the major Transport Hubs are being relocated down there over the next few years. I would expect a subsequent rise in both population and CG for the area as a result.
Lets be honest – Why would you commute there from Brisbane every day? Or even from Logan? It is a nice place to live and is going to be a major Hub within South East Queensland.
Best of Luck with your New Career Nathan Hope all goes well for you.
Stuart Milne
Non-Conforming Specialist
READY Mortgages
http://www.readymortgages.com.au
[email protected]
Mob: 0404 056 055
