Yeah, I would suggest you put the funds in an offset account attached to the loan used to acquire the land as this interest is not deductible. Don’t pay off the loan just yet, just in case you change your mind.

Actually as you are living in the unit you could also put the money in an offset account on this loan while it is non income producing…[Read more]

Not a grey area Ethan.

Under the common law risk passes on the date of contract. This has been modified in a few states so that risk only passes at settlement. The contract is also relevant. I think in QLD the standard contract has the purchaser agreeing to wear the risk. So if you enter into a contract to buy a house and the house is flooded…[Read more]

Not a grey area Ethan.

Under the common law risk passes on the date of contract. This has been modified in a few states so that risk only passes at settlement. The contract is also relevant. I think in QLD the standard contract has the purchaser agreeing to where the risk. So if you enter into a contract to buy a house and the house is flooded…[Read more]

Corey is right. I have a mate who old me he was waiting for Sydney prices to drop before buying. That was about 20 years ago and he is still waiting.

One potential issue with the budget is the removal of the 50% CGT discount. This could come in from the date of the budget night (Just guessing here) so buying before then may help you (or may not)…[Read more]

Don’t you think it would be a good idea to get some proper legal advice about this matter?

Time is ticking…

Are you serious?

I have helped two separate Aussies who have purchased in Thailand and Indonesia.

Each had their property ‘stolen’ from them.

The guy in Thailand had a company set up to own the land, someone else forged signatures to transfer the shares in the company to someone else and the company then sold the land to an unsuspecting buyer. This guy has been…[Read more]

What does your solicitor advise?

No.

If you mean tax agent then they advise on commonwealth legislation.

Your should seek legal advice from a solicitor.

Ignore what the bank is suggesting they will make things worse.

You need to pay off the loan and reborrow.

My response still applies to this. Just pay it back into the loan and reborrow when investing.

I am not sure I understand that.

have $53,000 been borrowed by slitting the $220k loan and into 2 with the $53k split being paid into an offset?

If so simply pay back hte $53k loan and reborrow again at the time you wish to invest. Pay directly from the loan account or set up a new offset account empty of funds add transfer the borrowed money…[Read more]

You have tax issues.

Where did the money come from? Was it a new split loan? Give me some figures as an example and i will tell u how to fix it.

ANZ are good with substitution of security and St G should be too..

the 6 year absence rule could apply so not taable but as you sold for less than the valuation at the date it first become income producing you might be able to claim a capital loss.

speak to your accountant

Might be better to incur the lmi on the investment loan for tax reasons. But it could work out cheaper for it to be incurred on both loans at a lower lvr.

Lol

Thanks Benny.

Didn’t have my glasses on

Could be depending on. The situation.

1. Probably no cgt based on. Want u wrote.

2. Up to 6 years from date Friday rented