Hi

It shouldn’t make too much difference wiht lenders. They do not treat singles any different.

A lot of people are married and one of them stays at home not working. This hurts serviceability as the lving expenses are hgih for two people.

I have a lot of clients who are single, and still living at home with parents and are doing well – ie not paying rent helps a lot!

Terryw
Discover Home Loans
North Sydney
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I was of the understanding, that if you lived in your house and then rented it out, you could still claim it as your main house for up to 6 years and hence pay not CGT if you sell within this time.

But if you are renting out a portion of your house while living there, then when sold that portion will be subject to CGT – ie you cannot claim the 6 year rule on that portion.

But I may be wrong (again!).

Terryw
Discover Home Loans
North Sydney
[email protected]

Freedomfinder

The figures you quote are the maximum exposure levels per client for LOW DOC loans.

That is why I think people should consider purchasing in one name only, especially for low docs. With low docs, a husband and wife buying separately could have up to about $3mil in loans, but jointly only up to about $1.5mil.

Terryw
Discover Home Loans
North Sydney
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XXX

If you lived in the house as your main residence, then there would be no requirement to live in it for one year. You could sell after a few months and still pay no CGT. BUT if the ATO suspect you are doing it as a business, then they could still impose CGT.

Terryw
Discover Home Loans
North Sydney
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Yes, it may be hard to use as security when it is not finished. It is also not worth what you quote at the moment as it is still being constructed, so maybe it would be better to wait.

But, as Simon said, don’t beleive anything a bank manager says without verifying. When I started out, I went for a loan and was rejected because I was part time, so I just left it at that. But if I had asked around, I could have gotten a loan and could have purchased that property – which would have grown in value 4 x.

Terryw
Discover Home Loans
North Sydney
[email protected]

try staters try:

http://www.renovateforprofit.com
(an aussie site)

http://www.renokings.com.au

Terryw
Discover Home Loans
North Sydney
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I used to live in Japan, and know that Aussie banks over there such as NAB will lend money in Yen at Japanese interest rates (around 2%) to purchase in Australia. But you must be living there and earning money in yen. If you move back to Australia, the loan must be repaid.

Terryw
Discover Home Loans
North Sydney
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YC

The ATO wants to tax aussies on their world wide income. Have a look at the latest Taxpack – there are various questions on income earned overseas etc.

But the good news is Australia has various taxation agreements with other countries, so you may not be taxed twice if you have already paid tax overseas. I beleive that there is no CGT in NZ, so they want to tax you on this in Australia.

Terryw
Discover Home Loans
North Sydney
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Great to be starting so young. If I could go back in time, I wouldn’t go to uni, but start working asap, save a deposit for a cheap property and buy as many as you can afford as quickly as you can. Once you have done this, then maybe go and study or do a course in building while you are waiting for growth to kick in. Once you have equity, then you can go for a bigger project such as developing.

Terryw
Discover Home Loans
North Sydney
[email protected]

‘wrapping’ is when you onsell a property to someone who pays you in installments. It is just like a normal sale – usually a 30 day or 42 settlement period. But with wraps you have a 30 year settlement period, you give the new purchaser permission to reside in the property during this period and they agree to pay you some interest and capital every month until it is paid off.

Terryw
Discover Home Loans
North Sydney
[email protected]