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Unless the property is purchased through a company or you engage the renovations through a company that is registered for GST I dont think this is possible.
would be interested to see what others say about this topic.
Im glad members have put other options forward and shared their own experience. Before posting in the forum, I would never have thought to use a credit card to bridge my current gap. It may certainly be the option I take if the right property comes up.
Thanks All
PHP,
I recently took a pay cut due to a change in career direction which will pay off in the long run. I was luck enough to save the 19k while in the better paying job however i am currently saving 1000 per month in the new, lesser paying job. With waiting 4-5 months I do not think the market will change that drastically, however I could be wrong. I will go back to the drawing board and weigh up my options.
Thats an interesting quote.Thanks
All,
Thanks for taking the time to read and comment. I think I will take the option of being patient and save the extra 4-5k like everyone has advised. Unfortunately salary offers as much overtime as you like for a $0 return. There are two options I am looking at, and they are quite far apart. I’m looking at buying a 1bed/1bath/car unit in fortitude valley. Or a 3bed/1bath house in the ipswich area, most likely Bundamba. The longterm goal is to have positively geared rental portfolio, also buy, renovate, sell a little further down the track.
