I bought my first PPoR with FHOG and my boyfriend moved in there with me. His step-dad was my accountant at the time, and advised on all other sorts of property issues and talked about converting it to IP when I  moved out and the tax issues involved. He never once said anything about claiming 50%.I would be extremely surprised if this was…[Read more]

noisuf – i am in a similar position, with a IP (ex-PPOR within 6 year CG rule) which thanks to crazy perth property boom now has around $200k equity in it. Its an awesome apartment, with great positive cashflow and all in all a terrific IP. I will be looking at purchasing PPOR in say 2 years time, after purchasing hopefuly IP 2 and IP 3.My…[Read more]

another option D could be, subdivide, find a builder, get some plans and also get council approval and then sell "off the plan" as house + land. or even move into the new house yourself and rent out old house.if you do option D, you still have the option of listing it as land only, or weith council preapproved plans for a good profit. plus that…[Read more]

if you're in perth, i would be happy to recommend my own financial planner/mortgage broker. she owns a number of her own properties and i have been very happy with her service and advice to date.

just keep in mind that its not just the highest offer that wins, but its the one most suitable in terms of price AND conditions. if you were selling and were offered either $245,000 only subject to finance, where your buyer had preapproved finance letter, settlement in 6 weeks and paid a 15% cash deposit, compared to a $255,000 offer requesting…[Read more]

thanks for that confirmation richard.when she's back from holidays i'll have a chat to her about what i want for the new loan and see what she comes up with! i wonder if there is another loan on the market which is I/O with a free 100% offset account with unlimited free electronic transactions and no annual fee… plus at a competitive interest…[Read more]

$15k after all deductions and expenses? that's a very healthy return indeed! with development projects, its my understanding you can get a good project manager on board who can effectively guide you through the whole thing. if you don't know what to do, just hire the appropriate experts. it will cut into your profits, but with the right…[Read more]

Hi Andrew, My parents currently do what you're suggesting. They sorted out the "empty nest:" syndrome by renting our the spare 3 bedrooms to students/international travellers.Initially mum went through an agent who sourced the students in return for just one week's rent. She started this about 5 years ago and back then the rate was $100 per room,…[Read more]

i'd be thrilled to be in your situation!! I have one IP, no PPoR. currently owing $190k, VERY positive geared, probably valued now around $450k. As soon as I have reached my 6 month probation with new employer, end of sept, I'll be jumping straight into a loan for IP #2. I plan to get #3 as soon as possible after that. I obviously have a lot less…[Read more]

I'm a bit confused, are you saying you would buy the property together in joint names? I was under the impression the FHOG becomes ineligible if there is a name on the title who has previously owned property. So I'm guessing you're talking about putting it 100% in his name, but you are driving the "investment" and will share in profits.Also, for…[Read more]

madelizabethan wrote:
It sounds to me as though you're missing one vital thing here: You're yet to take out a mortgage. If you're hell-bent on buying another property, you would do well to consider getting your own on the FHOG, and then transferring it into both of your names after the first 12 months are up. If you're able to do that right…[Read more]

just a quick question on the CGT exemption… I bought in Oct 2005 and lived there as PPoR until Feb or Mar 2007. From then it became IP and I moved overseas… I'm back in Aus now but chose to rent and keep my place as IP. Is the 6 year absence from the month the property ceases to be PPoR and becomes IP, or from purchase date? and if I want to…[Read more]

mchutton, as a fellow perthie i have also looked at East Vic Park for IP. There was some suburb report that came out a while ago which listed units in Vic park and East vic park as being good for future growth, whereas houses in these suburbs are already overpriced. there's loads of rentals, but a lot of the units there are old and rundown meaning…[Read more]

Thanks to both of you for your comments…Ajay I do indeed plan to speak to an accountant, but just want to already be armed with some knowledge before the meeting…Richard, any suggestions on where I can start reading about discretionary family trusts?At the end of the day, I will be relying on the accountant to advise me based on my situation…[Read more]