Hi. I was wondering if anyone has asked the bank to deferre mortgage payments. I need to get in and paint and decorate before I put tenants in. probably a couple of weeks will do. Also are the costs I incur still deductible if the property is not tenanted yet?
Yes costs are dedcutible from the day the property became available for rent so in this case settlement.
Richard Taylor | Australia's leading private lender
Hi Dylan – what was the wash up with approaching the bank for deferring payments?
Unfortunately I didn't get that far. The contract was signed by the competition before I could get finance confirmed. They issued a 66w so I didn't want to risk it before I got finance aproved. But when I find another property i'll still be wanting to get in there before the tennants. Has anyone done it this way??
We got early access on our current house. We put in the offer that if the house became vacant before settlement that we wanted unconditional access (it was tenanted).
It did and we were able to get in knock down a wall, put a floating floor in downstairs and polish the boards upstairs and started moving in.One of my clients has just found out he has cancer. Approached the banks and they are willing to defer the interest payments on all his loans and credit cards for a few months. They don't waive the interest, but just let it capitalise for this period.
I doubt you would get it for less than serious reasons.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
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