Help please!!

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Mandi Moore
Member
@mandi-moore
Join Date: 2010
Post Count: 1
August 25, 2010 - 11:56 pm
Hi All
I have a small question, hopefully i may find the answer here! We currently have a PPOR (lived in for 2.5yrs) we are looking to buy another house in another location. We have put out PPOR up for sale but are not having much luck elling this, as stated we have found this other house we love it and want to snap up before it goes (we plan on keeping this house for at least the next 10yrs or so) so this brings me to my question, can we purchase the new place as an investment property and live in it and rent out out "PPOR" and then look at selling the "PPOR"at another stage? Where will CGT come into play? Sorry i am new to all of this i hope it makes sense. Thank you.
Jacqui Middleton
Participant
@jacm
Join Date: 2009
Post Count: 2,539
August 26, 2010 - 3:41 am
You could of course do that, but it wouldn't be very smart. For the same reasons as discussed in this thread:
https://www.propertyinvesting.com/forums/property-investing/help-needed/4333469
Jacqui Middleton | Middleton Buyers Advocates
http://www.middletonbuyersadvocates.com.au
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VIC Buyers' Agents for investors, home buyers & SMSFs.
Jamie Moore
Participant
@jamie-m
Join Date: 2010
Post Count: 5,069
August 26, 2010 - 8:00 am
Hi Mandi,
Yep, you sure can. To give you better advice though, I'd need to grab some more details.
I assume you have a current mortgage on your PPOR? How much is this loan and what is the current value of your PPOR? How are you intending on paying for your next property (the soon to be PPOR)?
Cheers,
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
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Mortgage Broker assisting clients Australia wide Email: [email protected]