All Topics / Help Needed! / Ownership advice

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  • Profile photo of juddy79juddy79
    Participant
    @juddy79
    Join Date: 2010
    Post Count: 4
    January 30, 2011 - 5:27 am

    Hi

    I am looking for professional advice regarding ownership.

    My girlfriend has a unit in her name as a PPOR that she lived in and is currently rented out there is around $200,000 in equity there.

    We wish to purchase a home to live in.I have not owned any property before I thought it would be best to buy the new property in my name,
    Would this be the best decision?
    Would it be wise to sell the unit to lower the mortgage of the new property?
    The properties are just outside of Gladstone in Tannum Sands

    If anyone has any advice or recommendations for persons I could contact to discuss these issues it would be greatly appreciated

    Profile photo of rover1986rover1986
    Member
    @rover1986
    Join Date: 2009
    Post Count: 5
    January 30, 2011 - 10:00 am

    Hi Juddy,

    Its not professional advice but it is what my accountant has advised me to do, and it makes sense to me:

    I own my house.
    My gf bought her house in her name, we moved out of mine and live in hers. 
    I rent my house out and can continue to do this for 6 years as a PPOR. I plan on selling it this year as it was a short time investment, but if i wanted i could grab the capital gains in 6 years tax free all the while collecting rent.

    So if you can afford it i would suggest getting the house in your own name, make use of the FHOG.

    Hope that helps

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