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Thread: 100% Home Loans - thumbs up or down?

  1. #19

    Join Date
    Jul 2007
    Location
    Rural NSW
    Posts
    491

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    It is the same in nsw if your partner married or not has received the First Home Owners Grant you can not claim it or the stamp duty exemption. It is a loop hole that they closed about 12 months ago


  2. #20

    Join Date
    Feb 2008
    Location
    Melbourne
    Posts
    1,021

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    Hi there - we currently own an apartment and are about to move out into our new townhouse and converting this to an investment property. Please remember that with most apartments you will have some sort of body corporate that you have to pay - you as the owner are liable for this not the tenant. You also have to pay for the water supply. Now BC will depend on what common grounds you have, but as an example our place has a swimming pool and spa and some lovely shared BBQ areas and is very close to the centre of Melbourne - we pay per quarter $1200! Now that comes to a total of an extra $4,800p.a. You need to account for maintenance on the property also. Unless your rent is paying more than you are being charged on the mortgage each month, then you have to come up with this extra money yourself. Also, unless you are going to be the landlord direct, you need to take into account your property managers fees also. Now I am no accountant, but there are some things that can be written off in your tax with investment properties. BUT my advice would be that unless you can cover all of these costs up front then you should not be relying on getting money back at tax time to cover it all.

    If you are able to, I would go to a financial adviser or your accountant before you decide whether the investment property is for you.

    GL

    Janie xxx

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