Recent content by familyman

Wow, that www.osr.nsw.gov.au site is so confusing! For instance, Propertunity said: The OSR site states: "... the owner may nominate a proportion of the total land value, which is the 'fair and reasonable' proportion of the land value attributable to the dwelling." So forget the accountant...

I read if someone buys a home with a granny flat - and they live in the house but rent the flat out to someone, that they lose their capital gains tax exemption, and would have to pay land tax. Is that right!? (In NSW.) If this is correct, where can I look up these extra costs? And is...

Thanks all... I received this reply from NSW OSR: --- The First Home Owner Grant ($7000) and exemption or concession from duty are ongoing schemes with no end date set. The NSW New Homebuyers Supplement scheme ($3000) applies to contracts dated between 11 November 2008 and 30 June 2010...

Thanks... Unfortunately reading is what got me into my current state of confusion. :o The article I quoted above seems to indicate the $7000 federal grant will still be available (after the new VIC bonuses kick in). But then reading here...

Hello all. I was reading this page: http://experts.realestate.com.au/buying/buying-news-mixed-news-for-first-home-buyers ... discussing changes to payments for Victorian first homebuyers. I'm in NSW so they don't apply to me. But I noticed the following statement in the article...

Hello folks. I have a question regarding a possible long-term plan I have... I am considering purchasing a $390,000 PPoR. While I live there, I would rent one room to a border. I expect to fully repay the loan in about 6 years. If I then buy a second PPoR, move out of the first...

Some of you may remember me, I posted in here back in December. I receive a disability pension and my wife a carer pension. We have saved a huge deposit (about $186,000 currently) and want to buy our first PPoR. In that old thread (www.somersoft.com/forums/showthread.php?t=48351), it was...

My wife & I are hoping to purchase our first PPoR. We're on Centrelink payments, and have (casually) approached Westpac & St George recently - just to get some ballpark amounts, as to the amount/s we qualify to borrow. The results were pretty pityful (as expected). So we definitely will be...

Oops... Meant to say thank you to "tobe" too. That tells me the right MB will be able to let us know if anything needs to be corrected on our credit history.

Now and again you would hear about MBs lying on paperwork to get loan apps through. Some years ago, when lenders were far less receptive to Centrelink recipients, I even considered that possibility. Especially when I know we budget and save to a point that amazes most people (and have kept...

Thanks for asking... To be honest - fear of the unknown! What I mean to say is, I don't know what a lender will think when they see due to our situation neither of us can work. They SAY they don't discriminate - but if I update our credit details using the "wrong" words - who knows how it...

Yep, I was thinking I might try that. Thanks.

Thanks... But Veda is the one (of two apparently) that want my/our details updated before they will send the report.

Ok - fixed the maths now. If you put in $40,000 to make $200,000 (and had no other cost, and rent exactly covered the loan for 10 years, and didn't pay anything down on the principle, etc., etc.) Then: 200,000 / 40,000 * 100 = 500% (But then divide that by 10 years to equal 50% profit...

The bank doesn't care where the money comes from (nor about your stamp duty, etc. costs). All they want is for their loan to be 80% of the property value, for LMI to not be mandatory.