Recent content by magic

A bigger (heavier) car is usually safer in the event of an accident. So safety is an important factor.

Hi, I was wondering if I should upgrade my car or not. I currently drive a mid-90s Corolla that needs 4 new tires (would last max another six months) and in six months time I have the rego and insurance. Initially was thinking of upgrading to a Camry in 1-2 years time, but because I need...

If the home loan is in the husband and wife's name and the husband passes away, what happens to the loan, does it need to be repaid immediately in full or can the wife continue to have the loan and continue to make repayments?

What I'm referring to is paying at tax time the required amount for that year for being over the theshold, not about making voluntary payments.

Is anyone paying their HECS as a lump sum when doing their tax rather than have it deducted from their pay?

The only way I can think of to buy more if I max out on the first one is by increasing income which would give more serviceability. If yield is 5% at purchase, a reno could increase the rent by say 10% i.e. 5.5% yield. If I buy a house with a sufficiently large backyard and build a granny...

Does the $13,092 for a single person include the rent they pay or do you need to add rent on top? Or is it for someone living at home with their parents?

Continuing on from my example above, it appears that it would take ages before I could get IP2 for $250,000. From what I can see, I need: If rent increased 5% p.a. from $475 to $735pw in 10 years, i.e. an extra $260pw Rent on IP2 could be $250 per week ($260+$250) x 52 x 5 gives a loan of...

Do you mean claiming for negative gearing in terms of tax, or do you mean it doesn't count as income for the loan?

Would the rent count towards serviceability of the IP loan and would the bank approve the loan if you also lived there as an occupant? i.e. instead of buying as a PPOR, you buy an IP, rent to your parents and you 'live at home' with your parents.

Hi MXia, Very impressive! Which broker did you use? What is your strategy, I'm guessing it might be lower priced properties with high rental yield?

I'm in the process of buying/planning for IP1. But I want to consider how I'm going to get IP2 because it may affect my strategy for IP1. I would like to know how long it would take before I could realistically buy IP2. e.g. would it be possible after 12 months. If I buy IP1 for $500,000 (Rent...

It's father and son. So same surname. Would LVR be limited to 80% instead of 90% If the company was operating at breakeven or more, is the borrowing capacity not affected. If the company made a loss of $10k p.a., when calculating borrowing capacity, would it be taking $10k off the annual...

Thanks Michael and Terry. I know each lender would have a different policy, but what are the usual requirements for Hired by family members policy be?

If a person ceases to be a director of a family business company and continues as an employee, is there any waiting period before they can apply for a home loan. And is it just the usual payslips required, and he won't need to show two years individual and two years company tax returns?