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  1. K

    Is this reno viable? First time!

    Just wondering if anyone else had any feedback on this scenario? Am working on my finance pre-approval today/tomorrow. The agent called me on Monday and said that other buyers were considering making an offer prior to auction. I asked him to keep me in the loop if that happened and haven't...
  2. K

    Is this reno viable? First time!

    wow, I'd read a few articles from Cherie Barber before but hadn't come across the 1.42 ratio. That actually comes out at a purchase price of about $355k, so it's in the ballpark. Thanks for the tip The reno budget I put together is more like 20% of purchase price to account for the structural...
  3. K

    Is this reno viable? First time!

    Hi SS team! Sorry this is a bit long. I've tried to include all the info that might be relevant. Thanks in advance for reading it! I have never renovated before but am very interested in learning. I'm cashed up but time poor. My brother is an electrician but he's struggling to get enough...
  4. K

    Under quoting auction price

    There's a house for auction near me advertised at "Bidding guide $295,000" That really caught my eye because I would have pegged fair value at around $400k (a nearby one of similar size & age went for $435k at auction a few weeks ago, but this one backs onto a train line). Is it normal for...
  5. K

    Should I renovate before selling?

    Thanks for the advice guys :)
  6. K

    Should I renovate before selling?

    Hi everyone I'm looking at selling my PPOR and am trying to figure out if I should have any work done on it before I do. I've never done any reno's before. There's not much wrong with the place as it is, but it could definitely look "nicer" with a bit of work. Part of my problem is...
  7. K

    Nras RTO certificates

    Got mine at 5pm Friday!! (consortium is AMC) Lodged my return via etax Friday night about 8pm (my boyfriend was desperate to go out Friday night but I was not waiting one moment longer!) Tried a few times to lodge, got errors from etax. After a bit I called the etax help line, not expecting...
  8. K

    First Home Saver Account criteria

    Thanks for the responses. Guess I'll have to talk to the ATO. Marg, he has leased a home there, so I do think it will be hard to establish that his "main residence" is Newcastle. Thanks for your input
  9. K

    First Home Saver Account criteria

    Hi everyone, I have a tricky question around the First Home Saver Account. I guess it's sort of related to Tax. At least, it's related to the ATO. I was hoping somebody may have come across something similar either for the FHSA or the FHOG in the past. So one of the criteria for...
  10. K

    Home Saver Account issues - help??

    Hi Rachel, Can I ask which bank the account is with? I work for a Credit Union that offers FHSA's and I have read the legislation a few times (but not recently so a little fuzzy). My understanding is that if you have met the four year rule you can withdraw funds for a deposit or progress...
  11. K

    At the crossroads - critical decision. Your thoughts?

    You've done really well building up $370k in capital after a loss of $40k a few years back! You seem to have the right attitude to wealth generation, just need to read some of the books mentioned above get started. I have found this website really informative so try and read as much as you...
  12. K

    Our offset account was NEVER linked

    6 weeks? That's nuts. I'm the accountant at a credit union. Happy to say we've never not linked an offset account but if interest needs to be recalculated for any reason (missing or unauthorised transactions etc) then I'm the one that has to do it. Yesterday I recalc'd two years worth of...
  13. K

    Savings Account for my kids

    Only if it's a formal trust Terryw. Banks will let you open an account that states it's in trust for a child but the parent is the legal owner, sole signatory and has their TFN on the account. Legally the money still belongs to the parent, they have just designated a purpose for it. I think...
  14. K

    Council Approval & Insurance on Granny Flat

    Hi folks, I was hoping that I could get some wise input on my situation. I found a property that is a duplex and granny flat on one title. Don't expect a lot of cap growth but it's a lifestyle location about 45min from Newcastle (and not a mining town) and I don't expect the rental demand to...
  15. K

    Your input on my situation.

    You would still be ahead by renting the property now rather than waiting until the rent covers the repayments. If you can rent another place for the same amount you would receive on yours then your tenants would be exactly covering your cost of living elsewhere but all of a sudden your property...
  16. K

    Hopefully, a simple tax question.

    I'm not so sure that the old managed fund loan balance is still deductible as you no longer have the income producing asset it related to. Has your accountant said anything about that? I can't see any problem with combining loans for different investment vehicles either but I'm worried that...
  17. K

    Renting granny flat

    Thanks Propertunity, I'll talk to a Certifier about it. That sounds like what may have happened. The certificate is dated Nov 2008.
  18. K

    Renting granny flat

    Hi everyone, I'm looking at buying a property that already has a granny flat. The agent is quoting me potential rent figures for the granny flat but when I got the occupational certificate it is described as a "hobby room" and a "class 10a building" which seems to be a non-habitable class...
  19. K

    Our offset account was NEVER linked

    I'd say recalculate it yourself to be absolutely sure it's right. Not hard as long as you have all the statements (however, I am the accountant for a credit union and in the past I have spent entire working days recalculating interest for our stuff ups so sitting down with a spreadsheet doesn't...
  20. K

    WANTED: Broker/Finance/etc. Solution required - Newcastle NSW

    HI justallen, I work for a Newcastle based credit union that does microbusiness loans. I can run it past the lending guys and PM you if they're interested. If affordability is fine and it's only the min amount that the trouble why not apply for a larger loan (or even better, line of credit)...