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That's great advice. Thanks heaps. Yeah I was going to see an accountant (Already paid quite a bit in accounting advice which was very worthwhile) I just thought I probably need mortgage brokers opinions as to the most appropriate form of income to obtain loan in the future (i.e. does salary or...

Thanks for the replies. The temporary company will be shut down upon sale. So im guessing it wouldn't be relevant in future loan applications? Also I'm just curious why would the bank judge the company profit to be one-off if the two year tax return are legitimate taxed earnings? Each...

Hi all, I tried searching the forum and haven't found what I was looking for so please forgive me if it's been asked before. I have a company that has been operating for a few years. For previous years it hasn't been earning much. Lately things are looking positive and I am likely to get a...

Thanks guys for the reply. Just to give you a quick update. I contacted two body corps of the three properties I'm interested in and both replied that if the changes are non-structural then they don't need to know about it. So my next step is to get an engineer on site to give me some info...

Hi all, I’m looking to purchase an old apartment to renovate. The ones I’m interested in (and can afford) are all 1970s brick (inside and out) walk-up apartments. The renovation I need to do will all involve demolition of some parts of the existing brick internal walls. I have done searches...

Hi all, This is my first development (3 townhouses) and it's due for completion early next year. Bought it with 80% LVR with one of the major banks (the one who wants to "break up" with the others...) I demolished the building after I got the development permit. I also decided to start...

Avoid new estates at all costs. I always ask people to go for the inner suburb new townhouses if they want to get the first home bonus. Inner city townhouses are much much much better in terms of long term capital growth, and rental yield as well. One of my colleagues in the west had some...

Hi All, My close friend purchased a property in February this year and in the contract the only clause relating to land tax or adjustment says: "OUTGOINGS AND STATUTORY CHARGES: Information concerning any rates, taxes, charges or other similar outgoings (including any Body Corporate...

Normally a building and pest inspection should be able to do the job. I used the word "normally" because they are not always that reliable. I recently demolished a house and a bungalow for development. Original inspection prior to purchase told me there's only asbestos in the kitchen and the...

I was thinking the same...600k sounds so low for box hill houses... Interestingly enough I IPs in Altona North, Point Cook, and Box Hill. And I totally understand when people talk about the stigmas in the west. Well it doesn't really matter too much imo. Different properties attract different...

Just to clarify, the site already has a permit and the building can be taken down:)

Hi guys, I recently put an offer towards a development site. The existing house on site is not livable. The vendor has come back with a counter offer of 14k more. Honestly I'm willing to pay at that price. But I know there's no other interested buyer and vendor is eager to sell. So I thought...

Thanks heaps! Propertunity, why won't it make much difference? I guess there will be people relying a lot on the NG benefits to get their tax money back. If NG's gone they would probably be forced to sell. is that right?

Good morning all, Has anyone heard anything about the govt thinking about cancelling the negative gearing benefits in property? met a friend's friend who mentioned this and scared the hell out of me thanks!! :confused:

Hi guys, I was just wondering is it likely for commercial loan private lenders to impose presale requirements? I plan to build 3 townhouses and have to go for commercial loan for various reasons. But I'm reluctant to do pre-sale as the current market is VERY bad... I'm in metro Melbourne...

Hi guys. I'm currently trying to sell my old 2 bedroom house in Melbourne's inner west to a removal home company to save on demolition cost. I was hoping to have the site vacant in October so builder can start construction possibly the end of this year. Now...the issue is it looks like most...

oops I'm 4 minutes too slow...hahaha

My2cents...don't live in it i.e. buy the house together as an investment for both of you, rent it out to maximize rental return, and you rent somewhere else - cheaper, smaller. It's much clearer this way. Also it then won't affect your PPOR CGT concession in the future.

40k profit sounds quite little. A few unexpected errors could exhaust all your profit. Make sure you have your feasibility worked out thoroughly, have you taken into account 5% open space contribution payable at most Councils when you subdivide? Also get tax advice on GST

10 months interest on holding sounds very tight. That'll be assuming the DA goes perfectly well, the builder builds really fast, and there are no rainy days...I'd always allow at least 14 months for a development with no DA, just to be cautious