Just a short introduction about myself. I am PR in Australia working in an engineering firm. Long story short, I am currently looking to purchase a property with my partner. However, we're unsure how to structure the loan.
We're planning to purchase a property(2bedroom apmt) valued 450k therabouts. For now, we plan to live in one room, and rent out the other.
We reckon we'll be able to get at least 200p/w for the room due to the location.
We have 90% deposit and we're getting a 360k loan.
As far as I know, if the property is purchased using FHOG/ for residential purpose, the interests etc arent tax deductible.. however if its purchased
as an investment property, it is.
Would it be possible for us to live in one room and rent out the other ? Can we then claim half the interests paid monthly during tax return ?
same goes for all other the other 50% expenses incurred on the property. What would you experts out there suggest/recommend in this scenario of ours ?
IF, one day, we decide to return to our home country, what implications would it have on my property ? How much do we get taxed for our rental income if we were to rent it out ?
We wouldnt be able to benefit from tax-deductions from interest rates etc. ?
Also, I have the FHOG but realized that I wouldnt be able to use it if I plan to rent half out. However, perhaps I can rent it to a friend in a hush-hush manner. Just thinking out loud.
Its been driving me nuts trying to figure out the best way to come about this. I talked to an accountant but he wanted $250 for a 30mins consultation to ask questions. As i'm very green in this field, I have no idea if its really the market rate.
Please kindly give your views and suggestions. We would really much appreciate it. Thanks a million !!
We're planning to purchase a property(2bedroom apmt) valued 450k therabouts. For now, we plan to live in one room, and rent out the other.
We reckon we'll be able to get at least 200p/w for the room due to the location.
We have 90% deposit and we're getting a 360k loan.
As far as I know, if the property is purchased using FHOG/ for residential purpose, the interests etc arent tax deductible.. however if its purchased
as an investment property, it is.
Would it be possible for us to live in one room and rent out the other ? Can we then claim half the interests paid monthly during tax return ?
same goes for all other the other 50% expenses incurred on the property. What would you experts out there suggest/recommend in this scenario of ours ?
IF, one day, we decide to return to our home country, what implications would it have on my property ? How much do we get taxed for our rental income if we were to rent it out ?
We wouldnt be able to benefit from tax-deductions from interest rates etc. ?
Also, I have the FHOG but realized that I wouldnt be able to use it if I plan to rent half out. However, perhaps I can rent it to a friend in a hush-hush manner. Just thinking out loud.
Its been driving me nuts trying to figure out the best way to come about this. I talked to an accountant but he wanted $250 for a 30mins consultation to ask questions. As i'm very green in this field, I have no idea if its really the market rate.
Please kindly give your views and suggestions. We would really much appreciate it. Thanks a million !!