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From: Sue Storey
Hi - I'm new to this site, but very keen to get advice. My husband and I have a $110,000 house, with $32,000 equity.
We have a $28,000 deposit on an "off the plan" IP (valued $300,000) which will provide us with a 7% rent return for 5 years, to be settled in December '03 - in a high capital growth area.
We are now moving to the ACT for work reasons and so now we want to rent our current residence (ie make it an IP)and buy a home in ACT for approx. $250-$300K.
We have assets in excess of $100K (about $30K in shares, $30K in cash, $40 in general)
My husband earns $82000 and I earn $40000 gross
What is the best way to set up our finances (ie loans/mortgages/deposits etc) so that: 1.our current residence becomes an IP so the loan interest is tax deductible
2. Whether we use an i/o or a i/p loan on our new home in ACT and/or our current home
3. The best financial structure (ie.names on Titles, payment structure etc) to convince the banks to lend us the $300,000 due on our "off the plan" IP in Dec '03.
4. Our current home is in my husbands name and we have only been married for 2 months - is there anyway we can take advantage at all of the $14,000 grant to first home buyers (as in my case)
Can any guru out there help or at least direct me to where I can find these things out
Cheers
Sue
Hi - I'm new to this site, but very keen to get advice. My husband and I have a $110,000 house, with $32,000 equity.
We have a $28,000 deposit on an "off the plan" IP (valued $300,000) which will provide us with a 7% rent return for 5 years, to be settled in December '03 - in a high capital growth area.
We are now moving to the ACT for work reasons and so now we want to rent our current residence (ie make it an IP)and buy a home in ACT for approx. $250-$300K.
We have assets in excess of $100K (about $30K in shares, $30K in cash, $40 in general)
My husband earns $82000 and I earn $40000 gross
What is the best way to set up our finances (ie loans/mortgages/deposits etc) so that: 1.our current residence becomes an IP so the loan interest is tax deductible
2. Whether we use an i/o or a i/p loan on our new home in ACT and/or our current home
3. The best financial structure (ie.names on Titles, payment structure etc) to convince the banks to lend us the $300,000 due on our "off the plan" IP in Dec '03.
4. Our current home is in my husbands name and we have only been married for 2 months - is there anyway we can take advantage at all of the $14,000 grant to first home buyers (as in my case)
Can any guru out there help or at least direct me to where I can find these things out
Cheers
Sue
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