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From: Martin Vandenberg
My fiance and I are in the process of purchasing a house and land package in SA. Our plan is to use the FHOG to help with the deposit.
I then intend to go to Darwin, looking for work which I'm unable to find here in Adelaide, with her staying here for some time, living in the house, with the intentions of having some friends board with her to help pay off the mortgage in this time.
After some time, most likely 6 months to a year or more, she will probably join me up north while we rent out the property.
Firstly, I was wondering if this scenario would be possible (legal) in regard to the FHOG.??
Once this property is rented out, we plan to negatively gear it as the rent is not expected to cover the mortgage, thereby giving us, or my fiance, some tax benefits. So secondly then, is it possible claim the interest payments on tax after using it as our/her own residence?? (Someone at her work said that this couldn't be done, but I thought I'd read somewhere on the forum that it was ok).
Thirdly, as my fiance is the higher salary earner, 40k as opposed to 25k (which may not exist while I'm looking for work up north), how is it best to structure the loan (ie whose name, I'm guessing hers would be better), both names, or just hers. (Does this have to be in the ownership papers, or the mortgage papers, as these require both our names).
I appreciate any time taken to respond to this. I hope I've made myself clear, as I'm new to buying/investing in property.
If possible, where answering, (and no disrespect intended here), please qualify the response as say being first hand experience, or say being told by a professional.
Sincerely,
Martin Vandenberg
My fiance and I are in the process of purchasing a house and land package in SA. Our plan is to use the FHOG to help with the deposit.
I then intend to go to Darwin, looking for work which I'm unable to find here in Adelaide, with her staying here for some time, living in the house, with the intentions of having some friends board with her to help pay off the mortgage in this time.
After some time, most likely 6 months to a year or more, she will probably join me up north while we rent out the property.
Firstly, I was wondering if this scenario would be possible (legal) in regard to the FHOG.??
Once this property is rented out, we plan to negatively gear it as the rent is not expected to cover the mortgage, thereby giving us, or my fiance, some tax benefits. So secondly then, is it possible claim the interest payments on tax after using it as our/her own residence?? (Someone at her work said that this couldn't be done, but I thought I'd read somewhere on the forum that it was ok).
Thirdly, as my fiance is the higher salary earner, 40k as opposed to 25k (which may not exist while I'm looking for work up north), how is it best to structure the loan (ie whose name, I'm guessing hers would be better), both names, or just hers. (Does this have to be in the ownership papers, or the mortgage papers, as these require both our names).
I appreciate any time taken to respond to this. I hope I've made myself clear, as I'm new to buying/investing in property.
If possible, where answering, (and no disrespect intended here), please qualify the response as say being first hand experience, or say being told by a professional.
Sincerely,
Martin Vandenberg
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