Hey guys,
Just trying to help my dad out with some numbers.
My dad and I went halves in an apartment around ten years ago
Purchase price including stamps etc $360,000. He bought his half outright and I got a loan for $180,000
I'm selling my half to him at an agreed value of $530,00 + he is paying $10,000 stamp duty
He is getting a loan for $275,000 to purchase @ 4.69% or $245/week
The unit is currently rented out at $475/week
Other expenses include:
Strata $3200/year
Water $1000/year
Rates $$1400/year
Now he was wondering if he moves into the unit in a few months and rents out the other room what can he claim? If anything at all?
Can he claim the $275,000 loan or just half of it? Or none of it. Same is with the other expenses. He loves the location and would love to live there.
Thank you for any responses.
Just trying to help my dad out with some numbers.
My dad and I went halves in an apartment around ten years ago
Purchase price including stamps etc $360,000. He bought his half outright and I got a loan for $180,000
I'm selling my half to him at an agreed value of $530,00 + he is paying $10,000 stamp duty
He is getting a loan for $275,000 to purchase @ 4.69% or $245/week
The unit is currently rented out at $475/week
Other expenses include:
Strata $3200/year
Water $1000/year
Rates $$1400/year
Now he was wondering if he moves into the unit in a few months and rents out the other room what can he claim? If anything at all?
Can he claim the $275,000 loan or just half of it? Or none of it. Same is with the other expenses. He loves the location and would love to live there.
Thank you for any responses.