That's what I missed out on, I left the conversation thinking the only way to get anywhere was to somehow get rid of wife and kids.
unsure of options
- Thread starter Family Man
- Start date
That's what I missed out on, I left the conversation thinking the only way to get anywhere was to somehow get rid of wife and kids.
Good approach. I would imagine a record of saving while maintaining three kids + a good broker on board could see an approved purchase in no time.
which is exactly what used to happen in a lot of cases (on paper anyway)...
except if the advice to yes involved a low doc loan?
Chatted to my auntie the accountant, she said that to get my 'name on the title' my dad would be in fact selling a portion of the property to me (at current market rate) which only really leaves me with a loan and some funny business with how rent will work?
she said an alternative (if all parties agrees) is for my dad to "gift" a portion of the property to me giving me (~50k) equity, though im still a little confused on legalities or potential issues with living in or moving out of this house????
i think for my first time, i might be better off just moving the family into a dodgey place and work on it. (not my ideal plan) but it does free up $350/week
she said an alternative (if all parties agrees) is for my dad to "gift" a portion of the property to me giving me (~50k) equity, though im still a little confused on legalities or potential issues with living in or moving out of this house????
i think for my first time, i might be better off just moving the family into a dodgey place and work on it. (not my ideal plan) but it does free up $350/week
Chatted to my auntie the accountant, she said that to get my 'name on the title' my dad would be in fact selling a portion of the property to me (at current market rate) which only really leaves me with a loan and some funny business with how rent will work?
she said an alternative (if all parties agrees) is for my dad to "gift" a portion of the property to me giving me (~50k) equity, though im still a little confused on legalities or potential issues with living in or moving out of this house????
i think for my first time, i might be better off just moving the family into a dodgey place and work on it. (not my ideal plan) but it does free up $350/week
Sounds like your auntie isn't a tax accountant.
Gifting raises many issues:
CGT at market rates
Stamp duty at market rates
deductibility of interest - you cannot borrow to receive a gift so no interest claimable
asset protecction issues - claw backs if your dad goes bankrupt
etc
I have an appointment with a Broker tomorrow morning, this is all new to me, anyone have any tips/questions i can ask them?
Just start a conversation and bring some documents to verify and let it unfold.
Let us know how it goes?
Let us know how it goes?
I've heard of others doing this, id rather not put other people out, so I will see what I can do myself first.
If anyone I would get the father in law (as much as I dislike him) to help me out, he as a few IP's around trown
The meeting went very well, very easy person to talk to, shared all info abnout current situation and he is going to 'run some numbers' and get back to me with a report with options.
He seems to think i shouldn't have any trouble with getting a loan.
We spoke about suburbs around town and my intention/options, he seems to think that it wouldnt be a bad idea to pursue the house i am currently in (dads place) if i can get it for the right price.
He said that because i have made several improvements (added value) to the house that i shouldn't have any drama paying less than market value in regards to ATO and 'family deals' and junk
so a progress update, i have got pre-approval for a max of $360k with my current deposit (22k)
he has suggested a couple of houses right up at 350-360k.
they are nice places but nearing the limit of my serviceability/comfort zone.
I have told him about a couple that are sub 300k and he hasnt been impressed.
is this normal? does he make more moeny the more i spend?
he has suggested a couple of houses right up at 350-360k.
they are nice places but nearing the limit of my serviceability/comfort zone.
I have told him about a couple that are sub 300k and he hasnt been impressed.
is this normal? does he make more moeny the more i spend?
HAHA, no misunderstanding, we got along and i told him what i'm looking for.
small town, business might be quiet.
I think you need to calculate stamp duty, legal cost, LMI if deposit less than 20%. The commision trail that broker get is not worth if you spend max then get burn. The longer you serve the loan, and each time you come back to the same broker wins every day.
i actually fell in love with a place this afternoon, awesome area decent block, smallish house but pretty tidy.
$289neg. REA said its a rush sale so if all goes well with inspection with my builder brother im considering putting in an offer.
