Good Afternoon,
I am new to these forums and have been doing some great reading this afternoon. I am in some need of advice and am hoping i can get a few POV's from you guys before I start to talk to the accountant and solicitor.
My husband and I have a home we own outright however we have left the mortgage open and can redraw approx 190k if necessary (this is mortgage paid in advance) Property value is approx 510-550k
My husband earns $145k a year and has nothing to claim against tax. I currently to do not earn an income.
We have been discussing investment properties for a while and have had a look at a few locations but firstly we would like to upgrade our primary residence before purchasing.
As the property market is terrible here at the moment we tried our house on the market for approx 3 months with no real interest. We have withdrawn it for sale now and have been playing with some of ideas.
So our idea would be to use our current residence as an IP and upgrade our primary residence however for tax benefits we would need my husband to have soley in his name and in essence he buy my portion of of the property from me creating a mortgage of around 250 - 300k??
We have looked into the rental value for this place and we are looking at approx $450-$475 a week.
It is located in SE Queensland
Is this at all possible and have i made sense?
I want this to be doable, but i'm not holding my breath.
I apologise in advance if i have used the wrong terminology etc i am only new and would appreciate some feedback.
Regards
M
I am new to these forums and have been doing some great reading this afternoon. I am in some need of advice and am hoping i can get a few POV's from you guys before I start to talk to the accountant and solicitor.
My husband and I have a home we own outright however we have left the mortgage open and can redraw approx 190k if necessary (this is mortgage paid in advance) Property value is approx 510-550k
My husband earns $145k a year and has nothing to claim against tax. I currently to do not earn an income.
We have been discussing investment properties for a while and have had a look at a few locations but firstly we would like to upgrade our primary residence before purchasing.
As the property market is terrible here at the moment we tried our house on the market for approx 3 months with no real interest. We have withdrawn it for sale now and have been playing with some of ideas.
So our idea would be to use our current residence as an IP and upgrade our primary residence however for tax benefits we would need my husband to have soley in his name and in essence he buy my portion of of the property from me creating a mortgage of around 250 - 300k??
We have looked into the rental value for this place and we are looking at approx $450-$475 a week.
It is located in SE Queensland
Is this at all possible and have i made sense?
I want this to be doable, but i'm not holding my breath.
I apologise in advance if i have used the wrong terminology etc i am only new and would appreciate some feedback.
Regards
M
