Hi,
We have migrated Australia last year, so totally inexperienced with Australian market. Currently we are living in rental property.
Recently we(me and my wife) bought our 1st property at 540k and will move in as soon as we get the possession.
My wife earns 76k per anam and i have my own small business at overseas. Banks are not ready to consider my overseas business income, so only my wife's income will be considered for loan.
We could gather deposit around 120k and will get 80% loan(400k-420k). We will also be applying for government grant.
We have following queries:
1) which lender to choose as most of them offer similar products and cant understand hidden or minor differences. Should we go for any lender who is is ready to lend us required amount?
2)Currently we are thinking of NAB who offered us loan, Should we go for fixed(around 7%) or variable(5.09%) or split(50%fixed and 50%variable) or interest only(5yrs) loan?
3) should we go for offset account as we are planning to buy some more properties in future? is credit line better than offset account?
4) will my wife be getting tax deduction? as this will be owner occupied property?
We might live in this property for 1 year and then rent it for couple of years(that time we will be overseas).
How will be tax calculations in both cases? when we are living in the property and when we will be overseas?
Please help us,
Sunil
We have migrated Australia last year, so totally inexperienced with Australian market. Currently we are living in rental property.
Recently we(me and my wife) bought our 1st property at 540k and will move in as soon as we get the possession.
My wife earns 76k per anam and i have my own small business at overseas. Banks are not ready to consider my overseas business income, so only my wife's income will be considered for loan.
We could gather deposit around 120k and will get 80% loan(400k-420k). We will also be applying for government grant.
We have following queries:
1) which lender to choose as most of them offer similar products and cant understand hidden or minor differences. Should we go for any lender who is is ready to lend us required amount?
2)Currently we are thinking of NAB who offered us loan, Should we go for fixed(around 7%) or variable(5.09%) or split(50%fixed and 50%variable) or interest only(5yrs) loan?
3) should we go for offset account as we are planning to buy some more properties in future? is credit line better than offset account?
4) will my wife be getting tax deduction? as this will be owner occupied property?
We might live in this property for 1 year and then rent it for couple of years(that time we will be overseas).
How will be tax calculations in both cases? when we are living in the property and when we will be overseas?
Please help us,
Sunil