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The Bar For non Automotive Related Chat |
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#571 | |||
WT GT
![]() Join Date: Jan 2006
Location: The GSS
Posts: 17,759
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#572 | |||
FF.Com.Au Hardcore
Join Date: Mar 2012
Posts: 4,922
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People directly across the road from me did pretty much that. Used part of their backyard to build a self-contained unit and daughter was to live in there. Unfortunately just as it was completed the father died so she never did get to move in there and now cares for her mother in the main home. Poor buggas, they jumped through a few hoops to get that thing built for her, and then just as they were about to enjoy what they had done, everything went pear-shaped. |
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#573 | |||
Moderator
![]() Join Date: Jan 2014
Location: Melbourne
Posts: 7,940
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#574 | |||
Moderator
![]() Join Date: Jan 2014
Location: Melbourne
Posts: 7,940
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But it is a bad tool... If they ever dropped the interest rate to 0%, as some other countries have done, then its no longer a powerful tool to control inflation. ![]() |
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#575 | ||
FF.Com.Au Hardcore
Join Date: Jun 2013
Location: Adelaide
Posts: 1,601
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APRA is causing banks to assess their potential loans much more closely, the ability to borrow funds for a lot of people is slipping away. There is now a softening of prices in many markets. The problem with waiting for a house to be 25% cheaper is that you won’t qualify for a loan to get it.
Some friends of mine bought a vacant block 2 years ago to build on, because they have kids, the banks are now reluctant to offer them a loan for the construction.
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____________________ 2019 LDV G10 2009 Mitsubishi Express-GONE 2011 Honda Jazz ____________________ |
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#576 | ||
FF.Com.Au Hardcore
Join Date: Feb 2005
Posts: 5,045
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#577 | ||
FF.Com.Au Hardcore
Join Date: Apr 2005
Location: Canberra
Posts: 13,374
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A bloke from work has tried to refinance but inbetween getting that loan and now the lending criteria has gone up and he would not have got it these days so now is pretty much ripe for rape by his bank as they see fit. Yet another trap to be aware of.
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#578 | ||
WT GT
![]() Join Date: Jan 2006
Location: The GSS
Posts: 17,759
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Wrong thread
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#579 | |||
Fiat POWAAH!
Join Date: Nov 2005
Location: Western Australia
Posts: 2,309
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Even the mortgage broker is baffled why I’m being rejected. It’s frustrating because I’m in Karratha and we’re on the brink of another (mini) boom and prices are super low at the moment. I’ll be super ****ed if I miss out due to some pencil pushing muppet decides my fate. I can easily service the mortgage, the repayments are marginally less than what I’m paying in rent, but they don’t care about that sort of thing.
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Holden: If you cant beat them, buy them. |
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#580 | |||
Kicking back
Join Date: Dec 2013
Location: Western sydney
Posts: 8,525
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#581 | ||
FF.Com.Au Hardcore
Join Date: Feb 2005
Posts: 5,045
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Possibly the location .... boom busts or never eventuates, and they're stuck with a mortgage for a property worth less than what was lent.
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#582 | ||
FF.Com.Au Hardcore
Join Date: Feb 2011
Location: by the beach
Posts: 1,982
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Location can be a major issue with finance .a friend of mine is trying to sell a beautiful house in Point Turton oon Yorke Peninsula SA and no one can get finance because there are too many houses/shacks for sale in the town so it is seen as a risk. He has been told this by sevveral banks
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clevo mafia (sadly sold) 351c xe manual (now with short shifting 5sp goodness) xc gs coupe project...hmm more clevo for me new daily 2005 ba sr |
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#583 | ||
FF.Com.Au Hardcore
Join Date: Jun 2017
Posts: 1,341
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The amount of pitfalls I read about paying your own mortgage Vs paying rent is staggering. I am glad the topic's not Australia vehicle bubble...
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#584 | |||
FF.Com.Au Hardcore
Join Date: Jun 2013
Location: Adelaide
Posts: 1,601
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Quote:
If you do nothing more than pay the minimum on your mortgage, you then own an asset you can live in for free when you retire, or leave it to your kids when you die.
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____________________ 2019 LDV G10 2009 Mitsubishi Express-GONE 2011 Honda Jazz ____________________ |
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#585 | |||
3..2..1..
Join Date: Nov 2009
Location: Bellbird park
Posts: 7,218
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How are they gonna keep paying market rents when they're old and decrepit? Who wants to be spending their hard earned super on paying someone else's mortgage? |
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#586 | |||
T3/Sprint8
![]() Join Date: Jan 2005
Location: Australia
Posts: 16,334
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Quote:
I'm sure everyone has their logical reasons/mishaps/negatives/hard luck/good luck stories........but I know what side of the fence I'd prefer being on.
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Tickfords T3/TS50 '02 Sprint8 manual Sept 24 '16 Daily Macan GTS "Don't believe everything you read on the internet. Abraham Lincoln" |
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#587 | |||
BLUE OVAL INC.
Join Date: Feb 2006
Posts: 8,645
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Buy a caravan and travel. I know someone who did this 15 years ago and hasnt looked back, sold her house, gave her son the deposit he needed to buy her a unit, banked the rest, rented the unit from him, she claims the pension and rent assistance to pay his mortgage. When she's dead its his, swings and roundabouts.. Last edited by BENT_8; 10-06-2018 at 09:55 PM. |
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#588 | ||
Performance moderator
![]() Join Date: Feb 2005
Location: St Clair..N.S.W
Posts: 14,875
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All the negatives on here . Retired 3 years ago . Up till then I had over $3m in real estate . Sold one rental to pay mortgage. Living on the rest . After helping our children purchase their house . I have been away in motorhome off and on since . 8 months cruising South, West coast and back down the centre . With out dabbling in real estate 20 years ago . I couldn’t have done it . Ok I may come me over as bragging. Please I’m only commenting due to negatives . Just be positive work hard .. You’ll get there . Graeme .
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Real cars are not driven by front wheels,real cars lift them!!... BABYS ARE BOTTLE FED, REAL MEN GET BLOWN. Don't be afraid to try something new. Remember, amateurs built the Ark...Professionals built the Titanic! Dart 330ci block turbo black pearl EBXR8 482 rwkw.. Daily driver GTE FG.. Projects http://www.fordforums.com.au/showthread.php?t=107711 http://www.fordforums.com.au/showthr...8+turbo&page=4 |
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#589 | |||
FF.Com.Au Hardcore
Join Date: Jun 2009
Posts: 18,985
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Quote:
roll the system |
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#590 | |||
3..2..1..
Join Date: Nov 2009
Location: Bellbird park
Posts: 7,218
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#591 | ||
BLUE OVAL INC.
Join Date: Feb 2006
Posts: 8,645
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#592 | ||
BLUE OVAL INC.
Join Date: Feb 2006
Posts: 8,645
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Yes and its perfectly above board.
There is no law that says you cant rent to family, nor is there a law that says you cant recieve rent assistance when renting from family. She gets cheap rent, he gets a nest egg without the stress and its all completely above board. Hate the game, not the player. Last edited by BENT_8; 11-06-2018 at 12:24 AM. |
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#593 | |||
FF.Com.Au Hardcore
Join Date: Feb 2005
Location: Sth Coast NSW
Posts: 1,512
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Quote:
Provided everything is setup above board, there shouldn't be any issues. https://community.ato.gov.au/t5/Gene...mber/td-p/1762 |
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#594 | |||
BLUE OVAL INC.
Join Date: Feb 2006
Posts: 8,645
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Quote:
Like i said, it was setup 15 years ago so any concerns would have been dealt with by now. Im sure i read somewhere that our PM rents a property from his Wife whilst in Canberra which is subsidised by the tax payer, so if its good for the goose... |
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#595 | |||
FF.Com.Au Hardcore
Join Date: Feb 2005
Location: Sth Coast NSW
Posts: 1,512
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Quote:
As you know, our PM and other pollies have a few sidelines going on. Not too sure about renting off a spouse - you usually put assets in a spouses name to minimise taxation. Trusts are similar. |
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#596 | ||
FF.Com.Au Hardcore
Join Date: Feb 2005
Posts: 5,045
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Being positive doesn't get around the fact that new buyers will never again see the sort of market conditions you've benefitted from. You've benefitted from quickly rising equity ... do you honestly believe the market will soar like it did over the last 20 years? If so, who exactly will pay for these homes? Its going to require mortgages longer than peoples working lives. I don't see APRA approving that any time soon.
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#597 | |||
BLUE OVAL INC.
Join Date: Feb 2006
Posts: 8,645
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Quote:
Im sure he would have an accountant who would be advising him of how best to make it work for them. The best part of it is that he is able to sleep at night knowing that his investment property is free of the pitfalls that many investors face in terms of the continual cycle of tennants coming and going whilst avoiding the risks of damage to the property which he can visist at anytime he likes to keep on top of any maintenance issues. From her perspective, her relatively small investment in the deal has provided her with hassle free accommodation partially funded by the Government, no risks associated with living in a strangers investment property, no agents keeping an eye on her and the balance from the sale of her property 15yrs ago is collecting interest and available if/when she needs it. |
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#598 | ||
FF.Com.Au Hardcore
Join Date: Feb 2005
Location: In Front of a Monitor
Posts: 1,640
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As a pensioner how many $$$ in assets are you able to have and what is the max you can have in the bank to be still able to claim a full pension for this to work?
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2004 Mercury Silver Falcon XR6T - 5 Speed 2017 Platinum White Mustang GT - 6 Speed 2022 Blue Thai-Special for Daily Duties - Auto |
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#599 | |||
BLUE OVAL INC.
Join Date: Feb 2006
Posts: 8,645
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Quote:
As of 1/1/17 https://www.choice.com.au/health-and...e-test-changes Higher thresholds for full pension eligibility On the plus side of the changes, the amount of assets seniors can have and still receive the full pension has gone up. A single home-owning pensioner with assets worth less than $250,000 is now eligible for the full pension. Before the change, you had to have assets worth less than $209,000 to qualify. The full pension is also now available to: homeowner couples with assets worth less than $375,000 (up from $296,500) non-homeowner singles with assets worth less than $450,000 (up from $360,500) non-homeowner couples with assets worth less than $575,000 (up from $448,000). She sold for $150k, he bought for $120k, she gifted $30k, banked $120k, well under the limit. She would be eligible for $98 per fortnight for rent assistance. Last edited by BENT_8; 11-06-2018 at 07:13 PM. |
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#600 | |||
FF.Com.Au Hardcore
Join Date: Jun 2017
Posts: 1,341
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Quote:
Last edited by au350hp; 11-06-2018 at 08:02 PM. |
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