Hence why I say long-term and even better if it /them were purchased pre-capital gain time r they are involved in ones transition to retirement and meet the guide lines re value etc
I wish but as an employee I do pay lots of tax. I must’ve find half those ‘yes’ posters. Good to hear from you Gary.
Agree! I have a few friends that have 8 and 9 properties here. Crazy! Told them all 10 years ago they are mad, this is a very volatile market that relies heavily on mining. One bump in the road and they could be in some trouble as there is no other industry here other than mining. Even my accountant who's pretty good purchased her 4th property here last year for $580K! She's got rocks in her head and her and her husband are now ****ting themselves. They own 4x houses here, paid $280K, $380K, $480K and now $580K last November. $1.5M in the hock for dumps here that they will never be able to sell for anything close to what they paid for them. And now there is talk of the our mine shutting down, I have seen some houses hit the market now for $145K to $160K that are decent. I was always going to rent my house when I leave as it's not worth selling, but IF they close the doors where I work, then I might even have trouble renting it as there will be many others hitting the rental pool directly. I am not afraid of borrowing, I love using other peoples money lol. Just need the bank to give me more of it.
The smart money in my area borrow the max ,live there till the kids are out of school downscale to inner city and over that 20 odd year period the property had tripled in value at least .
All sounds great in theory and that MAY have been the case years ago. In fact, I know it was. Trouble is, now the banks don't give a toss about your assets, just your ability to service their debt. So you can try and borrow as much as you like, but now more than ever, unless you can prove you don't need the money, you won't get it.
The CBA gave me some trouble while trying to secure the loan for the new home we are purchasing in Mackay. Still got there in the end, but I haven't jumped through so many hoops before in my life for a small house loan and you are 100% spot on, they didn't give a rats arse about all the equity I had, they made me come up with a $100K deposit for a $300K to $400K dump I am looking at buying over there. In saying that, the last time I purchased a house was back in March 2011, so things have definitely changed since then. And I had to have a $100K deposit for that purchase also on the Gold Coast. Let me guess, if I want to purchase another home in 10 years time I will have to come up with another $100K house loan?
Do any of youse here whom watch SBS noticed/seen one of the adverts going on about "the sophistication that 65000 years of aboriginal habitation" has brought to Australia? It's.....um..eye opening..
