Lenders Wanted

NSW, $269K, Owner occupied, Purchase, Full-doc, 80% LVR

Posted on 23/04/2014 10:48:15 PM

The husband of this couple is relocating to Grafton but they have a residential house here in Sydney. The two children are still studying in the university and one is now working full time as a nurse but still living with the family.
One of the benefit of the husband in relocating to Grafton is if he buys a house in Grafton, they are offered free stamp duty to the property he is buying,
Question: Will it be possible to have two owner occupied properties? The one in Sydney is where the wife and three children lives and if the husband will buy a house in Grafton, he has the option to have one or two rooms for rent. Please comment.

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  • dpathle30/04/2014 3:25:00 PM

    I think that you will find that the Grafton property will be considered as an investment property, but not allow any tax deductions as it is not producing an income..... same concept as buying a block of land. The problem comes when it's time to sell, as capital gains tax will apply. That being the case, husband could look at buying the current PPR in a company name and paying no capital gains tax. The wife and kids will then need to pay market rent to the company, the same as any other tenant. New PPR in Grafton in husband and wifes name and most likely purchased with no non tax deductible debt if the Sydney sale is worth more than the Grafton PPR.

  • mat30/04/2014 3:14:36 PM

    Whoops, just re-read the title of the query and realised there is indeed a loan involved. Still, my other comments stand.

  • Mat30/04/2014 3:13:19 PM

    Not really clear on what is being asked here. I assume it's not about servicing, as there is no financial info provided. It's not even clear whether they require a loan. Is it a question about potential capital-gains-tax on the sale of one or both properties in the future? If so, that's something for an accountant to answer isn't it?


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