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Location:
Brisbane
Registered:
February 2004
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Buying a new home, but want to keep this one as a rental- HELP!
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Thu, 25 August 2005 07:06
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So yeah, we have decided its time to get a bigger house, we have found one we like and want to keep the house we are in as a rental, anyone done this before? I am not really sure where to start, every direction I can think of going seems like a viscious circle.
Anyway, my thoughts are, borrow against the house we are in, to the maximum we can (for negative gearing?), then use some of that money as a deposit on the new house.
But, how long does this stuff take? can we put money down on the house we want to buy and have them wait till our loans go through?
We both have good jobs and according to the banks little loan calcualotr things, we can afford the loans on both houses, I just don't want to go about this all the wrong way.
anyway, long post, if anyone can offer advice, I would appreciate it, thanks 
ps. yeah the new house is huge, going to be a big house warming hehe
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Location:
Campbelltown
Registered:
November 2003
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Location:
Brisbane
Registered:
February 2004
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Re: Buying a new home, but want to keep this one as a rental- HELP!
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Thu, 25 August 2005 07:16
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Som I cant refinance the house I am in as an investment house?
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Location:
Campbelltown
Registered:
November 2003
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Re: Buying a new home, but want to keep this one as a rental- HELP!
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Thu, 25 August 2005 07:17
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wait to tomorrow when i have time to have a read of it in detail i'll post a reply.
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Location:
wollongong NSW
Registered:
August 2003
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Re: Buying a new home, but want to keep this one as a rental- HELP!
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Fri, 26 August 2005 12:37
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id speak to the banks before hand and see if you can get the loan before putting any money down. and is there any reason why you want to negative gear?
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Location:
Brisbane
Registered:
October 2002
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Re: Buying a new home, but want to keep this one as a rental- HELP!
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Sat, 27 August 2005 08:30
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| Dust wrote on Thu, 25 August 2005 17:06 |
ps. yeah the new house is huge, going to be a big house warming hehe
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interesting, do u know where to send my invite 
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Location:
Brisbane
Registered:
October 2004
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Re: Buying a new home, but want to keep this one as a rental- HELP!
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Mon, 29 August 2005 00:37
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See your accountant.
Dodgy/home DIY mechanic will fcuk your car.. dodgy/home DIY accountant will fkuc all your money!
I am in the same position. The accountant will tell you to sell the place you are in because you will not legally be able to claim much expenses for your negative gearing. Buy the new place. If you want investment property, buy it later and claim all your expenses.
Remember, it is a business deal, don't be too emotionally attached to your house.
Trev
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