Yes, but also bear in mind Stamp Duty concessions, and CGT concessions. That can make it look fairly worthwhile.....

I thought you forfetited the FHOG if you got an investment first, I dont know this for a fact jsut my understanding.

As for doing the dodge and saying its yours and renting it out, plenty do and some do get caught, i remember readin on news.comn a while back how they nailed a whole pile of people. I would specualte that these were the people that were blatant about it.

You could buy the place, move in for 6 months then move out and rent it and so long as you dont move into another property you own (ie you rent) you can still claim that first property as your primary place of residence for up to 6 years (a friend of mine has done this) At which point you can move in again and then out again i believe but i suspect you may be sick of renting by then. Also in that first 6 months you move in depending on the condition of hte place you can paint it and clean it up etc so you get more rent

Id be lying if i said i hadnt thought of doing it myself for the GF. We have lived together for years but everything is in my name so she could get the FHOG etc. It was all looking too hard though as she earns squat so would need a no doc loan (20% to 30% deposit) to swing the deal. I havent totally made up my mind yet so it could still happen.

here is a forum on property investing that isnt bad, plenty of good info on there

http://www.somersoft.com/forums/index.php

Bugger off with all the above....

1. Pimp your Girlfriend's ass off until you have saved enough for a deposit.

2. With said deposit, buy a chop shop and rebirth cars. Have a Crystal Meth business one the side just for play money. Don't forget to get a large premises as you want the knock shop out the back for the chocco's while they are getting their cars "serviced"

3. Once the heat comes down on the chopping, ice and pimping business, move to a remote aboriginal community and build a Casino. Hell the Federal government is throwing money around at the moment so they will be keen as. Plus the above communities will be flush with cash once the grog restrictions kick in and the $$$ have to go somewhere.

4. After raking in the millions from the casino, sell it at a huge profit to James Packer, he's so looped out on Scientology at the moment his old man six feet under must be rotating in the grave like an 8500 RPM STI crankshaft.

5. With the millions stacked under the bed, find some young, stunning, unknown but rich American heiress and make a secret smut video. Marry her for American citizenship. Now start a legit film studio called "Circo Loco" which has aims on capturing a cross between Jakass and the Girls gone Wild DVD market in the States. Its fairly mainstream and legit plus you get to travel the world filming and partying in the most exotic locations imaginable.

6. Now release the smut DVD under your Ciro Loco brand name. An instant hit is assured with free worldwide marketing exposure for your Studio, albeit at the heiress's expense. Don't worry as you will donate all profits from said DVD to "Charity" making you look like a not so bad guy.

8. Now with your brand name established, you build a series of Ciro Loco nightclubs worldwide, your name synonymous with over the top partying and beautiful people that just wanna have fun. By now you have a serious drug habit...

9. Check into rehab, US style. While there you meet most on the players from the 2010 Premiership West Coast Eagles team just having a pre season "rest" and putting their feet up. Its now that you decide to write your delirious, insightfull book about the aliens...Called "Ciro-ology".

10. You can hear strong winds lashing the house, a tree snapping off in the distance, and also far away thunder......

11. Wake up, get your hand off it and goan and moan your way out of bed. Harshly kicking your GF out in the process. Its 12.30pm and time for the business suits to have "lunch". Make sure she gets her 2 dolla lingerie, fishnets and knee high boots on only. Plus the large overcoat with an easy to remove belt at the waist. Cherry red lipstick is a must, for both of you.

12. Pimp your Girlfriend's ass off until you have saved enough for a deposit..........

J

Fair enough, the capital gains tax would definitely be painful, but, why sell the place?

You are going to make very little owning a place as an investment or not in 12-24 months, you will probably cover costs in that space of time and hopefully break even, but what is the point in that?

Why not hold onto it? you can use any equity when buying a property for yourself and be well set up for the future?

__________________
www.ToonMyRide.com.au

'04 E46 S/C M3 Coupe

Really depends on your combined income and whether or not you can service the loan as well as pay all the other bills and expenses. You really need to have a realistic look at your incoming wages versus your outgoing expenditures and see whether it would be veasible to keep both cars and have a mortage.

I personally had to sacrifice driving a $20k car that was on loan, to a $1k bunky for a period of 6 months or so to get into the housing market but now i am able to drive what ive wanted for the last two years. Unfortunetly there has to be a sacrifice sometimes and im sure a lot of people here have sacrificed someway to get the best of both worlds (house and car).

And even now things get tight now and again but as long as you can pay the essentials and maybe give up a night out now and then, you wont look back once moving into your own house.

__________________
VE SS Blk on Blk

My understanding is that you have to live in it for 3 months. Then the payments become unmanagable and you had to move out. You got someone to live in there and pay rent so you did not have to sell it.

I think the people that got caught were the ones that put the house in the name of the 3 yr old kid etc and claimed the first buyers grant.

Best way to think of a house is compulsory saving. I bet you would not know where a lot of your wages went. At least this way you are pouring your money into something that is very unlikely to devalue....unlike a car.

Correct me if I am wrong but I would suggest that neither of you would have much equity in your cars? i.e. even if you sold them you would struggle to find the $$ to buy a bunky.

If you are both intent on keeping your cars I would not mod them and put every last penny into paying them off. This way when you go to get a mortgage you do not have any other repayments. Also lower the limit on your credit cards. When I was doing home loans we used to allow 5% of the limit as the monthly payment whether your credit card was being used or not.

Borrowing money from the family is fine as long as you can afford to pay it back. Whether you pay your folks back or the bank the money still has to come from somewhere.

__________________
Losing is worse than death. You have to live with losing....

Kim you bord of the STI all ready get a wrx lol , i heard on the radio today something about no need for deposit for first home buyers so i no im laughing.

__________________
[SIGPIC][/SIGPIC]11.617 120mph

kym man use some common sense and dont be like 90% of dickheads who think there cars are awesome and shit but dont own fuck all cars arnt everything unless you intended on living in it, there the cunts who work the rest of their life.

at the end of the day its your choice but i can tell you this don't think about your current needs think about 5 + years down the track man and don't impulse buy or buy shit cause you mates have got one

and for a deposit man you should have at-least 30% to save your ass

your personally know how i think, i have known you for long enough man just use some brains unless you wanna work 5 days a week to pay for a car that you drive a few times a week then after you have paid everything you are left with a hole $100 a fortnight.

You should of kept that wagon and sold Jen's car then you have one nice reliable car, the you look for a place (give it a bit more as the housing market continues to soften a bit of course depending where you want to buy.)

Also one last thing if your looking at the house as a large return on your investment then your dreaming bro there are alot better ROI out there

but hey what do i know

Yeh i agree. Im bad for it.. Two cars and a bunch of other shit i buy and only use once backs this up

I used to earn 29K p/a slavin my ass off at Woolies and while i earn a little more than that now, i still have no cash I plan on living life but i wish i could do it sensibly

If your serious about a house, surely you'd have to sell the car, buy a bunky and save hard (cause you wouldnt really wanna live in a shitty house to have a nicer car). Or start pimpin the mrs!

the solution is obvious, keep the cars, move in with the folks, get an investment property..

this way, you have your cake and eat it too!!!

The Europeans have got it right, the parents know you too probably like to root from time to time, and frankly, if thats the biggest thing you are worried about then life is good! Your parents were young once too, how do you think you got here?

__________________
K.E.R.S!!!1