LMI vs Savings

Discussion in 'Loans & Mortgage Brokers' started by Watson17, 14th Aug, 2017.

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  1. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    You could have claimed just 10 months worth of LMI 10/60th of the amount incurred.
    If you didn't then a 3rd element cost base expense. the rest of it too would be a cost base expense too.
    Don't forget you can 'claim' interest while you were living in it too as a cost base expense.
    Bank fees are borrowing expenses so same as LMI
    stamp duty is a cost base expense.
     
  2. Peter_Tersteeg

    Peter_Tersteeg Mortgage Broker Business Member

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    You're not keeping good records. This information is in your original loan offer documents. Don't rely on Netbank to tell you this, that's not what Netbank is for.
     
  3. L3ha7

    L3ha7 Well-Known Member

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    @Peter_Tersteeg ~ found all the hard copies, will scan tomorrow.
     
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  4. L3ha7

    L3ha7 Well-Known Member

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    Well now I can claim the whole lot of Lmi once the property settles and I think majority if things are going to be a cost base expense for me. This is tge 1st time I am selling so finding alot of new things.

    I understood claiming as a cost base about lmi, stamp duty bank fees, loan set up fee, solicitor fee, building report charges but the following your comments confusing me :-

    "Don't forget you can 'claim' interest while you were living in it too as a cost base expense."

    All the fees and charges are claimable but I was living there since june 2012 till now that's 6 years and on "what bases I can claim that interest?" And it is going to be "huge"
    In relation to your comments about
     
  5. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    See my tax tips.
     
  6. L3ha7

    L3ha7 Well-Known Member

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    Ok I have been through may be 20 pages. Found 1 LMi but it is about LMI cs serviceability. Do you have the title of the tip?
     
  7. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    L3ha7 and Simon Moore like this.

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