Possibly moving to the Gold Coast - better to buy, right?

Discussion in 'Where to Buy' started by Northboy, 18th Jan, 2018.

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  1. Northboy

    Northboy Well-Known Member

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    Great advice @Marg4000. I was wondering about the games, and I certainly don’t want to buy into the hype of it all. It depends on the jobs I am already applying for up there, but if I get one I’m now leaning towards jumping on to good old flatmate finder and sharing a place with someone for a few months. Not ideal but cheap and gives me a feel for the place. Trying my best to not let this mini life crisis lead to poor financial decisions long term.
     
  2. Northboy

    Northboy Well-Known Member

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    That’s true, but by having no mortgage on the PPOR, then using the equity straight away to borrow back into shares, you not only have dividend payments potentially covering the interest on the loan for the shares, but the interest also becomes tax deductible.
     
  3. Trainee

    Trainee Well-Known Member

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    You need to run the numbers. How much is cgt? How much can you refinance? Depends on your job and income. What if you cant find a job for 6 months?
     
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  4. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    as it does with any well designed debt recycle strategy.

    The primary differences between buying for cash or with a loan are

    • peceived convenience - no loan app hassles
    • Cash offer with fast settlement and no finance clause - may get a good deal with a distressed seller
    • eliminate the finance risk of not being able to get a loan when you get here due to low or no income for a while.
    • eliminate the risk of cash out issues - not insurmountable - but typically a pain
    et al

    ta
    rolf
     
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  5. boganfromlogan

    boganfromlogan Well-Known Member

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    This thread is a bit old, the gold coast seems to be booming (am i seeing things? Or am i right) .... it might be very difficult to get a good deal at the moment. If you see one you might have to act.

    Having said that the GC is a mixed bag, and the hinterland seems to have good bargains.
     
  6. Northboy

    Northboy Well-Known Member

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    This thread is old? I just started it! It’s new for me, I’m currently going through a mini work/life crisis and appreciate all the PropertyChat-ers offering me advice and potentially stopping me from doing something stupid.

    I’ve not heard that the GC market is booming. Certainly not so much with apartments that I can see. The comm games may have created some excitement but not sure it is translating.
     
  7. Marg4000

    Marg4000 Well-Known Member

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    This thread only started yesterday!

    But there are other long running threads on different aspects of the Gold Coast market.
    Marg
     
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