Conservative bank then I would say, it wouldn't have just been your income.
I'm still trying to find some more detailed stats on the property investor profile in Australia.
I'm hypothesising that people will freak out and just sell at any cost...
For anyone with Foxtel, Sky news have your money, your call: property on now and there's some talk of NG and CGT. but it's almost finished, I'm just catching the end of it now.
@brv, self employed is more a reflection of the stability of the income, not the amount of the income.
For the billions we spend to neg gear every year, I'd be happy to see some level of compensation if there was that amount of loss.
The bottom line is that Aust has among the highest cost of housing in the world and I think I read when factoring in average income, it *is* the highest. Prices are climbing and climbing. Soon no one but the very wealthy will own. And the ramifications go beyond Tall Poppy Syndrome or wanting equality.
Artifical mechanisms are what has jacked up the prices. The first home buyers is gone, this needs to go too. As others have said, we are one of the few countries in the world to do it, yet have the highest prices. That's no coincidence.
ETA - It was/is about income because when we did our reno, our broker told us what my husband would have to earn for them to approve the loan for the extension. So that year my husband didn't claim everything he could on tax to increase his taxable income to do the reno which resulted in a $10k tax debt. Plus I my brother in law was going to go thirds with us for the investment property as he will never be able to afford Sydney so he was going to share with us to break into market.
Last edited by BigRedV; 21-02-2016 at 21:37.
I just think it's time for politicians to stop trying to win votes and start looking at NG more logically and with a very long term strategy in place, not just the next 4-5 years.
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