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  1. #41
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    Quote Originally Posted by maternidade View Post
    I agree, there's a lot of hard working families who have struggled to pull a deposit together and get a family home. They potentially could lose everything
    They wouldn't lose everything if they held onto their investment, and if it is a family home, then they are less likely to sell it in any case. As with any change in the market, it always adjusts in the long run. Prices may temporarily fall, and that would be bad for people who need to upgrade or refinance, but thankfully in Australia, banks don't make margin calls on property loans, so there won't be people being evicted by the banks or losing their nest egg.

  2. #42
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    Quote Originally Posted by A-Squared View Post
    Was it a 1 bedder on Anzac highway like you were originally looking at?
    Yes. But the bank didn't know that, we just told our broker we wanted to borrow $200k for an investment property.

  3. #43
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    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.

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    Default Negative Gearing - Politics talk

    Quote Originally Posted by a-squared View Post
    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.
    anz.

    And it was just income because my husband is self employed.

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    Quote Originally Posted by turquoisecoast View Post
    I don't think the fall in house prices would be that dramatic. there'd be a period of the market adjusting itself but I don't think anyone would end up in negative equity or losing their house. at least you'd hope not.
    I've seen it first hand mum and dad investors freaking out. We're in a complex that has good resale. Gfc Hit several freaked out and sold 50k less than what the properties sold for previously . (I'm friends with the agent and know what was going on in the owners minds. )

    I'm hypothesising that people will freak out and just sell at any cost...

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    Default Negative Gearing - Politics talk

    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.

  7. #47
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    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.

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  9. #48
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    Default Negative Gearing - Politics talk

    Quote Originally Posted by A-Squared View Post
    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.
    I work part time.

    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.

  10. #49
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    Quote Originally Posted by delirium View Post
    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..
    Investors also pay stamp duty and land tax each year, so negative gearing isn't just money for nothing. As I said before most investors either sell by the 5 year mark or their properties end up positively geared which = investors paying more tax. No matter what a persons income today, everyone will retire one day and the more people who have investment properties, the fewer retirees will need to rely on the government once they've retired

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  12. #50
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    Quote Originally Posted by BigRedV View Post
    I work part time.

    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.
    I see what you're saying, and I probably over simplified my response, I just meant that yes banks may not lend to you for the various income 'issues' you mentioned, and yes they account for far more in your eligibility to borrow than your current equity. It doesn't mean that the reports of average investors being at $80k income earners is completely incorrect. It is based yes on the foal income *after* the loss has been taken into account, but that doesn't change the fact soooooo many investors aren't the top 1% income earners, there are 100s of thousands of hard working Australians who are setting themselves and their families up for financial independence from the government in the long run.

    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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