Investment Properties

How Your Credit Cards Affect Your Borrowing Power

Written by Tricia Williams, Manager - Edney Ryan Mortgage and Finance

In the last edition of our newsletter, we looked at how living expenses can affect a client’s borrowing power. This time around we’re looking at credit cards and, more importantly, the impact they have on your capacity to borrow. Why Credit Cards Affect Borrowing Power Owning a credit card can have a real effect on a person’s borrowing power. And... Read more

Potential reforms are currently being discussed, which, if enacted, could make the mortgage broker channel unsustainable – potentially forcing customers back to the big banks and cutting their access to smaller lenders and credit. Support your broker now. Visit www.brokerbehindyou.com.au

Alert for Foreign Residents – Changes to the Main Residence CGT Exemption

Written by Matthew Stewart - Director, Edney Ryan Chartered Accountants

For Australian residents, your home is generally exempt from Capital Gains Tax (CGT) subject to meeting the ATO’s requirements. Australians living abroad have also been able to claim the CGT exemption on the family home. This exemption has been available to foreign residents, so long as the home was rented out for no more than six years at a time.... Read more

Changes to Residential Investment Property Deductions

Written by Matthew Stewart, Director - Edney Ryan Chartered Accountants

As we reach the end of another financial year, there are a number of legislative changes worth recalling which took effect from 1 July 2017. Here we highlight the changes to residential investment property deductions, which will be relevant for many of our clients. Changes to Residential Rental Property Travel Expenses Under legislation that took effect 1 July 2017, travel... Read more

Sydney & Melbourne Property Prices: Are We Headed for a Crash?

Written by Kate O'Brien, Director - Edney Ryan Wealth Management

By Kate O’Brien, Director – Edney Ryan Wealth Management Australian dwelling values slipped 0.1 per cent lower in May, according to the latest CoreLogic housing market update. The fall marked the eighth consecutive month-on-month fall and took the annual change (-0.4%) into decline for the first time since October 2012. CoreLogic Head of Research, Tim Lawless, said the biggest declines... Read more

If you are a foreign person who owns residential land in NSW, you must pay a land tax surcharge in addition to any land tax you already pay. The surcharge will be 0.75% for the 2017 land tax year and 2% from the 2018 land tax year onwards. You may be required to pay the surcharge even if you do... Read more

Before You Buy a Property: Checklist

Written by Tricia Williams, Manager - Edney Ryan Mortgage & Finance

                  Buying property, for many of us, is the biggest financial decision we will make  – one influenced by both emotional and rational factors. Here is a simple checklist of recommended steps to take before making an offer or bidding at auction. Obtain finance pre-approval (read more below) Research the area (we... Read more

Overcapitalising: The Risk of Spending Too Much on Improvements

Written by Tricia Williams - Manager, Edney Ryan Mortgage & Finance

  By Tricia Williams, Manager – Edney Ryan Mortgage & Finance Renovating your home or investment property can be a wonderful way to make it more appealing to buyers and increase its overall value. However, there’s a fine line between spending money to make your property more appealing and overcapitalising on your renovations. In this article, we look at overcapitalising.... Read more

Foreign Residents – CGT Withholding Tax Changes

Written by Angela Boyd - Senior Associate, Edney Ryan Legal

This existing withholding tax assists the collection of foreign residents’ Australian tax liabilities. Where a foreign resident sells certain taxable Australian property, the purchaser is required to withhold an amount from the purchase price and pay that amount to the ATO (see our previous article on this topic). Australian residents selling real property will need to obtain a clearance certificate from... Read more

Foreign Investors – Duty Increases

Written by Angela Boyd - Senior Associate, Edney Ryan Legal

NSW Home Affordability Measures The NSW Government has announced a number of measures designed to improve housing affordability across NSW from 1 July 2017. Some of changes in the housing affordability package will affect foreign residents purchasing residential property in NSW. Stamp Duty Surcharge Increases: Foreign residents already pay a 4% surcharge on stamp duty. This will double to 8%.... Read more