There are two possible ways in calculating penalties; first possible way:3 month penalty=OSB *(rate/12)*3 second possible way:OSB*remaing number of months to term *(rate differential) OSB=outstanding balance rate differential=Posted rate - rate you are paying on mortgage. Depending on lender you are using, penalty is specified in the commitment letter and mortgage docs you signed at the lawyer`s office .In case you do not have it, you can call them and they will tell exactly how much it will cost you.

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I'm thinking of selling my house we have been living in this house for almost 3 years . my husband and i are separate ,he doesn't want to sell it for some fees could someone tell me about it . what it is the first step to take ?. i hate this house i would like to start my life all over again with my kids (17,14,11 years old) thank you

Have a look at this site it cost about $50 to register and sell your house over the internet. On the blue menu to the left scroll down to Sellers>Register to Sell Your House http://www.home-sale.com.au/searchlisting.php

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Looking at purchasing land in queensland, australia, and then selling within 3 years later, but want to be able to apply for first home buyers grant in the future when deciding to buy house for residing. just wondered if i would still be applicable for first home buyers grant.

I would look into that very carefully before making your decision. Land is not a home per se"

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Hi, i am looking to move away to another city for work and was wondering what the benefits would be between renting out my house vs. selling my house in australia. i have owned the house for nearly 4 years now and at the moment it is not a great sellers market. i would prefer to sell it and get rid of a potential hassle. what i would like to know are the benefits to renting it. for example are there and great tax benefits i dont know about? stuff like that. also what are the cons? thanks heaps in advance for your help.

Yeah do that

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My ex and i separated and we have already had the property settlement done in court. i have to pay him a set amount of money. the court did not order the house to be sold, but i can only pay him his share if we sell the house. however, his child support payments have just been adjusted, and are quite a bit higher now than when we did property settlement in court. it would mean in 4 years time, he would have saved paying me what he is supposed to get under settlement. it also means the kids (3 and 6 years old) and i would not have to find somewhere else to live, move etc. i can refinance whats left of the mortgage into my name without a problem, plus save real estate fees, solicitors, removalists etc too. should i offer him no more child support payments ever, if he signs the house over to me? i can't find a website that offers this kind of advice to people. i live in rural nsw, australia-that might be important to know legally?

Maybe. Ownership of the property would be a good thing as long as the price is not too high. First thing to figure out: what is his equity in the house? Get as reliable a valuation on it as you can; you may wish to get a formal appraisal. (More on this later.) Subtract the value of any debts or mortgages to get its current net value. I presume that each of you has a half interest, so divide the net value by 2. That is the value (in current dollars) which you are trying to acquire. Next question: what is the value of the payments you are getting? This is a net-present-value calculation; you have a stream of payments coming in, but because of interest, future payments will be worth less than payments today. The payments end at some future date (i.e., child reaches majority). You will need to ascribe an interest rate; if the payments are to be adjusted for inflation from time to time, the interest rate will be fairly low (perhaps 3%). A financial calculator will give you the net present value of the income stream. Now you have the two important numbers: what his share is worth, and what you have to give up to get it. A simple comparison will give you an overall sanity check on the idea. I would bias the results somewhat in favor of purchasing the house as its value will probably increase over time; you can do some work with your financial calculator to get a notion of how much that might be. Last question: you spoke of re-financing the place. Can you make the payments that this would require? Once again, your financial calculator will help: you can find out the probable interest rate and term of a loan, you know how much principal you want to deal with, and the necessary payments can be calculated. Now you can take all of this data to your bank. If the project passes sanity check and you and the bank want to proceed, they will want to get an appraisal on the house, and that will be the time to do it and thus double-check your estimate of its value.

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1) in australia whats the consequences with the taxes if we sell the house in the same year, that is not waiting for an whole year to complete. 2) is it a good idea to sell the house within the same year as you build as some people say we must keep the house for past 1 year to minimise tax or such things....

Depends.....do you plan on living in the home? Or do you plan on flipping. If you plan on living in the home. A year seems like a very short time. Their are considerable cost involved with moving into a home. You'd have to make a pretty good profit to make it worth while for just a year.

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I have a mortgage on one house, but it's too small for my family of 5. instead of selling and/or renting is it feasible to keep this house and rent it out and buy another house suitable for our needs? to sell this one our equity would not be too great, but potentially it will raise in value over the next few years.

If your equity covers your new loan set up costs and deposit then go for it. Chyeers http//www.officialsoftwaredownloads.com

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We bought our house in september, 2007. we're considering a move to australia within the next year or 2 for a new job for my husband. what are the tax requirements for a situation like this?

If you move for job or health reasons and don't meet the 2 year requirement, you probably qualify to take a prorated exclusion of the gain for the time you DID own the house and live there as your main home, so wouldn't likely owe any taxes unless you made a huge profit.

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Our house has been on the market for over a year now at $179,500. it is a 4x1 with a big backyard and a double garage in a country town in australia. but we just cannot sell it. we bought it for $180, 000, then spent $30, 000 on it, so it should be worth $210, 000 - but no, people are only offering 150k. is there any way we can sell our house?

Yes, by reducing to current market value.

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My friend who lives in western australia, is currently selling her house as she wants to buy a bigger house(family growing). she is unsure whether to put her new partners name on title deads or not for the new house, as he used to have a bussiness and hasnt done his taxes for about 8 years, she's unsure if they buy the house together wether the tax collectors can make them sell it to pay off his debt? can anyone with legal knowledge help????

Why on earth is she buying a house with this guy if he cant even do a tax return! I'm sorry I guess its easy to say that. Is he scared of doing his tax? Its funny some people think something like this will go away, but it wont. He might even get a return back. If the tax office owes money they'll pay it out. BUT if he does owe something the fines for delaying lodging and the interest they back charge could be a killer. You say their family is growing I assume that means new baby, it could just take your friend to update her family assistance details with Centrelink for the ATO to catch up with him. But hey I'm sounding too scary now. The ATO are pretty good, if people actually spend the time to talk to them and explain things. They'd generally give him a chance to pay it all off even in small amounts, like any other debt. I doubt the ATO has powers to cease assets just like that.

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Reading this on yahoo news is this a afc australian financial crisis in the making? people can buy a house for half price but not own the land, buy the house itself for 90 years? also this "market expert" (in a nice suit) tells us that 2011 was a bad year for housing, now all of a sudden 2012 is going to be a great year? is this guy a moron or what australia is at the tipping point of a recession... this guy just reminds me of those greedy wall street pigs all he cares about is money and is willing to sell snake oil to get it (this is what evil looks like in human form) when interest rates rise because of inflation, and a unnatural growth from china, most of the average day people in australia are going to think, they are always going to have their jobs to pay of this mortgage that is half price, and those people cant afford anything but to pay off the juice of the loan are gonna think wow what a good deal intelligent thoughts please? they have ownership of the house but not the land itself for 90 years

You're not purchasing the "house", you're purchasing a 90-year lease of the property. Per nemo dat, the underlying title remains in the hands of the lessor, and the lessee merely gets possessory rights for 90 years (the remainder of which is probably transferrable). However, a 90 year lease would not be worthwhile for the lessor; tying up the property for 90 years is not worth it, especially since you can simply provide 12 month leases on the property for a better return. Generally, these kinds of leases are granted as life estates (i.e. - the term of the lease = the life of a particular individual), and the underlying title-holder sells the life estate for a good portion of the face value of the property (which automatically reverts to them with the life estate holder dies). That way, the life estate holder doesn't need to worry about mortgage payments, and the underlying title holder earns a wicked interest rate. Only downside is that title doesn't pass into the estate upon death (but the life estate holder is taken care of). If housing prices are massively outstripping wage increases, you're in a bubble. Watch out; housing prices are going to collapse some time in the foreseeable future. Also, the guys selling real estate are always going to be optimistic about housing prices. They earn commission, after all.