Chris Bates

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1,659 appearances 5 recordings 1 series first heard Jun 2021 last heard Dec 2022

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Australian Finance Podcast · Property investing strategies (advanced) with Chris Bates · 4 Oct 2021 podcast

And what you can do with bank lending is use that equity to reborrow, to buy shares, to renovate, et cetera.

And you don't pay any capital gains tax if you just redraw on an investment property gains.

And so you can get the gains on an investment property, redraw them through a loan and then buy other investments.

And you still haven't paid capital gains tax on that investment property.

So it's one thing you definitely want to sort of manage with property.

Yeah.

Yeah, so there's a really interesting thing the ATO allows you to do and that's something called the six-year rule.

Just type it into Google and do lots of reading on it and you can go to the ATO website.

The key thing is if you do buy a property and you move into it straight away when you first purchase it, like you don't put it on the rental market,

that becomes and you haven't got any other homes then that becomes your principal place of residence now you can move out of that property for up to six years and still have that property class as your principal place of residence for tax purposes and it can grow tax-free for up to six years and so it's a really interesting thing what we do with clients sometimes where they go look i i want to buy my future home but i don't want to make that lifestyle shift to that location today

And I say, well, would you do it for six months, right?

The ATO don't say how long you have to do it, but would you go and live, for example, if you're in Melbourne, say Mornington Peninsula or Geelong or Bendigo, Ballarat or something like that for six months,

get that property growing tax-free, then move back to the city and live in sort of South Yarra with your friends and have that property growing for you tax-free, which can be a huge difference over six years, you know, if it grows substantially.

So that's another thing that a lot of first-time property investors should be looking at.

Concisely is going to be difficult here, to be honest, Owen, but thanks to the attempt here.

I mean, the reality is, and while I'm pro-property, I'm actually anti-most property.

I look at it, clients will send them to me and I'll just say, look, I don't like it for these reasons.

You know, the suburb, I do believe every suburb, you know, besides sort of fringe house and land packages, which I just...

Guy Coward- find it hard to ever get excited about just because of the future supply and the quality of the property housing that's getting built.

Guy Coward- In these areas and also areas where they're building lots of high rise apartments, you know the same problems in house and land packages.

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