Recent content by octobere

What sort of problem would I face? If I put the extra cash of 50k into my PPOR mortgage and redraw that amount in 2 - 3 years time when I make it an IP, is ATO going to be mad?

Thank you. I am with MyRate and they don't have an offset account but I can make extra repayment and apparently, it is like an offset account. This is what they said on their website: Do you have an offset account? We don't, because MyRate loans can be used in the same manner as an...

Thanks for the clarification, Graingrower, Pa1nter. We'd like to think we have a pretty good cash flow and we also have some extra cash. We don't have any debt except for mortgages. We pay the highest interest on LOC. We were thinking of using extra cash to pay off our PPOR mortgage but...

Do I need to make interest payment? Hi, I was searching for the answer to this question I have but couldn't find it so let me post it here. I have a LOC account with 170K in it and have used 140K to pay for deposit on my IPs. I received a statement for my LOC today and the interest...

Thanks for your comments, guys. I've made 2 verbal offers (one vendor wants 5k more, the other vendor wants to have a bit more time to decide (til this afternoon)) and I still haven't signed anything. But I am not in a hurry and I am sure something will come up soon enough. I have, however...

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Thanks for your reply, alexlee. I will let you know how I go. :) Empty Pockets, I have read/heard the same thing from many people on this forum. Would love to know how many strata properties you have purchased without P&B and had absolutely no problem further down the track. b&p report is...

Hi wobbycarly, no, you lose the 0.25% deposit coz the vendor had to take the property off the market for you. I did ask my solicitor and REA whether I could get the deposit back, and they both said no. :(

I understand what you are trying to say, alexlee. Part of me thinks $5k is not much when it comes to serviceability and repaying loan but part of me doesn't want to give in to the REA. And it's going to be my IP so I have no emotional attachement to the property. If I don't get this one...

I'm pretty confident that the price that I am offering is right and fair. I'm offering $370 and similiar properties were sold for $360 - $375 in the area. (The vendor paid $350 when he bought it brand new 4.5 years ago.) However, the REA kept pushing for $380 and I told him if someone wants...

Hi, I am buying my first IP in NSW and in a dilemma as to whether to get P&B Inspection and Strata search done before putting 0.25% deposit or after. I have made an offer 2 weeks ago, paid 0.25% deposit, paid to get inspections and report done, and then had to pull off during the cooling off...

Thanks for your advice guys. According to my consultant, LOC is better for me; something about keeping tax deductible and non tax deductible interests separate. I will be using the money in LOC for investment purpose only so all the interests paid on LOC will be tax deductible. I'm with...

I have finally made an offer for my 1st investment property. I'm getting my finance sorted and after getting advice from accountant, consultant and reading up on this forum, I've come up with this loan structure. Could you please comment on it and let me know what you think please...

Thanks guys. Got in touch with an accountant who himself has a few investment properties and small business clients. I'm going to see him next week.

Thanks for your advice guys. Good to know your feedback. So what happens to those assets that get depreciated every year when you change an accountant? How does the new accountant get a record of those? Sorry I am a bit clueless.