Recent content by RookieLearner

Doesn't that then make it hard to keep track of what expenses were for what property? For example, I get a HWS in the IP and fix some holes in a wall, when it comes to tax time how do you figure out what expenses were for which property?

Where do the IP loan repayments come out of then?? Or are you saying, have an offset account attached to IP?

Ok so time for a new broker! Another thing I'm confused about is, once I purchase the IP and get tenants in it, I'll have a separate loan for it. Do I then organize a 'access' account linked to this loan which all related in goings and out goings use? So then at the EOFY it's easy to tally...

Ok good to know! Yeah definitely time for a change! Also!! Im planning on putting air con into the place I'm I'm now and some BIRs, I had planned on paying with my cash, but now I'm opened up to this drawing more finance world, would it be more beneficial to increase loan for renos? I've...

I know right! They have 3 old commodores in the front yard, none in working order. Theyre both on the methodone program and their son was just arrested for possession of 60kg of dope. All in a polite 5 minute conversation. Welcome to the hood.

Ok, good to know I haven't shot myself in the foot. So I just spoke to my CBA lender just to see what he said, as I have a feeling my best interests aren't his primary concern. He said that having two loans is messy and complicated and I should just use the property I'm in as insurance for the...

Was taking out a 95% loan a bad idea? My justification was it meant I had ready access to my cash and with it in an offset it kept my monthly repayments to about the same anyway... Also as its part of the loan does that mean its a deductible part of the debt?

How do you do that? Do I contact the bank? Do they come inside or do a drive by or just sit behind a computer and crunch numbers?

Hey, I bought a property in huntfield heights afew months ago from the AHS scheme. I'm living in it ATM, I think once some more of the housing trust homes get sold off it will be a pretty decent area. However yesterday, my neighbors and some friends had an old commodore in the front yard and...

Oh! That makes sense, so Cjay, the 42.5k figure you mentioned, where'd you get that figure from? If I do it that way and only use a portion of the 42.5k do I pay interest on the whole 220k or just what's been used? Oh Brady, I had two real estate agents come out and they valued it at...

Oh, so is that how a property portfolio is structured? You just keep increasing the one loan for your IPs? So say I have 5 IPs worth 200k each, I would have one single loan of 1mill for all of them? Also, do you have a transactional account set up with the losn that all the rents and expenses...

How do I go about keeping the loans separate and not cross collaterising?

Hi guys, just thought i'd let everyone how helpful this forum has been! I've been lurking for a couple of years. So, I've just turned 24 and three months ago I purchased an AFH home for 185k, I borrowed 95% and so with LMI I have a loan of 178k. I have 50k in an offset account while I live in...