Recent content by van75

Oops sorry mistype - balance is $17,800 in Admin and $93,300 in sinking

Thanks everyone for the replies Art Deco bulding, circa 1930s I think. No pool/lifts/gym - which is why I was surprised at the high levies. No indication of what they are saving for. Question, is it possible to get a history of strata levies/sinking funds over the years for a particular...

Hi I am looking at buying a 1 br unit in a 13-unit block in Darlinghurst The strata fees are approx: Admin $700 and Sinking $300 pq These sounded pretty high to me The strata report revealed that there is balance of $178000 in Admin and $93300 in sinking Does anyone have any idea...

Hi Has anyone heard of or used these guys http://sydneyaccountants.com/default.aspx Thinking of using them because of convenience - just across the road from my office - and their fees sound reasonable Any comments Thanks

Hi guys I bought my first investment property last month (yay!!! :)) and got a Tax depreciation report done on it. Then I did renovations like new carpet, new bathroom, lights etc. I then got a Tax depreciation report done again. I was expecting them to revise the old one, but instead...

Hi all I recall reading somewhere in this forum that you can't use LOC to pay credit card, even if the credit card was used to pay for something related to your investment, is that right? Is this seen as mixing investment and personal? Or is it OK as long as you can prove that the credit...

The I/O + offset loan is called LitePlus, interest is 8.78% For the PPOR, the loan is called RateTracker, interest 8.38% for 2 years. After 2 years it goes to 8.88%, but she said after 2 years we could refinance to the LitePlus product as there is no switching fee. There is also no fee for...

She said if I want to cap interest I can draw from the offset and put it into the IO loan, so it's like paying off the loan interest using the loan itself. Rolf do many of your clients do this (capping interest) and then claim all interest as deduction, including interest on interest, and...

She is looking at Bankwest actually, apparently they have a very good product at the moment that "everyone" is going for, she said the downside is that they are a bit slow in processing it, but because I'm not in a hurry she said it's OK. Yes I specifically asked her to check that I can do...

Yes this is why my broker recommended I/O + offset over LOC. So why would people choose LOC, and most books I read use LOC in their examples?

Hi guys Just been to a mortgage broker, I asked to have LOC set up against my current PPOR loan to fund deposit for new IP. After looking a few products, she recommended me: instead of LOC, to set up an Interest only loan with offset attached to it, she said it would work pretty much...

Thanks yo yo ma, very comprehensive thread.

Hi guys I have about 50% equity in PPOR worth about 500K, and am looking to buy IP. My accountant told me to setup a LOC, say with 150K limit, and use some of it as deposit for the IP (plus expenses), and get another loan to cover the remainder. So for a 500K IP, draw 100K for deposit +...

Thanks Rolf for the assistance over the phone, really helped clear up my issues :-)

Thanks Rolf. Now would I be charged LMI for the IP? Because technically i am borrowing 100+%, but in fact I am borrowing only 80% and use 20% coming off the LOC (which may be a different lender) as "deposit"? The original 250K loan actually has a redraw facility, so I don't have offset...