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Thanks Xenia for your kind words. But all the negative naysayers were pretty much what I expected here. It is par for the course when coming on a forum like this. But still worth risking to get some useful info, and I do have fairly thick skin. Cheers Seaview

Pinkboy, I will be using every cent I make in my successful business to pay the ATO. By your logic I guess minimising tax, and negative gearing and lots of other things are mooching too then. ATO hardly has a welfare mentality though, which is a shame for me. I have not even got my tax bill yet...

Dave, I DID say I am cash strapped as ATO wants my blood NOW. (Hoping to drag it out with payments over a year, but they still want a LOT up front). Otherwise we WOULD give her cash. I despise mooching off govt teet and do NOT think a worker who needs short term help between jobs should be...

You guys are a hoot. When I were a lad we lived in a shoe box, and had to lick the road clean every day. We worked 28 hours a day, and our dad murdered us in our sleep each night... and if you tell young people these days how hard it was, they won't believe you. Anyway, Falcon, the "safe"...

Sadly Mico, we had a LOT of properties and have been selling them off over the past few years to clear the toxic debt from "safe" managed funds bought before GFC.. Even worse: all the losses were in my name, and the capital gains in hubbies name, so it really hurts each time we sell. If debt...

Gosh Biz, not sure what gorgeous Castle clip is even meant to show. It went right over my very grey head. But assuming you think we are rolling in cash having made a huge capital gain, you would be WRONG. We got clobbered good in the GFC and are still digging our way out. I won't bore you with...

Hi Ace in the Hole, The Centrelink website lists amounts required on assets & income tests - but basically they deduct mortgage from the IP value to arrive at net value (equity basically) which for a single person with own home is somewhere around 200 to 250k total, after that they reduce...

My word, Dave, that is a bit harsh. I hope you never lose your job and need a bit of welfare before you get a chance to sell your IPs. Assuming you have a decent portfolio yourself, being a consultant and all. My daughter is a VERY hard worker and has paid lots of tax, and no doubt funded lots...

Hi, Is it possible to get Newstart Allowance if you own a few IPs. This is for my daughter who has been teaching overseas, and is coming back in a few months. She owns 3 negatively geared IPs, one is PPOR, though she needs all 3 to be rented out to cover loans, and would live with parents...

Rolf, Aaron, Thanks for replies. This confirms my feeling that it is do-able, just not sure how, and don't want to waste lots of crerdit hits finding out. Credit file is squeaky clean. I have heard that holiday or wedding etc is fine for personal loan. I will be needing a holiday after all...

Hi, Got a tricky lending scenario and would really value some imput please: Purchased a neat 1000sq.m corner block in new estate in regional area (Postcode 2464), and built a house on 1 side of block. Have obtained council approval to sub-divide and create a second block. Original...

Sounds good. Weekends or evenings would suit me better too. Is anyone going to the Property Investment booklaunch today at Kotara Unleash Book Store (see my thread under Info Resources NEW BOOK)?

Me again, Forgot to ask: will Homeside let you provide a Provisional Costing for driveway, fence etc from private suppliers? (as they are cheaper than the builder). If yes, is a simple estimate from us sufficient or do they require formal quotes from each provider? Thanks

Hi, Trying to find out what Homeside Require for unconditional approval of a construction loan for building 2 houses on one block (to be sub-divided into strata or torrens title at the end). i.e. 1.) Do they require council approved plans, or just a signed building contract with draft...

Hi, Anyone know what it costs these days to construct a road from scratch. Land is flat. Thanks Seaview

Hi, We are looking at doing a sub-division on a block of land but the new council pressure pump and sewer line are bang smack in the middle of where we wanted to put the boundary/or axe handle. Council insist on putting in these systems themselves at a cost of $9000 each (had septic prior to...

Kessie, The 70k is included in the 310k loan and is sitting in account waiting for redraw when needed. Yes, rates, agent fees etc all cost extra and would certainly eat into the 3k or more of the 8k she gets for depreciation (which was a low estimate by the way) BUT rates, agent fees etc are...

Kessie, Total borrowings = 310k + 570k = 880k @ 7% = approx $62k per year in loan payments Rental income = $400 + $700 = $1100 = approx $57k per year.... so she is $5k short .... but can claim depreciation on 3 new dwellings back each week in her pay = approx $24k deductions @ 30% tax rate...

Hi Marty and Rolf, She has had same job for 3 years, same employer for 10 months. Same residence for 6 months. Cannot we count the $ 70k sitting in redraw account as extra capacity? Credit report is fine. Would it help if she put 2 dwellings on the land e.g. duplex/villas. total cost of...

Hi Sanj, I have emailed directly 1 broker from Somersoft, but wanted to tap into all those other ones that post here too. I do not have time to look up their details from lots of old posts in the Finance section so thought this was a quick to get them to look at this scenario. Will be happy...