Search results

Hi all. I've found this ground floor apartment which has a very awkward floor plan. It's been 2 years and no one has bought it. If I manage to buy it at a discounted price, how will the bank value it? So, this place is about $430k. If for some miracle, I manage to buy the place for $300k, and...

Hi nhg. The property is in St. Marys, and the main residence is a fibro/weather board. So, you might be right in suggesting that I shouldn't be paying more for a fancy looking granny flat which does not compliment the main residence.

Thanks for sharing. Tbh, I had no idea that all these fees might add up to $10k. And, this is before the actual construction. Guess I'll have to do a bit more planning.

Thanks, nhg. If I were to fund the whole construction myself, then refinance, that would mean that I'll have to save up even more. Plus, I can't refinance until my fixed term ends (3 years). I'm negative gearing on this property at the moment. Do you have any ideas you could share on how to...

Thanks, Rolf. I'll really need to check this with the bank. Plus, if it does come in short at the end, that means that I'll have to save even more to get started.

I bought a house in the western suburbs of Sydney as investment, with the intention of building a granny flat in the back. I knew that I wouldn't be able to build the granny flat right away, because I don't have enough cash. So, I've been saving up for it. Recently, I called up my bank to...

Haha. Thanks Ed. I figured as much. Will go scold the property management company then. :P

Definitely, the property management company would want to change it. And, the tenant is a bit hesitant since he has already signed it. I mean, who wouldn't want to pay a cheaper rent! I am just wondering if there are any legal loopholes to get the tenant to re-sign the contract with the new...

Hi all. Wondering if someone could provide some legal advice. So, I've got a property that's tenanted via a property management company. The tenant's lease is about to end, and I've offered the tenant to continue their lease on my property for another 12 months. I've also mentioned that...

All the accounts are brand new. They opened new ones for me when I got the loan from CBA. I've not used the transactional money for personal use. I.e. nothing went out from the transactional account, other than into the MISA attached to the 2nd loan. The only incoming monies are from the rental...

Yup. Fair enough. From your previous point you made, it does make sense that it should not be deductible. Both of the accounts are separate, with different loan account numbers. So, the monies moving about for the second loan shouldn't affect the first loan when it comes to tax, yeah?

Thanks Terry. My current loan structure is a bit different. It's in 2 parts. The first part of my loan is basically of the same amount of my previous loan at 60% LVR. The second part of the loan is the additional 20% LVR which I got when I refinanced. Each of the 2 loans have a MISA attached...

Hi Terry. What about if I put the money into the MISA that the loan account is attached to?

So is what I've done not good? Is it bad? I'm kinda freaking out a bit now. :(

Thanks Jake, thanks Bigtone. The money is currently put in the MISA. I was thinking that I could just reduce my monthly repayments since if I put the money elsewhere, taxman would just tax me on the interest I get from it.

Hi. I've recently re-financed my current IP, which allowed me to increase my LVR from 60% to 80%. So, I've basically got my 20% initial investment back. My loan is with CBA, and I've got a MISA account tied to the loan account. I'm still looking for another IP so that I can put the 20%...

Hi Rolf. I'm wanting to refinance my current PPOR, which I will rent out soon (to become IP). The loan is secured to the property. Back to your question "do you have a non ded debt left". That's a good point. There is currently some non deductible debt in my current loan since it's an PPOR...

Hi. I want to refinance my IP, and was approved for CBA's Line of Credit. However, reading some of the posts in this forum, there's always mention to have an offset account instead because Tax declarations will be much cleaner. CBA has the MISA product which is basically an offset account...

Thanks Karina. That is a good explanation for a newbie such as I. Will scour this forum and read books.

Thanks, Jamie! Will check out that book.