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Thanks everyone for your input - especially Kristine for your great reply... There is a lot of info to work through. This will be my second IP. So no First home owners $$$ and I will be using equity from IP1 (IP1 Value $210000 - owe $90000) as a deposit on IP2. I also have $30000...

Thanks PT_Bear, The property is in a good beach suburb that has rented well over the last 10 years or so. In 1999 the rent was $160. In 2003 it was $210. Today is $250. As I stated the purchase price is ~$300000. The rent is $250 p/week rent ($13000 p/annum). Costs last year were approx...

Hi All, I have a few questions. I am considering purchasing a 2BR unit in NSW that my older brother is considering selling - He is selling to finance another venture. My questions are: 1. Is there any way of transferring ownership without incurring stamp duty and other taxes? Possibly via...

Hi all, As many already know I' am currently searching for a second IP... I have been looking at a duplex purchase. I am only looking to buy 1 of the 2 units in the development. It is a standard 'side-by-side' standard dev. What laws are there to ensure both owners maintain their...

water costs. "Many renters will also find they have to pay water charges currently borne by their landlords, Fair Trading Minister Linda Burney has told Fairfax newspapers." My tenant currently pays for water usage and I pay for the actual service/infrastructure charges etc. Will this...

All, I am considering buying a 2nd IP. I will be using equity on IP1 as a deposit. I also have the required $12000 in cash savings for Legal/Govt costs. I have contacted my bank and they advised that as the property being purchased is an investment I would be better off borrowing the full...

Alex, Thanks for your comments. My Fortnightly after tax income is $1500. I have been paying $500 p/week off current IP mortgage but want to slow these payments down before it becomes positively geared and use some of my $$ on another place. I have been saving a fair bit of $$$ additionally...

Les, Thanks for your comments. Yes - I will ask about a tax variation to keep the money in my pocket and make it easier to pay the loans off week by week. Yes - I got a depreciation report completed on IP1 and have received some good cash returns from this process. At this stage I...

Hi all, I would like your opinions if you think I am ready/able to purchase my 2nd IP... Details: IP1 valued at ~$210000 - currently owe $95000. Looking at IP2 for ~$250000. Have pre-approval for $300000 using 20% deposit from IP1 equity. Monthly repayments for the 3 loans would be a...

Hi all, I am looking at a 2br unit for sale in a complex of 4 units. The strata fees are $450 p/quarter, and council rates are approximately $600 per year. Is this too much to pay to strata? My current IP I own is $330 p/quarter. What questions should I be asking as to why it is this...

Graeme, My only reason for considering the property was: 1. Possible Capital growth in coming years after lease expires with DHA. Surrounding houses in the steet are selling for >$370000. 2. Returns may get better once I rent using an agent. 3. 3 bed Units on shared land cost ~$280000...

Steve, The property is being sold via an agent - not DHA. It has been on the market for some time... Would I better off letting the DHA lease finish in 2008 and going to a normal agent for private rental? Anyone else's comments also welcome... Thanks again

Hi all, I am looking at purchasing my second IP. I would like some comments on a property I am considering. The purchase price is $315000, but I would like to only buy for ~$295000. I have pre approval for the loan, using a deposit of $72000 for 20% deposit and purchase costs - using...

Hi all, My last question was not really answered: I have just had a look at my lenders website. I am not sure I qualify to have an offset account... A 100% offset is only an option on their 'premium loan' products. But there is mention of a partial offset for other accounts. How...

Thanks for the advice, I have just had a look at my lenders website. I am not sure I qualify to have an offset account... A 100% offset is only an option on their 'premium loan' products. But there is mention of a partial offset for other accounts. How does a partial option work? My...

Hi all, Just thought I would post to ask what my best option is at present & also perhaps confirm if my current plan is ok... Situation: * I own 1 IP at present. Paid: $190000. Currently owe: $95000. * Paying P&I making double the required repayments. * Currently have $10000 in a...

Steve, No I don't have a PPOR. I still live at home. But would be looking at a PPOR in around 5 years.

Steve, Yes I have considered Interest only for IP1 from here but with the rent of $150 (after costs) I will only need to top up the loan with $50 to do principal also. I am currently paying $500 off IP1 p/w, so if I bought IP2 I would pay $50 to IP1 and $450 towards IP2 p/w. This will also...

Mr Wiggum, I am not being rude. Is this a statement or question? I am paying interest and principal on IP1 and planned to do this on IP2 also. Any further comments?

Steve, That's my dilemma at present. I am making double repayments on IP1 at present. My plan is to reduce this loan to minimum repayments whereby with rent included I should only be out of pocket ~$50p/w. This would then give me at least $450p/w to pay off IP2. At present at the rate I am...