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Siva, Buster has given you some really good advice there. I would be looking at paying well under $1000/acre in the low rainfall areas. Where abouts have you been looking in SA? The figure I was quoted last week for share farming was $50/acre for low rainfall area.

If you are going to pay down the loan put the funds into an offset account, not directly into the loan or you wont be able to pull the money out again without causing headaches come tax time.

Sounds like you did the right thing. They wouldn't want to risk another fine by taking any further action against you. Bad luck your client paid their bill. What were they trying to sell?

What did you agree to during the phone call? Did they offer you a newsletter with no talk of cost or was a return time frame and a cost if you didn't return them discussed? They may have recorded the conversation. Gools

The 'extracted' money would be for personal use. The interest on that drawing would therefore not be be tax deductable. There are ways to capitalise the interest and pay the rent straight into the PPOR account but that's about it. Gools

CJP, I'll take them if they are not too far away. I've sent a PM. Gools.

HAppyDays, just a couple of things. If you don't have anywhere to park your excess cash then make sure you get an Offset Account with your IP mortgage. Put any excess money in there and when the time comes and you buy PPOR (your own home) you can pull the money from the Offset Account and use it...

Jack, it's time you bought a PPOR using the funds in your offset account and moved out of home. That will sort out your positive gearing 'problem' and will stop you cramping your parents style. :D Otherwise just give your parents that $50k for being so nice to let you live off them while you...

Maybe you're looking a bit too short term though. As the number of houses on big blocks reduce then their value has to increase (supply v demand). Yes 'your' roads are more congested but if population density isn't increased then the sprawl just extends further out. Still makes transport busier...

Matt, great fun isn't it. :rolleyes: The number of steps that require the existing building to be demolished make it an interesting project. You lose the rental income from the house and you lose Plan B all in one go. Feel free to provide some details of your budget so we can hack it to pieces...

Chilli, please let us know your response to the email. I know what mine would have been....... Gools

The convection current should make the whirly bird do its thing.

Doesn't mean it is a better thing to do than to just sell the site with approvals in place.

That's perfect. I have always found the agents fall into those two categories. Ones you want to buy from and ones you want to sell with. I haven't met one that fits into both categories and that's a great thing.

Agents, please stay asleep!! They are reducing the buying pool for the properties they are selling. Sounds like their stereotyping habits might be beneficial to you. If they act that way to half the people coming through then that's fantastic. Just make a note though not to use them should you...

Any more updates Michael? Keen to watch the progress.

You're really going to have to be a bit more specific. Property type, price range and narrow down the locations a bit. Otherwise it's just guess work for anyone to offer advice. Are we talking 1 bedroom units that are $150k North and South to $200k close to the city or are you talking about...

Gg, wouldn't supporting the economy by filling your shed full of fertiliser and topping your tanks with diesel be a better way to go?

Repairs needed to your IP/IPs?

10-12% nett return on a $500k property. Doesn't sound like the markets I know. I thought you had to do much higher than that in price to see that return. Nice snooping. Gools