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Hi Terry, specifically, what sorts of advices/questions should I ask my accountant about? Should I have a property in mind and also get the depreciation schedule before seeing my accountant? Thanks heaps.

Just a quick update. I got Bankwest to get me a valuation on my IP and it came out to be $400K. But he said I couldn't use the increased equity to fund my 2nd IP as the overall LVR is still above 90% (currently 91%). So I guess I will have to use the cash in my offset account plus the funds...

Really not much of a strategy I'm afraid. I am buying from this suburb because it is closer to the community that my parents will be happy to live in, shall they decide to move into this property in the future (7-10 years time). $450K can only get a rather "cheap and old" looking sort of house...

Agree. The 95% IO pre approval I got from Bankwest for the 2nd IP doesn't seem to allow me to include LMI. I will have to talk to the bank and see if I can negotiate to capitalize LMI.

Good question and I don't really know the answer. That was my first IP and I didn't know enough by then. I had 5% deposit and If I remembered correctly, 2% of the 5% went to LMI, 2% actual deposit, and the remaining 1% some other charges and fees. Maybe I will give my documents a good look...

Hi Redom, Thanks for your prompt reply. Just a bit more info about my financial situation:- Income: $82K annually Debt: $370K IP loan with Bankwest @ 4.91% IO 100% offset Credit Card: $16.5K limit with CBA. Always pay off in full. Rental income for current IP: $360 per week Rental income for...

Dear all, I am a first time poster seeking for investment advice. I am currently renting at the moment and I own an IP in Brisbane. The IP was purchased back in mid 2013 at $380K. Current value of the IP unknown and I still owe $370K. The loan structure of this IP is interest only with 100%...