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Update: tenant agreed to vacate for one week rent :D

Thanks Dave, are EBM the go to insurers or are there any others I should look at?

What insurances should I have in place until the lease is up (approx 7 months time) and then from when I move in?

Make a decent offer and see if they take it (I'll save more money this way). If not then wait it out until the lease is up.

I won :D:D:D

That kinda sounds like a contradiction. ATO:"Move in as soon as practicable" ME: "OK sure no worries I'll just wait until the existing tenant contract is fulfilled and then move in (i.e. can't legally move in until they finish their lease)" ATO: "Nope sorry you should have moved in earlier"

Okay broker and lawyer have confirmed I will receive the discount. *deep breaths* The learning curve here is huge.

Shiiiiiiit.I just used this calculator: http://www.sro.vic.gov.au/SRO/SROCalcs.nsf/transfer?OpenForm&3&CD=02/08/2014&V=$500,000&E=0&PPR=Y&fh=Y&sd=02/09/2014&S=3&R=$10,985&#calc and plugged in $500k purchase price, PPOR with settlement on September 2nd. Stamp Duty = $11k. Then when I plug in...

I'll try something like that Jameso. Can someone confirm these calculations are correct for how much I will lose out if the tenants stay: Assume $1050pcm loss (negatively geared) Assume 7 months until end of lease Total cost of $7350 Assume marginal tax rate of 35% Total net loss after...

That's what I'm hoping for. Also some thunderstorms would be nice too. Thanks.

I'm estimating in the vicinity of $1,000 pcm negatively geared. I do want the property though. Thanks for all the feedback. I will be speaking with my solicitor this afternoon.

Yield is not great in the area. Current owner has a yield of 3.7% based on their 2008 purchase price. I believe the current rent is maybe slightly cheaper than market rate (maybe $20 to $40?) so it looks like the tenant is getting a reasonable deal. If I take over ownership, can I do these...

Do I inherit the managing agent as well? Would it be worthwhile if I flagged my preference to the tenant (giving them an easy out of the contract if they wanted it), offering to pay removalist costs say up to $500?

I'm starting to go through the contract now (agent only provided today) and its becoming clear that it's all conditional on the lease (it's explicitly written in there). Are you guys sure I will forego the CGT exemption though? I'm buying it for PPOR and the only reason I wont move in...

I'm going to auction this weekend for a PPOR. The agent has said "currently leased out until March 2015 at $300pw". A couple of questions: Is there an easy way to break that so I can move in sooner? If no, and the tenants remain until the end of that lease, will I have a mortgage...