Advise for Purchasing Duplex Pair

As they are not strata titled you can only go one loan on it. The deposit listed on the form is just a 'good faith' deposit to show you are a serious Buyer. This is different to the deposit that you will require with the bank.

When talking with your bank/broker make sure they are aware that they are both on the same title as it may impact the borrowing calculations etc
 
As they are not strata titled you can only go one loan on it.
Was thinking I could split total borrowings/loan in two, have individual accounts to better track income/expense for each lease

The deposit listed on the form is just a 'good faith' deposit to show you are a serious Buyer. This is different to the deposit that you will require with the bank.
Oh, understood deposit requirement when buying 1st property (current PPOR) however with that paid out thought it would be used as equity/security to borrow 100% for IP

Can discuss that with lender, main research a present is nutting out implications/structure of me moving into one of the units and renting mine out.

Taken the day off work to sort stuff, would like to find a local (Mandurah) accountant on the ball with IP's, not coming up with anything in google, perhaps my search terms etc?

Q's here are simply curiosity/researching opinion of many compared to one, more knowledge when discussing with pro's etc
 
Lender (CBA) told me I can have 2 loans setup, total borrowings including deposit/costs divided x 2, both with up to 100 offsets (find it hard to believe anyone would need that many) so one for each, plus 1 or 2 for my pay etc (split).

SVR @ 4.49% (might be less yet), or prepay interest to both (or one) @ 4.29%

Long conversation about LOC, pros & cons, apart from total use of funds later without paperwork etc for me it seemed like LOC was great until Offset got changed for the better for different reasons. LOC is also ~2% higher.

Got an appointment with a young bean counter on Friday (Dean Rob @ AMD Mandurah) who's specialized in real estate for ~20yrs, nut out the structure, prepay, PPOR switch etc.

Appreciate the advise so far guys, and any forthcoming I might not be considering.

Cheers!
 
Lender (CBA) told me I can have 2 loans setup, total borrowings including deposit/costs divided x 2, both with up to 100 offsets (find it hard to believe anyone would need that many) so one for each, plus 1 or 2 for my pay etc (split).

SVR @ 4.49% (might be less yet), or prepay interest to both (or one) @ 4.29%

Long conversation about LOC, pros & cons, apart from total use of funds later without paperwork etc for me it seemed like LOC was great until Offset got changed for the better for different reasons. LOC is also ~2% higher.

Got an appointment with a young bean counter on Friday (Dean Rob @ AMD Mandurah) who's specialized in real estate for ~20yrs, nut out the structure, prepay, PPOR switch etc.

Appreciate the advise so far guys, and any forthcoming I might not be considering.

Cheers!

Re: the offset, it's probably 100%, not 100. ;)

And when I had my block of 4 units, on one title, I just had 1 loan, 1 bank account. (1 rates notice, 1 water bill, etc)

Rent went in, expenses out. I just treated the 4 doors as one entity. I don't see why you'd need to do it differently, unless you plan to strata them, and maybe sell one off.
 
That would seem likely however I have it in his hand writing in-front of me.

For no extra cost I'd prefer to keep each separate for curiosity bookkeeping, track individual income/expense (R&M etc), however it will be something I discuss with accountant on Friday.

Fortunately this has separate water meters (& power/nbn) however it also has two water rates @ ~900pa ea

No immediate plans to strata, current rezoning would allow 4 (maybe 5) 2 story units
 
It's no trouble to have 2 splits with their own offsets with CBA, it can be done for sure.

However, do be sure to NOT pay off that last $30 on your PPOR as it will automatically discharge the loan. Not what you want when there's a settlement looming!

Also, if you're going direct to the bank, make sure that they don't cross-collateralise your loan. You don't want your PPOR tied up with the new IP's.
 
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