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Yeah it is for the over 55's. It at Oxford Crest. And it's strata.
I would like to refinance both IP's, but i mainly just want to uncross collateralise them, if i can't sell the unit for the time being then so be it. I don't want to sell at a huge loss. The interest rate i'm paying on both the IP's is quite large, so ultimately i want to ge out of them both.
I've not had them valued for about a year, but the unit is probably worth around 110k. loan at about 106k. The other property is worth about 240k, loan at about 135k. My PPOR is worth about 250k, with about 200k on the loan, with an extra 20k in the offset.
Thanks
The pump and panels with tank probably only $1000 after rebates.
But install of each will be approx $1500, that was what i was more hoping to claim straight away, the "labour"?
Thanks
Michael"Work out" i should have written.
As in, the 6 weeks or thereabouts that it's being rented before i refinance, just not worry about claiming any interest deductions during that time. And start a fresh with the interest deductions when it's refinanced and potentially not seen as a tainted loan?
And yes, the 10k i will withdraw will be for repairs on another rental.
And yes, a headache for sure. It was all sweet until the one place got flood damage and i couldn't refinance until it was fixed, therefore i had to use redraw for a deposit!
I was originally going to rent a room at a mates, but i don't know if i can do that now. I was going to buy a house i could renovate again, rather than rent. That was if this unit thing didn't work out. Would i be better off getting in contact with the ATO for definitive answers?
So i wouldn't have to declare any income from properties while i wasn't working? Is that the general thing here?
I'm guessing it opens a whole new can of worms if i was getting paid to work in a foreign country but not a citizen of that country?
Cheers,
Thanks a heap guys
Thanks again,
So, i understand what you are saying, to set it up for my long term goals. My P&I loan is already a 100% offset, so i could just change that now to IO. RHG do 5 years IO. (I would be looking at probably $2500 in exit/ entry fees on a new loan/s) So in theory, doing that will lower my weekly repayments now, while keepin money in the 100% offset, i can access at any time, and will be better for tax purposes when i rent out my current PPOR in the future because i'll have more owing on the loan? Am i following right here? haha
Are there timelines or anything that the tax office looks at, from moving from PPOR to PPOR and renting out the prior? (Been in current for 3 and a bit years)
And when you say about the redrawing of funds, does this apply now that it will be hard to account for, or only when i can tax deduct interest when my current PPOR will be rented out. (in say 3 years) If you could explain to me a little more about how that would work… (as in "tainting" the tax deductible interest) Iit would be very rare i would have to use the redraw facility, as i still have a savings account with ING that i usually use for expenditures of the higher amount, (like reno's) I was just going to use redraw instead of applying for another small loan for a vehicle…
I hope i'm still on the right track here.
Thanks,
Richard,
In maybe 3 years time i am planning on moving from my PPOR which is the P&I Loan. And then i will rent out my PPOR, so i am led to believe that it is best not to pay this off, i will still have at least 70k owing by then anyways. (I will be buying a new PPOR) And the redraw won't be much, about 4k and it's for personal use (a vehicle) but i'll be able to cover that again fairly quickly. My minimum repayment on P&I is about 250/week, i pay 400/week.
What other kind of info would you like and does this sound like a semi decent plan?
Thanks again.
Thanks for your input.
Sounds like there is a bit to think about for sure.
The house that i move into on the block of land will turn into my ppor, will this still make a difference in regards to the interest and tax?
To be a bit more precise, here is the list from Rams: Bear in mind this was purchased March 2007, and is my first investment property.
$104,000 Loan.
Office of State Revenue: $416
Registrar Of Titles : $334
Doc Mortgage: $28
In a Minute Courier $88
Prime Legal: $38
Paid to Previous Owner: $97,775
Manley And Associates $775
Real Estate: $2980
My Conveyancer $780
Application Fee $395
Valuation Fee $220
Doc and Settlement Fee $150
Bank Cheque Fee $20What is deductible from that, and saying that things are done over 5 years, how does that work when i fill out my return, like do i divide it by 5 to get the 1st year amount…?
Thanks Guys
