[craig123Participant@craig123Join Date: 2012Post Count: 27]

March 15, 2016 - 1:14 pm

A crystal ball is what i need..

Thanks.

[craig123Participant@craig123Join Date: 2012Post Count: 27]

March 14, 2016 - 11:19 am

Yeah it close to city but with the huge amount of apartments being built there will be an oversupply for the next few years right?

The apartment is a well known complex for people who know the valley.

I dont know what info to give.

I had 30k in 2010 and i thought buying an apartment would be a good idea. Its a great location.

I would have been better putting it into the bank i think.

I just dont know if i should get rid of it and use the $$ left over to pay off my own mortgage.

Appreciate the reply. Thanks

Apartment in 2010 paid 290k in a nice huge complex in the valley. I/O loan tenanted at 380 a week but approx 80-90 per week is body corp and $30ish a week is agent fees.
Interest rate current 5% approx.

Borrowed approx 260k

Its negative geared, Just..

Thanks

[craig123Participant@craig123Join Date: 2012Post Count: 27]

April 29, 2015 - 3:10 pm

Last tax return it went as a loss, (just) this year may be different. I think I have paid a bit more interest than 95K actually. I have a large chunk in an offset. But this will soon be going towards buying our PPOR

I don’t know if I would be happy holding it. I get all different pieces of advice and it just puts me in a spin.

How long will this take for me to make a return better than a term deposit?

We want to buy a house, maybe should sell this and put toward our PPOR, grrrrr anyway…..

[craig123Participant@craig123Join Date: 2012Post Count: 27]

April 29, 2015 - 11:29 am

I bought the property at the tail end of a property boom in the area, also the house was in an older area as at the time, just around the corner a brand new estate was being established.

This older area has a slower CG than the newer area

There is good infrastructure around, train station, buses, schools, sporting fields, shopping. Easy access to freeway & 25 min drive to a city in NSW. Not Sydney

[craig123Participant@craig123Join Date: 2012Post Count: 27]

October 29, 2013 - 11:03 am

Your free advice is much appreciated. Thankyou

[craig123Participant@craig123Join Date: 2012Post Count: 27]

October 29, 2013 - 4:44 am

Ok great, thank you very much for that confirmation.

Another question please. 

My fiancé owns a 3rd of her current PPOR with her parents, she has a 150k mortgage with an offset of 138k. She now owes 116k on the loan. Her parents do not have a mortgage on this property. The deal is that when her parents pass she will inherit 100% of the property. Basically this strange set up is this way as her parents could not afford the house repayments anymore so she helped them out.

So my question is, would it be beneficial for her to redraw that offset money and put into our own PPOR? And start again paying the loan off into the offset? I do not think her parents can afford to pay her rent of which she could claim a tax deduction. What would be a good scenario?

cheers

craig

[craig123Participant@craig123Join Date: 2012Post Count: 27]

January 16, 2013 - 10:30 am

Any professionals able to look into my situation, i am willing to pay

thanks

[craig123Participant@craig123Join Date: 2012Post Count: 27]

January 16, 2013 - 9:50 am

I dont think it needs anything done to it,  and i dont know if investing another 15/20k on a granny flat will be worth it

[craig123Participant@craig123Join Date: 2012Post Count: 27]

January 16, 2013 - 7:39 am

The property is in Thornton NSW, 20 min drive to the coast of Newcastle, very neat smallish 3 bed brick home, carport, newish bathroom & kitchen on a 650 square block. You can walk to shops in 5 mins, walk to parks, fields etc. in 5 min, drive or ride a bike to train station in 5-10 mins. Bus stop is around the corner. Easy access to freeway. In the last 10 years and still continuing are huge housing developments about 1 kilometre away. This area the house is in is the "older area" Its a nice, quiet, plenty of trees in a friendly family oriented suburb.

To me I see it an a good investment, at the time it was felt that paying 245K was a very good buy. Knowing of the talk about how much Thornton will grow in the next 10 years. Since then it really has grown quite a lot.

Rental return 310 a week, i get about 2.5 – 3K return each year at tax time.

Thanks all for your replies, very much appreciated

Craig

[craig123Participant@craig123Join Date: 2012Post Count: 27]

January 16, 2013 - 3:07 am

Thankyou xdrew for your detailed response. I dont know the answers to these questions

[craig123Participant@craig123Join Date: 2012Post Count: 27]

April 30, 2012 - 11:40 am

Hi Terry,

Yes that is the plan, just setting up the accounts is all??????????????

Craig

[craig123Participant@craig123Join Date: 2012Post Count: 27]

April 30, 2012 - 2:38 am

Terryw wrote:

Yes. But just make sure the bank won't class it as a missed repayment and default

Terry

the bank wont allow one account to offset each loan, an offset per loan still ok?

thanks

[craig123Participant@craig123Join Date: 2012Post Count: 27]

April 24, 2012 - 11:14 am

Yes, all ok

Thanks for you advice Terry

Craig

[craig123Participant@craig123Join Date: 2012Post Count: 27]

April 24, 2012 - 5:37 am

Done, I have set up offsets, changed loans to interest only and ceased payments until suplus reduces, thanks for the info, I hope your right

Cheers

[craig123Participant@craig123Join Date: 2012Post Count: 27]

April 20, 2012 - 5:21 am

Thanks Terry, when the offsets are open, what if I cease my payments till the surplus reduces? is that an option?

[craig123Participant@craig123Join Date: 2012Post Count: 27]

April 19, 2012 - 5:43 am

ok, so atm I am 20K in front each on both loans, so leave this as it is and just open an offset and put my other savings in that??

any idea how much damage I have done?

Thankyou so much for this info, I did not know.

Craig

[craig123Participant@craig123Join Date: 2012Post Count: 27]

April 19, 2012 - 4:35 am

thanks all, I will open an offset account, and redraw the extra money in both loans back to the offset

[craig123Participant@craig123Join Date: 2012Post Count: 27]

April 18, 2012 - 8:58 am

Jamie M wrote:

Hi Craig Welcome aboard. Do you have any non-deductable debt such as personal loans, credit cards, store cards, ect? If so, it's best to knock this debt on the head first. Generally speaking, it's ideal to have tax deductible IP debt set up as interest only. You only need to have one offset set up against either of the loans – park your spare cash in this. Cheers Jamie

Thanks for the reply Jamie,

No I have no other debts,

at the moment i am paying off more than i am supposed to off the loans, so should i just pay the minimum and set up an offset account for either one of the loans? Whats the advantage of this?

Thanks, Im not really up to speed with this type of stuff

[craig123Participant@craig123Join Date: 2012Post Count: 27]

April 18, 2012 - 8:55 am

Aaron_C wrote:

Put any excess cash you have into an offset account against the loans so you don't pay down the loans but effectively reduce your interest repayments.

Thanks Aaron, could i just wack all my money straight into the loan, and redraw if i need to? same effect right??