I should also clarify that the 1% extra was charged if I wanted a separate offset account .
If the loan account is an offset account there is no extra charges.

Originally posted by calvin@thirty4:

Or Simon, … is this correct? If so, how then is the off-set account such a benefit? That’s an extra $83.33 per month for every 100K. And they make a big thing out of an extra $25 month if the interest goes up by .25%.

Cheers

C@34

This is all confusing , has anyone been able to negotiate the interest rate…[Read more]

Originally posted by qwerty:
Hi Domo,

Be careful. Say you pay it into your IP loan and want to draw on that $100k for a new car. There goes your tax deductibility.
If you put that money in an offset account against your IP loan you could draw out the money for a new car and that would be tax deductible.

qwerty

My bank charges 1% above the…[Read more]

I have been advised by my accountant to use a trust.

The property that I live in has a mortgage , the interest is not tax deductible.
I have an IP with no mortgage.
What I have been advised to do is create a Trust ( Which type I don’t know yet )
Sell my ip to the trust ( borrow all the money ) My accountant wants to change my IP from +ve geared…[Read more]

Originally posted by Monopoly:
Take a look for yourself, and you be the judge Domo.
http://www.somersoft.com/forums/index.php?

Cheers,

Jo

Jo
I had a bit of a look last night & it looks like another great forum.

Thanks [thumbsupanim]

Originally posted by Monopoly:
Stay with us, both here, and at Somersoft, and you will (like me) find there is a lot of “giving and taking” that goes on to benefit ALL who willingly share of their knowledge/experiences!!! .

Jo
I have seen Somersoft mentioned in the forum , can you give me some more info please.
[biggrin]

Originally posted by Derek:
Originally posted by Domo:
I don’t necessarily agree with this for all negatively geared investors Dom – those that are only focussed on this aspect of their investments will, in the main, make poor decisions as their reason for investing is wrong.

Derek

I have read a number of books on property investing & they…[Read more]

Originally posted by Monopoly:
Do your homework, research the facts, then we’ll talk!!!

Monopoly

I do speak partially out of ignorance as i am trying to work things out ….
The great thing about this forum is that there are people like yourself who are willing to put an opinion forward & help guide some of us.
My accountant is suggesting…[Read more]

landburn

I am in the highest tax bracket & have an IP which I am wanting to rent this IP will be positively geared which means approx half the profits go to the tax man.
Your opinion is that it is better to make $100 profit than to minimise my tax as the $100 is passive income.
It seems to me that positive cash flow is associated with a positive…[Read more]

It’s unfortunate but I won’t be retiring in the next couple of years so I will be looking to invest for capital growth in the next property cycle as well as +ve cashflow to replace my salary.
I would also like to reduce my tax obligation.

It seems there are 3 things that I need to look at :

1: How much longer to I want to work in a job for.(…[Read more]

Thanks for the reply’s , I have learnt a new work “Offset Gearing” .

I haven’t read anything about Offset Gearing , the books that I have read are pro negative gearing or pro positive cash flow.
It’s great to get feedback from people with experience & are willing to help.
I will do some more research !!!!!

My accountant seems to have a strategy…[Read more]

MortgageHunter
If IP no 1 has no debt & the equity is used for a deposit isn’t it the same as using cash for the deposit ??[blink]

I finally arranged for a depreciation schedule .
The people I spoke to were very helpful.
Some data needs to be collected before an appointment can be made , this is done via the Depreciator web site.
I found all questions were clearly written & could be easily answered.
On the same day that all the info was supplied I received a phone call which…[Read more]

I received a call from consumer affairs regarding the enquiry I made.
Consumer affairs have a record of all complaints this includes successful prosecution & complaints which were not substantiated. This database is not available to the public.
What is available to the public are media releases & documents of successful prosecutions.

You can find…[Read more]

I have lodged an enquiry to try & find out if there is a resource available to check if complaints have been lodged against Estate Agents in victoria.
As I find information I will post it.[thumbsupanim]

http://www.consumer.vic.gov.au/cbav/fairsite.nsf/pages/of_enquiries

I have lodged an enquiry to try & find out if there is a resource available to check if complaints have been lodged against Estate Agents in victoria.
As I find information I will post it.[thumbsupanim]

http://www.consumer.vic.gov.au/cbav/fairsite.nsf/pages/of_enquiries

I have found a VICGOV site which has quite a bit of information.
It has a section titled ( Being a Landlord )
which covers what forms need to be completed plus Landlord obligation.
I think it’s worth having a look.

http://www.land.vic.gov.au/land/lcnlc2.nsf/childdocs/-3DCD6E932629689A4A256A0A00194577-988051AEA8D7A5684A256A0A00186FA2?open

I have been looking for more info & found a vicgov site which sells info as well which sounds interesting.
Has anyone used info from the site below ?

http://www.land.vic.gov.au/land/lcnlc2.nsf/Home+Page/Land+Channel~Home+Page?open

Originally posted by YC:
Hi elika7264,

I’ve been using this site as a reference for information in suburbs. It’s not cheap when goes down to street level info but it looks to be really specific and detailed – sorry can’t give you more info on that since I’d been only using the free one. Let me know if it’s good when you do purchase any report…[Read more]

Regarding Pets during the screening of tenants can you ask what type of pet a tenant has ??

As this may help match the tenant to the property eg: if the property has a small court yard & the Tenant has a big dog it would seem that the tenant does not fit the property !!!!!

Does anyone have any thoughts on this ????