PropertyInvesting.com | gcp | Activity https://www.propertyinvesting.com/members/gcp/activity/ Activity feed for gcp. Fri, 17 Apr 2026 15:12:08 +0000 https://buddypress.org/?v=2.8.1 en-US 30 hourly 2 5c954c823df408e9cd6ab86d25a7e865 gcp replied to the topic LOC Loan on IP and Credit Cards in the forum Finance https://www.propertyinvesting.com/topic/4408243-loc-loan-on-ip-and-credit-cards/#post-4682237 Sun, 09 Dec 2012 05:08:29 +0000 Thanks for the response Terryw

No, nothing is being deposited into the Viridian instead of the minimal monthly repayment from the rent.

My plan now is to apply for a new credit card that will be used only to pay for the expenses associated with the IP. I will use the LOC to pay this card off completely every month. 

]]> 3db44f960561d59a3b07d3ded3f49eb2 gcp replied to the topic Finding a tenant for a House- Fee for Service Basis in the forum Help Needed! https://www.propertyinvesting.com/topic/4406932-finding-a-tenant-for-a-house-fee-for-service-basis/#post-4672384 Fri, 22 Jun 2012 08:28:22 +0000 Thanks for the response. Yes we did consider the option of letting a agent find a tenant and manage the property for the 12 months. At least that way we can establish if the tenants are decent.

We where in similar circumstances a few years back and from the start the tenants knew us (pretty much in the same street). In the end it was easier for…[Read more]

]]> ad0c7bdb62f626c16d2d8e592c7fdf3d gcp replied to the topic Overseas Property Sale - Funds back into Australia in the forum That's the plan. https://www.propertyinvesting.com/topic/4404730-overseas-property-sale-funds-back-into-australia/#post-4655971 Fri, 16 Sep 2011 13:17:03 +0000 That’s the plan.

]]> 7ca64661eae3b9edbeecc459792e2db0 gcp replied to the topic PPOR to IP - Loan Change? in the forum Help Needed! https://www.propertyinvesting.com/topic/4404659-ppor-to-ip-loan-change/#post-4655426 Thu, 08 Sep 2011 13:03:41 +0000 Thanks guys. Yes, I meant in relation to the interest only be deductible prior to renting. Once the property is rented then the expense may be deductible or depreciable depending on what it is as well as any interest on it is if it builds up the LOC. BTW I am not an accountant either :)

]]> d5f74a795bff844bfd57055dbb62e083 gcp replied to the topic PPOR to IP - Loan Change? in the forum Help Needed! https://www.propertyinvesting.com/topic/4404659-ppor-to-ip-loan-change/#post-4655421 Thu, 08 Sep 2011 12:37:59 +0000 Thanks Terry.

Currently for the LOC I have never deposited any funds into it – no income goes into it. I have used it to only pay for expenses on maintaining/improving the property such replacing a existing timber balcony and plumbing. I have no intention of “contaminating” the loan.

Is it fair to assume that once we start renting the property…[Read more]

]]> 3a9839f2e62f0638caff5439e16c05aa gcp replied to the topic Future Rental - Building the LOC up in the forum Finance https://www.propertyinvesting.com/topic/4402448-future-rental-building-the-loc-up/#post-4639607 Fri, 14 Jan 2011 12:41:30 +0000 My plan is to let the LOC capitalise slowly over time with the on-going rental property expenses.I do not quite understand what you mean by "it can save you thousands" – is there a way to maximise the benefit more out of the LOC over and above what I have outlined above?

]]> 5109a96d170c905a824407c2c0d7b66c gcp replied to the topic Future Rental - Building the LOC up in the forum Finance https://www.propertyinvesting.com/topic/4402448-future-rental-building-the-loc-up/#post-4639605 Thu, 13 Jan 2011 21:42:27 +0000 Thanks Terry but if the loan increased due to expenses directly associated in preparing the property for rent then it should be okay? The intention of taking out a LOC for the rental was ONLY to cover for direct cost of rental property improvements and any on-going costs such a water rates, council rates etc. I do not want to "contaminate" the…[Read more]

]]> 8451a5d4f770d99718f766722580baa2 gcp replied to the topic Future Rental - Building the LOC up in the forum Finance https://www.propertyinvesting.com/topic/4402448-future-rental-building-the-loc-up/#post-4639603 Thu, 13 Jan 2011 20:13:27 +0000 The other question I have is does the ATO take interest in what your loan starting amount (and how you got there) is or are they only interested in what happens from the day it becomes a rental?  In other words if I increased my LOC by $20K doing repairs to the house (new deck, painting etc) in the months prior to it becoming a rental property wou…[Read more]

]]> ee9af6fb094090e4a207da7801f913b5 gcp replied to the topic Future Rental - Building the LOC up in the forum Finance https://www.propertyinvesting.com/topic/4402448-future-rental-building-the-loc-up/#post-4639601 Thu, 13 Jan 2011 11:59:56 +0000 Thanks TerryW,No intention to deposit wages in the LOC and have not. The LOC loan is only for the rental property to cover on-going expenses solely for that rental property such as on-going maintenance, council rates, potential land tax payments etc. As mentioned the LOC was only set up 6 weeks ago since we plan to move out of this property w…[Read more]

]]> 3ad14db70a694b33195e585ff2f3352e gcp replied to the topic Future Rental - Building the LOC up in the forum Finance https://www.propertyinvesting.com/topic/4402448-future-rental-building-the-loc-up/#post-4639599 Thu, 13 Jan 2011 11:32:49 +0000 Richard/TerryW,Would not the interest on a LOC be tax deductable as well if it is a rental? What would be the differences between a IO loan and a LOC be in this case as far as the ATO is concerned?

]]> 6e528d71c7d8fb1668702f6ecd273e21 gcp replied to the topic Business Line of Credit - Suggestions please for my situation in the forum Help Needed! https://www.propertyinvesting.com/topic/4401575-business-line-of-credit-suggestions-please-for-my-situation/#post-4634327 Thu, 21 Oct 2010 04:20:53 +0000 Thanks for the advise Terry and Richard. Appreciated.

]]> bc54f3746d25a64dd7146ecded489189 gcp replied to the topic Business Line of Credit - Suggestions please for my situation in the forum Help Needed! https://www.propertyinvesting.com/topic/4401575-business-line-of-credit-suggestions-please-for-my-situation/#post-4634324 Wed, 20 Oct 2010 23:47:57 +0000 I still have two other loans with the CBA so I doubt I will qualify for example for the NAB Choice package? I do have a Wealth package with the CBA but it does not apply to the "business products" such as a business LOC.As I said the property is a retail shop with flat above – am I restricted to "business" products only? The CBA has atleast c…[Read more]

]]> 3b4329eade9682cc5c19bbb707d3f868 gcp replied to the topic Business Line of Credit - Suggestions please for my situation in the forum Help Needed! https://www.propertyinvesting.com/topic/4401575-business-line-of-credit-suggestions-please-for-my-situation/#post-4634319 Wed, 20 Oct 2010 10:50:11 +0000 Thanks Terry. As far as CBA a concerned they will classify it as a business LOC. I will give NAB and the others a go but the establishment/valuation fees will be alot higher.

]]> 5fa4c99f9ba7e970f6908a16eb2588cc gcp replied to the topic Borrowing to pay for on-going Property Expenses in the forum Help Needed! https://www.propertyinvesting.com/topic/4400440-borrowing-to-pay-for-on-going-property-expenses/#post-4627449 Sat, 03 Jul 2010 10:39:42 +0000 Thanks Terry.Would anyone be familiar with which product the Comm. Bank has that would help me? We are stuck with them for the moment.

]]> 3f36ed299c0344d185f6794ae15c2cdc gcp replied to the topic Borrowing to pay for on-going Property Expenses in the forum Help Needed! https://www.propertyinvesting.com/topic/4400440-borrowing-to-pay-for-on-going-property-expenses/#post-4627447 Sat, 03 Jul 2010 10:20:32 +0000 Thanks guys. Rather than a line of credit or a loan with a offset facility. Can I have a simply have a IO loan with additional available funds in redraw and a CBA Streamline account with BPAY facility to be use exclusively for the property expenses such as rates, insurance etc. That way from a paperwork perspective it is auditable. Would this work also?

]]> 732bd4bcbeeb27fd2e56fb40bb803362 gcp replied to the topic Home becomes Investment Property/Investment Property becomes Home in the forum Help Needed! https://www.propertyinvesting.com/topic/4400412-home-becomes-investment-propertyinvestment-property-becomes-home/#post-4627276 Fri, 02 Jul 2010 03:32:34 +0000 Thanks No. 8. If it problematci (and it sounds like it is) then I would not go down this path.

]]> 83a44ddbe223708a6ff9f718f1298786 gcp replied to the topic Home becomes Investment Property/Investment Property becomes Home in the forum Help Needed! https://www.propertyinvesting.com/topic/4400412-home-becomes-investment-propertyinvestment-property-becomes-home/#post-4627274 Fri, 02 Jul 2010 02:48:32 +0000 Thanks Terry. Sound like the issue may be the intention of the use of the funds freed this way – it would have to be for income producing purposes.Another question. Would a family trust be a better option? Not sure how complex this is to set up and how the ATO would view this as per my original post?

]]> 8ed4ccd8baf27c4b79d7b5c0c8cf503a gcp replied to the topic Home becomes Investment Property/Investment Property becomes Home in the forum Help Needed! https://www.propertyinvesting.com/topic/4400412-home-becomes-investment-propertyinvestment-property-becomes-home/#post-4627272 Wed, 30 Jun 2010 04:45:48 +0000 Thanks Terry. Do you mean legal or accounting advise?

]]> a8b60684f9b8edec6f9acea32f142eab gcp replied to the topic Home becomes Investment Property/Investment Property becomes Home in the forum Help Needed! https://www.propertyinvesting.com/topic/4400412-home-becomes-investment-propertyinvestment-property-becomes-home/#post-4627270 Wed, 30 Jun 2010 03:34:27 +0000 The main objective is to reduce the high mortgage on what will become our home. Saying that if the loan on our PPOR (to become IP) will also increase means she can claim more on tax anyway by default.Would the ATO see this negatively even though it is not the overriding objective?

]]> 620d2000d1acffa3eacdc598c5a66536 gcp replied to the topic Home becomes Investment Property/Investment Property becomes Home in the forum Help Needed! https://www.propertyinvesting.com/topic/4400412-home-becomes-investment-propertyinvestment-property-becomes-home/#post-4627268 Wed, 30 Jun 2010 03:11:11 +0000 Terryw wrote:
Another potential option is to sell to a discretionary trust – but there are many disadvantages to this too.A 3rd option is to speak to a tax advisor about setting up a LOC and borrowing to pay interest on the old PPOR – this is ineffect capitalising the interest on the loan and will free up more cash to pay down your new PPOR…[Read more]

]]> 8db9e4b113191d6c6219ffb4ff4660c3 gcp replied to the topic Advise - Moving into a ex-rental propertry & rent current home in the forum Terryw wrote:Yes, you can https://www.propertyinvesting.com/topic/4400261-advise-moving-into-a-ex-rental-propertry-rent-current-home/#post-4626128 Sun, 20 Jun 2010 12:12:47 +0000 Terryw wrote:
Yes, you can look at borrowing to pay interest and other investment costs on your old PPOR. This will help you, only slightly though, by freeing up cash which you otherwise would have used so that it can go to the new PPOR loan. Please seek proper advice on this as it is not easy to implement without falling foul of the ATO.

Is…[Read more]

]]> a598a6e9b94e268f642aee48237a95c4 gcp replied to the topic Advise - Moving into a ex-rental propertry & rent current home in the forum Help Needed! https://www.propertyinvesting.com/topic/4400261-advise-moving-into-a-ex-rental-propertry-rent-current-home/#post-4626126 Thu, 17 Jun 2010 06:43:28 +0000 Terryw wrote:
CGT would also be applicable if it was initially an investment property.

Thanks Terry. Would CGT be payable when we transfer from PPOR to IP as well if we sell the IP sometime down the track?

]]> a547eddf307591a605c8757d711e3327 gcp replied to the topic Advise - Moving into a ex-rental propertry & rent current home in the forum Help Needed! https://www.propertyinvesting.com/topic/4400261-advise-moving-into-a-ex-rental-propertry-rent-current-home/#post-4626124 Thu, 17 Jun 2010 05:38:02 +0000 Terryw wrote:
Another option is for one spouse to borrow to buy out the other spouse. This will increase the borrowings and free up cash for the new place.

Thanks for the response. We are located in Sydney, so does that mean stamp duty will be applicable for the current PPOR. Title now is 50/50 with the wife. The current PPOR was originally my…[Read more]

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