I agree.  Give Jamie a buzz.  Don't bother hunting around for finance yourself, all you will achieve is getting a few rejection stamps on your credit file making it harder and harder each time.  The likes of Jamie and Richard put deals together like this all the time and know exactly which bank will say yes to your application, and with the most…[Read more]

I remember standing in the kitchen of the home of a friend of mine in the UK when she opened a letter from the bank notifying her of an interest rate change and that accordingly her monthly repayments were something stupid like 1 penny.  The postage stamp notifying her of this cost way more than 1 penny.  This letter arrived shortly after the GFC…[Read more]

Oh very interesting Claire – thanks for sharing!

re Point Cook, only one road out of the place and it is RAMMED during peak hour.  You've already spent ages on the road before you even join the freeway.  As for public transport, you will have to take that same road to the station, only to find there is nowhere to park.

Always do a couple of trial runs of the commuting situation of your target…[Read more]

Hi Royce

First and foremost, congratulations on being in such a good financial position

Be aware that you'll get plenty of offers of assistance to relieve you of your money…. some will be with your best interests at heart, and others will not.  You can leverage the skills of some awesome professionals out there, and their fee will seem small…[Read more]

Hi there,

Where are your properties located?

Good Lord Terry, that's got to be post of the year.  That is smash it out of the ballpark advice if ever I saw it.  Royce you'd sail an awful lot further with Terry on your team than you could by yourself.  If I were you I'd be dialling his number as fast as possible.

Nothing wrong with making a mistake, you learn things that sting you enough to learn some more so you are more successful next time.  But if you are not progressing in a foward manner, you do need to review why.

Re Freshwater – Purchasing jointly with someone else can affect your serviceability because you might both be considered liable for the…[Read more]

Yes, you are entitled to FHOG, and you will still be entitled to it if your first one or two acquisitions are actually Investment Properties.  Presuming the FHOG still exists later on of course.

PEACHY wrote:

I realized I suck at the thing I love the second most (after the family of course)…property investing.

If I continue to do the same due diligence as I have done previously, then I will continue to get the results I am getting now; no growth, no equity, and worst of all no tenants.

Wow Peachy what a post!  How come you've got…[Read more]

Hi hazzamac

The mortgage guy at the bank may be good, or maybe he won't be.  The same can be said of mortgage brokers.  As Jamie mentioned, you want a broker that understands investment properties.  My own opinion is that you might as well get people to help you that are already wealthy themselves via property, and/or have helped plenty of their…[Read more]

Hi Rick

You cannot sell residential property to your own SMSF.  Even if you could it would have triggered both CGT and stamp duty.

re: If I move into the new property, will my old PPoR remain CGT exempt for up to 6 years?

No.  Once you move into another property that you own, your original property is immediately no longer eligible for the exemption.  The only circumstance under which you can sort of have two PPORs on the go at once is if you are in the process of selling…

Hi Tracee,

There are loads of threads on this very topic in these forums.  Do a search and you will see

Think about what the TOTAL INVESTMENT PROPERTY DEBT is that you currently have between IPs 1, 2 and 3.

Then think about what the total investment property debt would be after this shuffling of money you are talking about.

The two totals will be the same.  Who cares which property the debt is against.  All that matters is what the total portfolio…[Read more]

Hi Joe

What would be the point in doing this?  You'd still end up with the same amount of debt because if you use equity it is still a borrowing event.

I always go with AAMI for properties they are happy to insure.  Have had to make a substantial claim in the past and it was smooth sailing.  Could have been quite debilitating if they tried to wriggle out of paying for anything.

Remember to insure the building and also to get landlord insurance with the tenant protection added extra to cover the…[Read more]

The court would no doubt ask them to produce written evidence of your refusal to allow them to inspect the shed.  Since they will not be able to produce such a thing, they do not have a leg to stand on.

I agree Joe.  Everyone rushes into Norlane because it is cheap, not realising that the costs of subdividing and so on will erode profits and cause a loss.

Hi Terry, yep that's what I meant – one lender per property.  I cannot even recall where I read it but I have most definitely read it somewhere.

Wilko – capital gains tax of assets sold in super are subject to 15% during the first year, 10% thereafter, or 0% if in retirement phase.