Christos76 wrote:

I want to know how much of the interest paid on an IO mortgage (with offset) can be claimed on tax if there is no money in the offset account?

All of it.

Cheers

Jamie

The structure looks ok – hard to comment on whether it's actually doable based on the limited info above though.

Are you planning on buying more than one IP in the future?

If not, then you don't need to access so much equity for a $300k purchase (unless you need surplus funds for renos or something).

Cheers

Jamie

The minimum deposit required to purchase an IP is 5%

You then need enough funds to cover purchase costs such as stamp duty and legal fees.

Unless you have enough money to purchase an IP outright (which isn't usually a great idea) then yes, you will need to take out a loan.

A decent broker/banker will be able to assess your situation and provide…[Read more]

The minimum deposit required to purchase an IP is 5%

You then need enough funds to cover purchase costs such as stamp duty and legal fees.

Unless you have enough money to purchase an IP outright (which isn't usually a great idea) then yes, you will need to take out a loan.

A decent broker/banker will be able to assess your situation and provide…[Read more]

Hi there

Welcome aboard

Here's a sticky thread on recommended reading – https://www.propertyinvesting.com/forums/community/heads-up/6845

The first part is getting clued up. Continue to read/learn.

Different authors will have different strategies – there's no right or wrong, you just need to look at what works personally for…[Read more]

Whether an upfront val is available depends on the lender – some will require a full app be submitted before a val can be ordered.

Cheers

Jamie

Hi Steve

Richard has provided some great advice. If you don't already have a good finance person on board, then it would be worthwhile giving him a call.

Cheers

Jamie

Qlds007 wrote:

Must admit late at night find typing on an Ipad i make many a spelling or punctuation mistake.

Don't worry – I had it autocorrect a clients name to "Sea Boat" once…..don't ask me how.

Glad the client had a sense of humour

Cheers

Jamie

ediot123 wrote:
The seller has accepted our offer. How do we withdraw without losing our deposit

Hi there

Did you sign anything?

Cheers

Jamie

Hiya

welcome aboard.

If you paid LMi previously than you will only be required to pay a small top up fee on the existing LMI policy linked to that loan. Your lender will be able to advise on the amount.

cheers

Jamie

Terryw wrote:
Very dangerous.

Make sure you get legal advice otherwise you would be just one of many unsecured creditors down the track.

If you're in Syd then I'd be approaching this guy (Terry). He knows a thing or two about IPs and the law.

Cheers

Jamie

Hi Lorenm

Welcome aboard

Anything by Steve is a must. There's also an extensive list here https://www.propertyinvesting.com/forums/community/heads-up/6845

Cheers

Jamie

Like Derek said – a 20% deposit isn't always necessary to get the deal done. Generally speaking, the minimum required is a 5% deposit and funds to cover purchase costs such as stamp duty, etc.

Cheers

Jamie

Here's some good ones – http://www.passgo.com.au/property-data-websites.html

Cheers

Jamie

Qlds007 wrote:

Maybe Virtual has some vast experience to share with everyone else …… 

If it was a spelling forum maybe…..

Cheers

Jamie

You can pick up cheapies from any of the hardware stores.

Or if you want to save some cash, if the carcass is in good condition – you can replace the doors, handles.

Cheers

Jamie

JacM wrote:
VirtualIT, wow what is your problem?  Richard has been a member for a loooong time.  Spends his spare time guiding people out of their ever-present spots of bother here on the forums.  The man is very knowledgeable, always delivers beyond expectation and has done extremely well for himself.  Abbreviating words is what many choose to…[Read more]

Derek wrote:
Hi Jamie,

I am not doubting the SS meetings in any way at all.

I just wonder if the SS event is more a networking rather than seminar event. Given the initial enquiry was trying to get some strategy/approach tips and techniques as part of their own learning journey I wonder if they wouldn't be better off tracking down property…[Read more]

You can only link one offset to one loan.

Cheers

Jamie

You generally pay a premium for new stock – just as you would for most brand new products.

You can't really add value to a new property so it could take some time before your realise any CG.

Depreciation on newer properties is higher.

Cheers

Jamie