Which lender are you going with? If they allow the broker to order valuations upfront then that can speed the process up. As soon as your offer is accepted – they can hit submit on the val order.CheersJamie

Hi ZXTCYou will be able to claim interest on the $160k loan because it's the loan attached to your IP.CheersJamie

Hi DennisGo to as many open houses as possible before purchasing. That way, you'll get a better idea of  how the market is performing and also get used to the interactions between agents.Work with a good broker/banker that will help you through the process, explain everything clearly and be available to help with any questions you have.CheersJamie

jkl999 wrote:
Im debating forgoing looking for a step up property and rather look at a couple of investment units.

It can be a pretty good option. Without knowing anything about your financial situation –  upgrading to a new PPOR now may reduce your borrowing capacity and effect the ability to invest elsewhere. If you invest your current…[Read more]

jkl999 wrote:
Thanks Jamiehmmm yeah I guess we are stuck with not being able to claim…..I will have to have a chat to someone local about spousal and trusts costs…Perhaps we could/should buy the new PPOR rather as a investment property (rent it for 12 months minimum) and then reevaluate the market (which seems to be toward the buyers right…[Read more]

Hi thereDid you use a solicitor/conveyancer when paying your 10% deposit and exchanging contracts? If so, I'd be going straight to them for advice.Generally, you can claim the interest on borrowed funds that are being used towards purchasing an investment – this isn't the case with cash savings.CheersJamie

A simple excel spreadsheet does the track for me.No need to complicate things – I've just set up a tab for each property and track income/expenses once a month.Takes 10 minutes each month.CheersJamie

Hi and welcome to the forum.The main issue with this approach is that you won't have any interest to claim on your IP because you've paid the loan off.You could look at selling to a trust or a spousal sale to regear the debt but both options are likely to incur costs – just a matter of weighing up whether the costs are worth it.CheersJamie

Hi thereNot sure about experience with development but I use Kelli Lawton from Cosgrave Soutter for all my IPs and business accounting. http://www.cosgravesoutter.com.au/praxis.php/section/content/contactCheersJamie

wow – looks amazing. Well done!CheersJamie

Lefty wrote:
Hi all,Just a question in regarding tax deductions on investment property loan. Does the ATO allow you to claim deductions  on PPOR if you used cash from line credit loan to finance to deposit for the investment loan.Lefty

As the guys have mentioned above, it's all about purpose.That said, it's important to keep your loans…[Read more]

Hi TJPersonally (and not everyone agrees with this approach) I prefer to live in my own house rather than rent. I also believe that the first home can be an excellent stepping stone for purchasing your first IP.With buying your first home, you can take advantage of Govt. incentives such as the FHOG and also spend spend some time improving the…[Read more]

Hi JennyI agree – if the agent gets wind of your motivation then he/she will have the upper hand in negotiations.I'd simply appoint another person (friend or family probably)  to make the offers. You work on securing one property while they work on securing the other.CheersJamie

MrsC wrote:
Thanks for the advice. I will go with asking price only. I know that the the neighbour (other side of the duplex) viewed the property and the agent has said that they are organising finance to put in an offer. He said they are taking expressions of interest to present to bank. I just know there will be a lot of interest and offers…[Read more]

Shape wrote:
New housing has been declining for years…nothing new  

My thoughts as well….CheersJamie

I wouldn't offer more.Just confidently provide your offer, pay your holding deposit and organise finance ASAP so you can quickly exchange contracts.CheersJamie

SteveMcKnight wrote:
Gee whiz, no one wants to be controversial? I guess I can delete this post if I'm wrong! – Steve

Delete Steve! I was wrong as well!CheersJamie

No change.CheersJamie

Yep I'd agree with your broker on that one.CheersJamie

Hi AnnieBrokers/bankers need to perform a fact find on each clients situation and be comfortable that they are not placing the applicant in a position which could place them in financial hardship which sounds like it may be the case with your friend. If she can't afford it – she shouldn't apply until she's in a position where she…[Read more]