Terryw wrote:
What do you mean no taxes on gifts? I have been paying tax on my christmas presents for years!

But Terry…..you also depreciated a dog once CheersJamie

Ourdreams wrote:
But we have been told by a friend that we may not be able to claim tax deductions on the drawn amount as it is not for income producing purposes.

Hi ourdreamsWelcome to the forum.Your friend is right.1. No2. You'll need to crunch the numbers. Remember, there are likely to be high break fees with the fixed loan which you need to…[Read more]

InvestingCoupleACT wrote:
Hi Guys,Anyone know what the law is when receiving a cash gift from a relative is?  Do we have to pay tax on this?  I heard something along the traps that all my relative needs to do is write a statement stating that is a non refundable cash gift??Basic gist is that we want to get a home – we have a deposit but are a…[Read more]

Hi JPSI doubt they're suggesting a rendered finish so they can put up dodgy brickwork. The external walls would need to be in good shape in order to apply the render. To be honest, $2k to get an entire house rendered sounds like a steal.CheersJamie

I agree with catalyst and Jac M. Do you have any non-deductible debt such as a PPOR or car loan? If so, I'd be aiming to pay those down first.CheersJamie

I wouldn't mix personal funds with investment funds.CheersJamie

Probably not a bad option if stock is tight. Perhaps look at getting a periodic lease so as you have more flexibility if you do find a new PPOR and need to break the lease.CheersJamie

Welcome aboard and best of luck with the investing.CheersJamie

Hi EngeloI don't know enough about them – I'm sure some others on the forum will know more though. Maybe start a new thread with them in the title.CheersJamie

There was a recent blog entry on the API website about this -http://www.apimagazine.com.au/blog/2011/08/understanding-repairs-and-capital-improvements-its-tricky/CheersJamie

engelo10 wrote:
Question #2. I would like to know your thoughts as to what are Melbourne's comparable suburbs to Sydney's: Mount Druitt, Whalan, Shalvey, Willmot, Lethbridge Park, etc… Any response is much appreciated. Regards, Engelo

I think it's a similar situation to Sydney with some of the cheaper burbs being located out far…[Read more]

ph0enix wrote:
Do I need to get an evaluation done on the property or can an accountant work out the depreciation without an evaluation?

To claim depreciation, you get a "depreciation schedule" written up by a qualified quantity surveyor. However, you need to look into the advice provided by Michael above first.CheersJamie

ruk wrote:
I don't think the FHOG actually stipulates how long you have to live there to claim it, all you have to do, after you get it is say you intended to live there but found that you could not afford to after all]

You'll find it generally states 6 months. I would be careful with this approach – some people get caught.CheersJamie

luke86 wrote:
Real Estate Riches by Dolf de Roos I think you mean. It is a good one.

Yep, that's the one. It's one of the first IP books I ever read and found it to be very easy to understand. The best $5 I've spent on Ebay CheersJamie

lifestylez wrote:
I want to read another of hers "20 Must Ask Questions" before I buy my next property.

It's a good read – I would have listed it.Dolf De Roos also has a good book that covers the basics – can't remember the name of it though.CheersJamie

Hi mgYou'll need to have a bank approval in place in order to receive a deposit bond anyway. Allow enough time to get this sorted – they say they'll turn them around within 24 hours but if they require additional documentation it can slow things down a little.Best of luck with the auction.CheersJamie

The NCCP has inadvertently made obtaining finance for this demographic more challenging. However, it's not impossible – and it's certainly different when purchasing an IP as opposed to a PPOR.We simply have to illustrate to the lender that an exit strategy is in place.CheersJamie

lifestylez wrote:
Very well done mate.When's your book coming out?   No joke, if you had a book, I'd probably buy it!

I think he has one that's coming out soon.CheersJamie

Derek wrote:
Pre-approvals will result in an entry on your credit records and if you have too many of these other lenders may shy away.

It's a really good point – and it's something that most borrowers are unaware of. CheersJamie

Great stuff as always – keep it up.CheersJamie