luke86 wrote:
You will need to approach council and the body corporate about adding a loft. You will definitely need body corporate approval and you may also need a DA from council to make the changes. Also check fire rating requirements, egress routes in a fire, structural certification of the loft structure, BCA requirements for balustrades…[Read more]

grantos_champos wrote:
Hi all,Im looking at possibly purchasing 2 properties from the same vendor, both listed around the 180k mark (both have been reduced roughly 10% for a quick sale so may be able to squeeze a bit more) They are both a bit older and could do with a splash of paint and carpet etc. Im approved up to 300k from CBA which…[Read more]

Hi BenWelcome to the forum and congrats on your first post There's not a whole lot you can do except for educate yourself and save like crazy. The first property is always the hardest – it generally gets easier after that.I don't personally know of any accountants in Melb but I'm sure some others on the forum will be able to help you out.Hang…[Read more]

Terryw wrote:
Sure will cause problems.If people cannot get finance then it will certainly limit the market and this in turn will limit capital growth. This is why many of the small apartments have high yields

Spot on. It's demand that drives capital growth – if the demand is being hampered by lending policy than it will have an effect on…[Read more]

I watched this episode a few months ago. It was very interesting – basically a report on how China has stimulated the building industry to such an extent that there's no demand for the properties being built. CheersJamie

indira wrote:
Thank you both for your views….I havent brought a house before and am aware that I wont be eligible for the First Home buyers Grant if Im buying for Investment….That doesnt worry me at this stage as I will just save the funds I need to cover expenses and will use the First home buyers Grant when I purchase my own property down…[Read more]

Hi SJYour best bet it to speak with an accountant.I think some costs (such as conveyancing fees) will be taken off the cost base when calculating CGT when you sell whilst others such as LMI are claimable over a 5 year period (or if the loan term is less than 5 years – it will be claimable over that period).CheersJamie

harryandlloyd wrote:
Aaah Jamie – looks like you caught me red handed! I was going to PM you about this then thought you'd probably enjoy a few weeks reprieve from myself and Mark!!Does anything get past your eagle eye in these forums!?Thanks for all your help by the way – it would be no IP without you! CheersKate

Haha, no worries at all. Yo…[Read more]

Yep, it's the same.There's no harm in asking though – that's what this forum's for.Congrats on the first IP CheersJamie

We've kicked off our blog – we'll try and update it with relevant, up-to-date info whenever time permits http://www.passgo.com.au/blogCheersJamie

Hi JamesStamp duty is added to the cost base when calculating CGT. So it's claimed when selling up. The ACT (and possibly NT) are notable exceptions.LMI is generally claimable over 5 years (or the term of the loan if it is shorter than 5 years).CheersJamie

Your broker is right. You can have both properties with ING without them being crossed. The only comment I'd make about ING is that they can be a pain when accessing equity in the future.CheersJamie

Erg01 wrote:
An option I’m thinking is to refinance as much as possible onto the investment property approx $450k, and reduce the loan amount on the PPOR to approx $140k and any left over funds paying off the PPOR. This set-up would be tax effective but am I actually better off in the long run? -Some other info is, I’m in my mid 20’s, not think…[Read more]

Can you add value to your current home through renovations? It's a little outside the square, but $20k spent wisely can add a fair bit of value to the right property. You could then have it revalued and hopefully be in a position to access a little bit of equity.CheersJamie

There are other ways to improve the cashflow situation of an IP. Renovations are my favorite – particularly simple, cosmetic renos that don't cost a great deal but add some equity and also attract a higher rent.Allowing pets is another great way to up the rent.Allawah – in regards to your post above. Your right – negatively geared properties are…[Read more]

Intrigue wrote:
Ha ha… I am looking in Proserpine QLD, 30min to Airlie Beach and 1 1/2hr  to MackayAlso collinsville (mining community inland of Bowen)

OK, that is quite surprising because when I was up there in December 2010 the market was quite depressed. I would have though agents would be calling you back every day!CheersJamie

Negative gearing is fine providing the property grows in value at a rate that's higher than the costs of negative gearing. It's not an ideal strategy for someone on a low income as it causes them to hit  a serviceability wall with the banks a lot quicker – which means lost opportunities elsewhere.CheersJamie

Yep, I picked up a 350z. Probably not the most sensible purchase…..but I don't regret it one one bit. They're great cars to drive.CheersJamie

Hi RowenaThe best way is to use a property manager. Scope out a few before you leave.It's also a good time to structure your finances correctly.How are you funding the next purchase?CheersJamie

Hi AjayWhy risk it? Can't your new employer wait a few weeks? Surely they'll understand your predicament. What's the LVR on the loan? CheersJamie