Oops – just re-read your other post. You didn't mention that you lived in Brisbane. How's your local market looking? If it's your first property than it's not a bad idea to suss out your local market first. Once you've gained some experience and no what you're looking for in a property, you'll have more confidence to venture into other…

They both have their merits but one thing that does annoy me about units is body corporate (as Terry mentioned above). The body corporate repayments eat into your profits. However, units are easier to maintain, usually cheaper to buy and from my experience the yields are usually higher than houses.Houses have land and can be extended – and have no…[Read more]

Hi Wealth CreationWelcome to the forum.You're right, there's a heap of information and it can seem pretty overwhelming when you begin. The important thing is to get clued up – read and absorb as much info as possible.Personally, I think it's Brisbane's time to shine. Sydney, Melb and even Canberra, have experienced tremendous growth over the last…[Read more]

I find the MISA a tad frustrating (I have one set up). Like Jacqui said, if your simply parking surplus cash it works fine but if you want to transact frequently, particularly small amounts, it can be a pain. Here's some info on it http://www.commbank.com.au/personal/home-loans/fact-sheets/Mortgage_Interest_Saver_Account.pdf

jxf wrote:
I already have other properties with LVRs up around 80 I will be struggling to convince the banks that I can service more loans.  

Have you tried? Differen't lenders have differen't serviceability levels. Do you have any credit cards, store cards, personal loans, car loans, etc that could be paid off with your $60k savings? You…[Read more]

Homeside – funded by NAB (as is Choicelend).6.57% – it's a pro pack so comes with offset ($10 per month). Early repayment fees also quite hefty – $1200 within first 4 years. Less than Choicelend though.

How long have you had the IPs? CBA will slug you a nice little $700 early repayment fee within the first 4 years – and another $350 for exiting. Plus you probably just paid a small fee for uncrossing them. I'm thinking it's probably just best to stay with them for the time being. Chances are the branch staff won't have any idea about what you're…[Read more]

Buy and hold (and a bit of a reno here and there) is my strategy. Some might think it's boring – but it works for me. I see property as a long term investment –  I'm not into flips, wraps, ect but I can appreciate they have their place and some people do extremely well from these strategies (owner of this website included).

Hi ShelCould be a stretch – could you live off the remaining $370 per week?Have you considered renting? That way you might be able to live in the place/area you desire and still keep your Adelaide IP.

Hi GatsbyIf you're wanting to purchase more IPs in the future it would be best to uncross your existing loans, convert them both to IO and have an offset attached to either (or both).Having them uncrossed will make life a lot easier when you go to purchase more IP's down the track. By setting them up as IO with an offset, you have the flexibility…[Read more]

It's easy enough to do yourself – accountant might charge you a fair bit to organise it. It's called a PAYG income tax withholding variation (ITWV). Scope out the ATO website for info on how to submit.CheersJamie

Where are the properties located? What type of properties are they (house, unit)? CheersJamie

rockney wrote:
Matthew, by setting up a separate split loan, would the interest payable for the 24k be in the same interest rate as my 1st IP loan?

Yep, the rate should be the same. There's probably no need to refinance with another lender. Just need to set-up the second loan split with ANZ as indicated above.Whether you go to 80% LVR or h…[Read more]

There's a massive guitar.Sorry – wish I could add more

I don't personally know of any buyers agents in Melbourne. However, a broker I know in Melbourne speaks highly of these guys – http://www.parkerinvest.com.au/ They might be able to help you out – I personally can't vouch for them though.

number 8 wrote:
LMI is also a side gig to what your are aiming to achieve. When you enter the Investment Property (IP) world, think and behave like a business and you will succeed. If you see the LMI as an expense to the acquisition (that is otherwise tax deductible), and you complete the calculations on this fact, I know you will be pl…[Read more]

JacM wrote:
How long do you think you can stand sharing a house with other families?

That's what I was thinking.

Hi RobWelcome to the forum.I like the title "help for an old school thinker" – gave me a chuckle You're in the same boat as plenty of the clients I deal with. They've paid off their loan and are now considering purchasing an investment property (or 10) What we generally do is access some of the equity in their current unencumbered property. For…[Read more]

Intrigue wrote:
The way I see it I have 20k in the offsett to the PPOR – as my reserve bufferI can set up an LOC with the equity on the home to the value of $33k being enough for a IP deposit and likely a buffer if I purchase in low $200's and pay the LMI. (thinking better to pay the LMI and have a buffer than avoid LMI and have no…[Read more]

Saving a 20% deposit will take some time. I'm not sure how much properties are going for in Alice Springs but if you were to purchase something for around $300k, you'd need to save a $60k deposit as well as the funds to complete (stamp duty, legal fees, ect).By paying some LMI, you can enter the market quicker (and you can often add the LMI to the…[Read more]