Forum Replies Created
- Terryw wrote:normbay wrote:I think the guys at Acceptance Finance would give you a better idea than the Forum on this question. Bear in mind that the tax-deductibility of the debt follows the purpose of the debt – so what is the purpose of debt financing for your offset account? If that's to reduce your personal interest cost, then it probably is not deductible. Accountant will tell you how they would treat the different options you are looking at. (from the Mortgage Mincer)
Yeah right!
Nice first post
Haha – gotta love it.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
BrianN wrote:– Is this the best way to structure the loans in term of tax?It would be preferable to have a larger deductible debt against your IP. You might be able to regear via a spousal or trust sale. Do you anticipate the new townhouse ever turning into an IP?
BrianN wrote:– As the bank valued PPOR at 550K, I dont need an extra valuation for CGT purpose if I decide to sell it after more than 6 years, do I?No – that should suffice is you ever need to provide what the value was when it became an IP.
BrianN wrote:– If I sell it, for instance, 12 years later for 700K will CGT be (700-550)* 6/12* 50% discount = 37.5K?The CGT will be based on the gain during the time it was an IP.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
LVR is Loan to Value Ratio.
LMI is Lenders Mortgage Insurance.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Great, thanks.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Hi Roadhog
This spreadsheet will help http://www.passgo.com.au/investment-property-analysis-tool.html
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
shock wrote:CTFYT (Cheers…Thanks for your time.)
I like it
I think we're in need of another acronym in the IP world.
CTFYT
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
DWolfe wrote:Hi awesome property peeps!!At the risk of posting what has been asked before – anyone know when the Nov Update video will be ready? Also would love a bit more info on the Cert IV that Steve and people have been talking about.
Cheers everyone!
D
Hi Dwolfe
I may have been living under a rock….but what's the cert IV in?
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Qlds007 wrote:Yes when i look at a working week i am amazed how many hours i spend reading things i already now or completing information on forms that clients never ever read.Cheers
Yours in Finance
Amen, it must be a tad overwhelming at the clients end as well when they see a thousand forms emailed them to them before we can go ahead and submit their deal. I’m sure ASIC will come up with a couple more just to keep us on our toes.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Hi gumtree
Some banks will allow you to do a reval whilst others will require an application to be submitted first. If your current bank requires an application to be submitted then consider paying for one yourself and save the hit to your credit file.
By comparing the last valuation to the new one you’ll have an idea of how much value your renos have added.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Qlds007 wrote:Hate to say like any industry there are always going to be some bad apples but hopefully we are raising the standards by the day and a lot of the poorer ones have left or are on there way out.I think a few hundred would have voluntarily exited the industry in the last month alone….
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
fWord wrote:Detached houses win so far…
I don't think I could live in anything else. I love having a backyard and a bit of space between the neighbors. We've lived in apartments and townhouses but I'd take a detached home over them any day.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Shape wrote:.It seems like you did a fix rate of 8.09% 4-5 years ago…do you want to go down the “fix” rate path again?
Regards
MichaelIf so, you’ll be getting a decent drop in that hefty rate. Three year fixed rates have dropped quite a bit with 5.99% on offer from a few.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Yep, it's been happening for a couple of weeks now.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Hi Gats
If your main objective is to pay off both debts asap then keep them as P&I.
If you have any non-deductible debt (PPOR loan, car loan, credit card, etc) then best to pay of this debt before paying down the IP debt.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
menia wrote:Hi guys,I'm looking to buy an inevstement property in Sydney. My budget is $750k and this would be a buy and hold option, I'm in it for the negatove gearing and the capital growth.
I'm interested to hear evryones opinion as to which areas are good to invest in?
Cheers
MHi M
Welcome to the forum.
My first question would be why are you in it for negative gearing?
I don't have an issue with negative gearing or properties that aren't cashflow positive but I'd never invest in a property purely for negative gearing benefits.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Catalyst wrote:Where does the rent go into? Where do you pay the bills from? Where does the interest get debited from?offset account
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
I agree with kong, sounds like a good setup to me.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
goldies wrote:Can we offer to pay for the bank reval? i dont want to get one completed privately as they are not worth the paper they are written on. I would like to use to equity to purchase another so it would benefit the bank anyway..
.Yeah you can.
Brokers can organise CBA vals through valex. We can then use that val for the application.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Jameswood wrote:Thanks Michael … So It sounds like it is feasable then ……We were a bit unsurethanks
It should be possible but it doesn't sound like there's much equity. Did I read that right? $125k loan on a $150k val?
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
KateandTony wrote:Hi all. As you know I am thinking of buying an investment property. Should be no issues with equity or serviceability. But I am trying to work out in my head the steps I need to take. Do I find a property then take it to an accountant to work out how much it will cost me per week (or do this using a model myself). Do I then find finance? Will this give me enough time during the finance clause period? Or do I need an accountant/ broker first and have everything in place and then find the property?Im really just trying to get it sorted in my head because once I know it Ill be right.
Any help would be great
Hi Kate and Tony
From memory, you're based up in Brisbane. Do yourselves a favor and get in touch with Richard Taylor (who's responded to this post). He's an excellent broker who will guide you in the right direction.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
