Hi Geezer

I’m not an accountant but I doubt there’s a minimum term.

I don’t think a depreciation schedule would be worth the hassle if only rented for a short period.

Just track the income/expenses on a basic excell spreadsheet.

Cheers

Jamie

Hi Kell

Nope, no need to change the loan. You’ll be able to start claiming the interest repayments from the day it becomes an IP. Might be worthwhile coverting it to interest only though (can help with cashflow).

Cheers

Jamie

Hi Matt

I don’t know why your parents would suggest that. You can get the most depreciation out of a new dwelling.

Cheers

Jamie

The location of the security can also impact on the LVR the lender is willing to lend at. At $70k I’m assuming the property is in a small regional area.

Cheers

Jamie

Sure, it’s called A1 auctions in Fyshwick. There’s another vanity sitting there right now for $30 – but doesn’t have a hole for a mixer (has two holes for two taps which is a little old school for a renovated bathroom).

Cheers

Jamie

I’ll give my brother in law a plug. He owns a custom flat pack kitchen business in Canberra.

He’s fitted two kitchens in two of my IPs. He’s prices are very reasonable, the quality is great and you have the option of installing yourself (everything comes with instructions) or he’ll install for you.

The business is based in Canberra, his name is Mike – http://www.customflatpack.com.au/

Cheers

Jamie

What’s the deal with Kelso?

Cheers

Jamie

Hi Angel

I generally agree. However, off the plan purchases in Canberra have been a very successful strategy for a number of investors over the years. The main reason being the extended development times – some of these units take up to three years to complete. During that time, investors who simply exchanged on a deposit bond have experienced excellent CG without lifting a finger

This has been the case over the last 5 or so years. Only time will tell whether or not this trend continues.

Cheers

Jamie

Hi Zoe

Ask your broker about carrying out an external refinance to a lender that allows for valuations to be ordered before an application is submitted. That way, there’s no immediate hit to your credit record and you’ll only need to proceed if the valuation comes in at the desired amount. Someone mentioned ANZ above – they are a lender that does this.

Keep in mind that there are costs involved with refinancing to another lender. Your broker should be able to outline these for you.

As Richard said though, if the property is located in a smallish place then the number of valuers may be limited and therefore your chances of having the same valuer assigned to the job is high.

Cheers

Jamie