Id say if you purchased another IP the contract document outlining the price would be evidence enough as would be the paperwork from your solicitior with the breakdown of settlement costs ie. stamp duty, legals etc!!

Not as plain as that Pepper.

Taking funds from a loan or from a LOC is deemed as a new loan – the purpose of this loan then…[Read more]

An ad with a headline like free holiday or free car may not persuade people to buy but it certainly makes the ad stand out. I think you can be sure that more people will read that ad than otherwise – the last time I saw that up here the local property writer jumped on the idea and gave it a whole column as well – purely because of the QLD holiday…[Read more]

I don’t think there is a difference.

Splitting hairs here – what people are suggesting is that Investors use property as one of their investing vehicles whilst a property investor ONLY uses property.
[biggrin]

Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985

Comments may not be relevant to individual circumstances. If you…[Read more]

I am not a big fan of the LOC. I would rather see a client use an offset accout to park funds in. If a deposit is needed for an IP then a split on the PPOR loan should suffice.

Regards,

Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985

Comments may not be relevant to individual circumstances. If you intend making any…[Read more]

Julia,

Is it worth writing to the Commissioner with the statements and a suggested arbitrary division and asking for a private ruling?

This is not my area and I am just trying to have a think about it.

Cheers,

Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985

Comments may not be relevant to individual circumstances. If you…[Read more]

Yes – this is the beauty of the split. If you hadn’t split you would have to apportion it.

Cheers,

Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985

Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.

Edenlea is not a lender – they are a broker like myself and many others.

As I broker I would recommend you use a broker whom you can trust as they will be able to find you a great loan amongst many banks – they also add a lot of experience to your side as well.

To find a broker I would suggest you ask for a referral from family or friends or use…[Read more]

http://www.strategicwealth.com.au

Nick M is the man to use!

Cheers,

Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985

Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.

Sounds good Boyler Room – I have an Adelaide client that wants to come along and meet some fellow investors. Does he need to RSVP or just turn up?

Cheers,

Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985

Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation…[Read more]

Many depreciation firms offer a money back offer if the tax claim isn’t bigger than their fee – nothing to lose I guess.

Cheers,

Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985

Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a…[Read more]

Vadim,

Tax deductions of all costs are available if the property generates income. So the interest is one such cost.

LMI = Lenders Mortgage Insurance – paid when you borrow over 80% of the value of the property.

You need to make sure that all parties understand what they need to do if you decide to invest together – we all have heard stories…[Read more]

Absolutely yes.

I would recommend you draw a 20% deposit from the mortgage on your home and also enough for fees.

Hopefully that mortgage is still in place. If not Iwould suggest a Pro Pack with a major lender and ensure the loans are no xcoll.

After you have the 20% dep then you apply fora new loan on the new property.

The advantages here are…[Read more]

Rod,

Did you get my email?

I am interested and am in Newcastle.

Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985

Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.

Hello Folks,

After getting back from Melb I finally have some time to add a little of my ideas on this.

Remember Steve discussed improving yields and solving a problem to increase value? This is what I did.

Last Oct I bought a 40 yr old solid brick home 400m from the uni for $315k. It was an absolute shambles cosmetically – I mean absolute -…[Read more]

whilst houses have theextra mainteneance aspects many apartments have high oners corporate fees etc.

I prefer houses because of the higher land content but many people do well in apartments too.

I wonder if there might be soe cheap apartments soon with all the OTP stuff due for settlement soon? What do folks think?

Cheers,

Simon…[Read more]

As Acey said – a LODOC or even a NODOC may well be the answer for you.

Try different brokers as they often have access to different products.

Cheers,

Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985

Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision…[Read more]

I do it. Please email me or post any specific questions.

Cheers,

Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985

Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.

Perhaps a commercial broker can find a higher LVR solution for you?

I will ask him on Monday.

Cheers,

Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985

Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.

Show off

Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985

Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.

If you have a home loan or any other non deductible debt then I would make all IP loans IO and direct all principal payments into the non deductible debt.

Same affect on your net position – just keeping it a little more tax effective.

Cheers,

Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985

Comments may not be relevant to…[Read more]