Investor,

The $53 000 is tax free if you take it from the loan. Problem is that if you take it for personal use you are really just going to create a non deductable $53 000 debt.

If you use it to buy another IP then it will be deductable and still tax free.

You will incur CGT should you sell the property to get to the $53 000.

Cheers,

Simon…[Read more]

Jarvis,

Why don’t you ask your Dad? He has obviously got some abilities to get where he is now – he might very well know exactly how he might set it up.

I hope it goes great for you both (well all three really).

Cheers,

Simon Macks
Mortgage Hunter
mortgagehunter@iinet.net.au
0425 228 985

Comments may not be relevant to individual…[Read more]

The interest deductions can only be claimed if the property is available for rent.

Perhaps a house sitter paying a reduced rental might be an answer.

Cheers,

Simon Macks
Mortgage Hunter
mortgagehunter@iinet.net.au
0425 228 985

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

It means that at any one time 7% of rental properties are vacant.

Yours may never be vacant or may be vacant for longer than 7% of the time.

Cheers,

Simon Macks
Mortgage Hunter
mortgagehunter@iinet.net.au
0425 228 985

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

If the redundancy is real then yes it will. Have you been formally notified of it?

Cheers,

Simon Macks
Mortgage Hunter
mortgagehunter@iinet.net.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 buy an IP then the loan will be unregulated by the UCCC. That might help.

You can always apply for the FHOG after settlement – it doesn’t need to go through the bank.

I am afraid I can’t really give you any better advice at this point – not enough specifics.

I would be interested if Jenman agency puts you on probation and if so for how…[Read more]

Alex,

Paying the LMI is one thing – it is getting it approved by the Mortgage Insurers that makes it hard.

Most people are unaware that most deals rejected by banks are because the Mortgage Insurers reject them.

Will you be on a retainer with the real estate job? This can be included but usually only after you become permanent. I am afraid…[Read more]

Mel,

I might be able to help but will need more info.

Can you email or call me and I will ask a few questions.

Cheers,

Simon Macks
Mortgage Hunter
mortgagehunter@iinet.net.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]

Alex,

There is no getting around the fact that it will be harder.

You could buy now on both incomes but you need to be sorted before that redudancy comes around or you will be caught with a contract and no finance.

Applying later will mean only on your partners salary of $35 000. Your real estate income can be taken into consideration by some…[Read more]

Wayne,

I went to Kalamunda SHS although I lived in Lesmurdie!

Cheers,

Simon Macks
Mortgage Hunter
mortgagehunter@iinet.net.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.

Stu,

I can’t imagine any reason how it could affect your CGT exemption on your PPOR.

I do exactly the same thing myself.

If you need someone to tell you exactly then ask your accountant who is insured to give that kind of advice[]

Simon Macks
Mortgage Hunter
mortgagehunter@iinet.net.au
0425 228 985

Comments may not be relevant to individual…[Read more]

Be aware that if for some reason the settlement doesn’t proceed then the vendor may benefit from your reno or may be not if you aren’t very good at it []

I think he needs to grant you a license to access the property during that period – at least thats the case in NSW.

Cheers

Simon Macks
Mortgage Hunter
mortgagehunter@iinet.net.au
0425 228…[Read more]

Westan I used similar figures but a 100% lend rather than 80%.

The difference on the additional borrowing of $18K is about $22 pw – so we are almost exactly the same!

Cheers,

Simon Macks
Mortgage Hunter
mortgagehunter@iinet.net.au
0425 228 985

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

I ran it through a spreadsheet I have and made a lot of assumptions.

Very roughly I can see that property putting about $45 pw in your pocket with 100% finance.

As I said these are very rough figures without knowing some more exact details.

Cheers,

Simon Macks
Mortgage Hunter
mortgagehunter@iinet.net.au
0425 228 985

Comments may not be…[Read more]

St George don’t have a specific product. You may apply for up to 15 years IO on their products provided the loans aren’t subject to LMI ie under an 80% lend.

Simon Macks
Mortgage Hunter
mortgagehunter@iinet.net.au
0425 228 985

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

Where are you Jody?

Simon Macks
Mortgage Hunter
mortgagehunter@iinet.net.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.

Snakey,

If you have been in the same industry for three years as a contractor then you shouldn’t have too much trouble on this account.

If you have a deposit or sufficient equity remaining and your icome is enough then it shouldn’t be too hard.

Simon Macks
Mortgage Hunter
mortgagehunter@iinet.net.au
0425 228 985

Comments may not be relevant…[Read more]

Enjo Lady,

I wasn’t clear enough. When I referred to finance 100% I meant finance 20% from current equity and an independent 80% lend against the IP exactly as you suggested.

Patricia,

This strategy involves borrowing 20% against your home or other IP if there is sufficient equity and then the remainder against the new property.

Hope this…[Read more]

Gemma,

I think this is a US strategy. I am nor aware of it happening here in Australia.

Cheers,

Simon Macks
Mortgage Hunter
mortgagehunter@iinet.net.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.

I can’t see the advantage gained. Find yourself a broker who can research and negotiate on your behalf. Here in Australia most don’t charge for their time and I guess it is the same in the US.

Cheers,

Simon Macks
Mortgage Hunter
mortgagehunter@iinet.net.au
0425 228 985