Hi Steve,

I just had a mate of mine asking me about where he can get depreciation schedule for his newly acquired IP & I pointed him to consider http://www.taxshield.com.au/ which I’ve used in the past. Not sure if everyone here would agree but I found it easy to use their check list for all items that can be depreciated and for $250+gst … I…[Read more]

Kristin – you mentioned that tenant’s responsibilities includes replacing light globes …. does this cover extra ceiling heights where a tenant needs a ladder to replace the globe (may invoke OHS issues)? Anyway, does the RACV Emergency Home Assist cover replacing light globes on high ceilings?

NM7

A very interesting post I must say ….
I too recently had a situation whereby one of my IP had a faulty solar hot water system installed on the roof. The pressure release valve for the unit was broken causing a massive water leak over a period of 2-4 weeks (as this is not an easy fault to identify due to the fact that the unit is on the roof &…[Read more]

Hi Folks,

While we are on the topic of good accountants – just a quick question as to their charging mechanism. Do you folks get charged higher for having more IPs or does your accountant provide a flat fee structure provided you have set item of works required? If you don’t mind – what sort of rates are you folks paying and how often do you…[Read more]

Hi Folks,

Thanks for all the information provided and I will surely check out the ATO website to get more information. Do you know if you can update your estimate a couple of times over the financial year in case circumstances changes; ie. salary rise, partner going on maternal leave, getting lump sum bonuses, etc?

What happens if one…[Read more]

Thanks for the updates Terry – yup, I ran it passed my accountant who had similar views as well.

Terryw wrote:
Are you saying you borrowed money and parked it in an offset account?

Hi Terry,

As mentioned, I use the loan secured against my PPOR as a LOC and fund 20% + extras (eg. stamp duty, etc). The PPOR loan does have an offset account and I dump all our incomes into that offset account to reduce the interest payable on the PPOR loan…[Read more]

That’s pretty good rates in my view …. I’ve got a couple of IPs (none regional) & have chosen local agents to manage them as they know the area and based on history, managed to keep my vacancy rates low. Overall, I pay around 5.5% management fees, 1.1 week leasing fees & no other costs for advertising or rental summary statements (both monthly &…[Read more]

Jamie M wrote:
It does provide flexibility but if Dreaming Big is looking to tap into equity in his PPOR to use it towards an IP purchase, it might not be best to use the funds from the offset (because it won't be deductible). If he/she thinks that their current PPOR might become an IP one day. Then it should be set-up as interest only with an…[Read more]

Terryw wrote:
NM,I wouldn't like to say too much public, but you could have utilised a dsicretionary trust and possibly a post death testamentary discretionary trust depending on the circumstances.

Thanks Terryw – I'll look more into it

Terryw wrote:
Hi NMI just read your other post about the inheritance. You could have structured this much better by utlisiing some asset protection techniques and could have possibly set it up more tax effective too. Still doing well though.

Hi Terryw,

Thank you kindly for your feedback and would appreciate your thoughts on asset protection…[Read more]

While I agree that there are some good lenders offering good rates with no fees, I would suggest doing some due diligence to ensure you aren’t getting a bad product. I highly recommend using a Mortgage Broker rather than testing the waters with some online lenders which lure you to attractive rates but have poor customer service & in the long run,…[Read more]

I’m no expert in these matters but I’ve got 4 properties currently (1 PPOR & 3 IP) whereby I’ve taken loans (secured individually, no cross collateral) from couple of lending institute. I’ve recently re-valued my PPOR and another 2 IP to top-up 80% LVR for equity access. My PPOR is fully paid-up but I’ve taken 80% loan against its current value…[Read more]

I’ve been in a similar boat whereby I inherited a decent pool of money from overseas. I used the funds to pay-off my PPOR and the balance was parked in an offset account for an investment property. That way, while I’m planning for my next investment move; I get to lower down the interest I pay on the investment property (after having nil interest…[Read more]

camjanice wrote:
I use bankwest.  Rate is 6.85% (no honeymoon) with no annual fee.  At the time I took out the loans there were no application fees and 100% offset account with a minimal monthly fee.  Only problem has been bankwest was slow to process my loans and I was late for settlement two out of two times!  Living in remote WA didn't hel…[Read more]

EPI_Den wrote:

propertyboy wrote:

EPI_Den wrote:
I'm with Commonwealth Bank and I recently negotiated a further decrease on my loan. I'm now on 6.61% which I think is 1.14% below their standard variable rates. I'm happy with this but it's not out of the question to fix part of it if I see a really good deal! Den

How did you negotiate this?…[Read more]

Hi all,

Just wanted to share the news that I got CBA to provide a 1% discount on current variable (hence at 7.81%) which is good as I previously only had a 0.8% off. I’ve spoken to a couple of brokers including Michael & will wait to see what options I do have particularly in the fixed world before making the next move.

I fully agree with…[Read more]

Hey Marie,

Fixed rate of 5.2% is very good in my personal view as most fixed are currently around 1% more than that. How long is your fixed & whom are you with? For your info, I’ve got a couple of loans with CBA @ 6.81% (just got the 1% off today), another with Bankwest @ 6.78% and another with Adelaide Bank @ 6.74%.

Currently, am in the market…[Read more]

Hi All,

Just wanted your thought on 6.25% for 1, 2 or 3 yrs fixed with Citibank … no application charges, Citibank covers $500 cost for valuation & currently also offer $1000 cash back for taking up the offer. I currently have an investment loan with Bankwest on 6.78% with no exist fees. Question is – historically, how low has fixed rates been…[Read more]