Forum Replies Created
I think it will come down to the level of trust that you give or is willing to give to your business partners or employed professionals in the US. Its the same as investing interstate or sight unseen. Maybe the process is a lot quicker and documentations can be handled in a timely manner of you live in the US. Is this correct Nigel?
PHP | Mortgage Station Pty Ltd
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+1 for Nick
You can also call Terry Waugh.
I will try to get his contact details for you.PHP | Mortgage Station Pty Ltd
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Hi scha9799,
Most of the process you mentioned is similar, just different documentations. In QLD, its 30 days settlement for the normal sale.
Im sure the rest with much more experience in QLD buying/selling process will try to help you out on this.Cheers!
PHP | Mortgage Station Pty Ltd
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I agree with Catalyst. Everyone is busy. It will all come down to how bad do you really want to be financially free and what you will do to achieve your goals.
PHP | Mortgage Station Pty Ltd
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Hi Sydney,
Not exactly sure what you are trying to do here. Are you concerned that if ever you are to sell the property, no will buy it?
What made you think this way? Is your research telling you this? Your thread topic is actually a good statement. Buying properties to suit what the demographic wants. Its all about supply and demand, find out what is in demand and not overly supplied.PHP | Mortgage Station Pty Ltd
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A good broker, accountant and buyer’s agent will explain each step to you as you progress. You learn from it and minimise mistake if done by yourself alone.
PHP | Mortgage Station Pty Ltd
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Hey Wiwin,
first thing to do. educate yourself. read a lot. and then read some more. be active in property forums like this one.
you have accepted the fact that you know little and wanted to do something about it. That is one of the best decision you’ve done.“You don’t know what you don’t know”
Educating yourself will fix this. Soon you will be asking more specific questions.
PHP | Mortgage Station Pty Ltd
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Hi sciencesurf,
Apologies if my post made you feel that way.
I asked the question if face to face meeting is a must for the OP and then suggested what I would prefer. At the end of day, it is still up to the OP’s due diligence and comfortability.
A step by step explanation can also be done over the phone, email, Skype, FaceTime, etc. Technology is helping us with this.And I agree, someone will get paid out of the process, but that’s the price to pay for employing their Professional services.
Not trying to enter an argument. all I’m saying is that in this day and age, you need to work smarter, not harder. Technology is there for us to use. Would you meet up a non property savvy professional who’s office is just 10 minutes away and listen to him explain things about property investing but is not an active investor himself, or FaceTime someone who’s been there and has done what you are trying to achieve?
Cheers!
PHP | Mortgage Station Pty Ltd
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Those are some pretty solid advices there. Also the links provided as well is really good for other people with the same questions in mind.
PHP | Mortgage Station Pty Ltd
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Hi Kevin,
Do you really require a face to face meeting?
I find it that due to everyone’s busy life, doing transactions like this over the phone and email is beneficial.
Just need to find a knowledgeable and reliable person. Someone with a good reputation is a must as well. You can easily find them on forums like this.PHP | Mortgage Station Pty Ltd
http://www.mortgagestation.com.au
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1) For the fixed loan, upon maturity after 3 years, the loan will be converted into the variable loan.
Will this contaminate the loan for tax purposes?2) Will the interest tax still be deductible on the full loan amount (400k)?
3) Will it be better off to just have a 400k variable (interest only with offset) loan?
Thanks
1.) AFAIK, as long as the purpose of the borrowed funds is used for investing purposes, there is no loan contamination.
The problem here is, what you are trying to do is pay off a portion of the Tax Deductible debt. Which is not beneficial for you in the long run, as you mentioned this PPOR will be converted to IP later on. Why not consider having just one loan, no split, have it interest only, and a linked offset facility where all your money will be sitting. Alternatively, you can have the whole loan amount fixed also for a few years, IO + Offset account setup. Be very careful with this one though as breaking a fixed loan is costly. So if you plan to convert your PPOR to IP in 3 years time and not less than that, this is also a good option.2.) the interest on the loan amount of $400k will be deductible when you convert this to an IP. So having the loan amount staying at $400k and not paying down the principal amount is good for you in the long run. Just be really disciplined in not mixing personal spending with the current PPOR loan account.
3.) For me, with your goals in mind of converting to IP later on. Having one loan of $400k, an offset facility linked to this loan is the way to go. Being variable or fixed is a personal choice, if you feel more safe with fixed interest rates, then go with it. I reckon fixing for 5 years though is a really really long time. 2-3 years fixed is reasonable. But I am always a fan of Variable+ I/O + Offset set up loan.
Hope this helps!
PHP | Mortgage Station Pty Ltd
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