Hi Luke

No hate to say you will only be able to claim interest on the original $300,000.

Off the top of my head and without checking the WA OSR website I am unsure as to Stamp Duty that would be payable on a transfer of the property to a Unit Trust for market value but it may be worth weighing up the cost with the benefit that would be received…[Read more]

Rick the loan will be secured over all of the units within the block so the amount you can claim as a Tax deduction will be based on the floor area available for rent.

I.e Assume that the area of the entire block is 400 Sq M and you live in 1 of the 4 units which takes up 100 Sq M then you would be able to claim 3/4 of the overall costs.

In…[Read more]

Without full information it is difficult to comment with a degree of accuracy but either way i think i would be looking for an 80% interest only loan with a 100% offset account.

This will give you choice and options down the track as well as flexibility.

Certainly think of a couple of lenders who would appear to meet these…[Read more]

Hi Rick

Firstly welcome to the forum and I hope you enjoy your time with us.

Purchasing upto 4 properties on a single Title isn't an issue for a residential loan.

I own 2 blocks of units in Brisbane (1 being 6 x 2 and the other 14 x 1 + 4 x 2) and both deals at the time were done as residential loans (that story is for another day).

In…[Read more]

St George withdrew their Foreign Currency product some years ago which was a shame because it was a good alternative for clients earning non AUS $.

Cheers

Yours in Finance

Hi Slow

Yes all of the Investor Club Brokers do that because they have no idea.

Why would you ever want to fund your retirement with debt / equity.

I prefer to fund mine with good old fashioned rental income.

Do not use a LOC as a product to fund your next IP as Terry mentioned it is fraught with problems.

Cheers

Yours in Finance

Hi HC

Welcome to the forum and I hope you enjoy your time with us.

Whether you can afford to purchase another property and retain this as an investment will be based on serviceability and also available equity and without a lot of this information it is difficult for me to comment accurately.

The cost etc will again depend on the way forward…[Read more]

Davidts, why not drop Jamie a line off forum and get him to sort it out for you.

You certainly will be in good hands.

Cheers

Yours in Finance

Hi Da

I can see why Suncorp Bank didn't do and certainly believe it can be done but would need a wee bit more information before i said Yes for sure.

Since the inception of NCCP I see many a deal declined each day and sometime the reasoning ehindb the credit decision would amaze you but i guess it is there money and not yours to be…[Read more]

As Terry has mentioned certainly worth considering buying inside a SMSF dependant on your incomes and level of employer contributions.

You mention that you purchased an IP but you didnt mentioned whether their is a loan secured against it.

If not then i would use the equity in this property to raise a deposit and take out a standalone loan for…[Read more]

I don't think it is anyway as clear cut as that.

Personally i would go Interest only on both of the loans and link an offset account to one of them.

I wouldn't go with 2 separate loans as you are suggesting as this would involve cross collateralising the loans and I personally would look at 3 separate loans probably with 2 separate…[Read more]

Hi Achiever

Firstly welcome to the forum and i hope you enjoy your time with us.

Your approach is fairly typical and one i started on some 15 years ago.

Similar to yourself i was fortunate enough to arrive from the UK when the GB pound was extremely strong and purchased our first PPOR and 4 Ip's for cash and then geared off the equity with cash…[Read more]

Hi John

Both Jamie and I have already responded to the same post on the General property forum.

I suggest you only post it once as that way you will get a better response.

Cheers

Yours in Finance

Maybe it is because AMP current lending policy is that any citizen that is not residing in Australia must have signed a Power of Attorney and provided a copy to the Bank before the application can be considered. 

Cheers

Yours in Finance

Wow i agree.

My SMSF fee is about the same but then mine is fairly complicated.

Many properties a swag of UK / US / Australia shares / a number of Vendor Finance deals / some secured finance and a bit more.

My 5 DFT's own 40 properties between them and we don't pay much more than you are being charged.

Take Terry up and get a referral to an…[Read more]

Agree with Terry.

I own numerous properties within my SMSF and don't have any intensions of selling any of them.

During the accumalation phase an asset sold within the fund pays Capital Gain Tax at 10% on the basis the concessional rate applies and if not 15%.

When financing a deal inside a SMSF a lender does not look at your own personal…[Read more]

Again don't want to picky but if you haven't purchased the properties yet the money can't be in an offset account.

Still concerned when you mention the words Master Facility as it still seems to me like a Portfolio style Mac Bank or Dragon style loan.

Cheers

Yours in Finance

Hi Rob

This is a question we get asked regularly and Steve himself has updated his earlier statement made in his book.

Providing a guarantee in your capacity as a Director regretfully will treated as your own liability and will need to be declared in all future lending applications.

There are certainly lenders out there who look more favourably…[Read more]

Hi Mosai

Sounds like a possible Spousal Transfer opportunity.

Be surprised how many of these we are doing in Qld at the moment.

Course going to depend on a few factors but that way you could possibly claim the interest on the full value of the current property whilst using the new proceeds as deposit on your new PPOR. 

If you are unsure of…[Read more]

As Shahin has mentioned your good local broker should be able to sort this out for you.

Assume that the Casual position has been going a while as some lenders like to see 12 months employment.

Sure you Broker will be aware but make sure your lender allows revaluation and "cash out" to at least 90% as many don't.

Cheers

Yours in…[Read more]