Hi SaqibHate top say i know the sort of property you are looking at in Brisbane CBD and think you will struggle to finance such a deal without a decent deposit.I would be looking outside the CBD if you are looking for something with a bit of growth prospects.CheersYours in Finance

Hi DenisYes different in every State. Regretfully Qld is not one of those.CheersYours in Finance

If you believe you will rent the property out then i think i would be taking a 90% lvr with 100% offset account as LMI is a loan cost and a deductible expense (Over 5 years or the term of the loan whichever is the lesser)It is not all that bad and is an opportunity cost and if it means you can get into your own PPOR down the track i think i would…[Read more]

TicIf you have put in an Offer i hope you have the SMSF Trust Deed all set up.The Bare Trust will need to be noted on the Purchase Contract and finding a Solicitor open this time of year to prpeare the Trust is not going be to be easy especially if they want to accept your offer fairly quickly.Lenders are still processing applications over Xmas…[Read more]

No hate to say you do pay duty in Qld.We do a fair few of them for a couple of Accounting firms in Brissie and the numbers often work fairly well.Obviously with interest rates falling there is less of a benefit but still all depends on how long you intend to keep the property.CheersYours in Finance

Kimberley if you are thinking of renting the current PPOR out and buying another PPOR then you certainly dont want to be paying down the principal on your mortgage.Simple reason being is that the interest is Tax deductible when you rent the property out however for your own PPOR it is not.What you would end up with is a IP (former PPOR) with no…[Read more]

Michael is bang on with all of his points but if you skip from 1-10 and go straight to #11.Ask his employer what structure they recommend for an investment?Do they cross collateralise the securities of your PPOR and IP ?If they say "Yes" – talk to a Broker.If they say "Sorry dont undrestand what you mean" – Be afraid be very afraid and then talk…[Read more]

A line of credit a secured loan flexible loan facility similar to an overdraft which allows you to come and go as you like.An effective structure for drawing deposits down and using them for your individual IP acqusitions.Hope this makes sense.CheersYours in Finance

You Accountant very likely is not Licensed to provide Credit Advice so no point in asking him to run the numbers for you on a loan restructure or new loan.Only a Licensed Credit adviser / Mortgage Broker is authorised to provide this information.CheersYours in Finance

Terry has wrapped it up quite elonquantly.Remember an Asset sold in the SMSF whilst in Pension phase is actually Tax free so if you purchased the Commercial property kept until retirement, commenced an annuity and then decided to sell the asset all home and hosed.CheersYours in Finance

Yes you can certainly lease the property but just make sure you have noted in the Tenancy Agreement that the Tenants ackonwledge that you, your subcontractors and or Professional Consultants may enter the property in order to carry out such activities as they deem necessary in order to lodge a plan of subdivision and the appropriate notrice will b…[Read more]

With that quality advice might want to steer clear of that Broker in the future.Next thing he will be telling you the Earth is flat and the moon is cheese.CheersYours in Finance

Hi rajAs Terry mentioned hate to say the 20% has been and gone and you cant get that back.Not sure who your lender is but there are a couple of tricks of the trade with certain lenders in reducing your LMI when it comes to land and construction.Think i would be waiting until the building is completed and then taking out a standalone loan of 90%…[Read more]

Hi lilWelcome to the forum and I hope you enjoy your time with us.Wont comment on what may prove to be a better long term investment but would suggest you think twice before buying with a family member. Wont might sound good now can easily come unstuck if 1 of you wants to release equity or buy a property individually as you will be considered as…[Read more]

adrian not sure who told you that but that is absolute rubbish.In the main it is the other way around as a Broker will be aware of lenders credit policy wheareas the local Bank branch wouldnt have a clue. They have no discretion and cannot approve the loan as this is the domain of HQ Credit.Big difference between Sales and needing to get the…[Read more]

Hi CabramattGood to hear it was helpful.Feel free to ask away.CheersYours in Finance

Agree with Terry definately dont pay the loan down if you are thinking you will be moving out.Just on your income i will assume you have been self employed for 2 years +.Lenders will in most cases require your last 2 years Individual Tax Returns if you are a sole trader and some will average your income out between those 2 years. Others work on a…[Read more]

As Derek has mentioned if there is any possibility that you may rent the place out and buy another PPOR DO NOT pay the loan down but structure in a manner that the loan is interest only with 100% offset account.Be smart and maximise the tax deductions you can claim rather than pay Tax on your rent.Doesnt mean you cannot ever pay the loan off but…[Read more]

Hi VaderFirstly welcome to the forum and I hope you enjoy your time with us.I for one cant knock the Homeside Home plus package although again if you wanted a cheaper option it is out there with all of the same features of a true offset account etc.Only thing i would say is if you are looing to rent the property in the long term i am not sure i…[Read more]

Deleted as i seem to have repeated myself over and over again lol