I think the issue is more with the Vendor than you as the purchaser.As a buyer you have the same right as the seller when it comes to Settlement and if they cannot produce the Title Deed then you can look to sue for Specific Performance.Tell them you will be charging a default interest rate as per the Terms fo the Contract. (In most States the…[Read more]

Hi LaurieFirstly welcome to the forum and I hope you enjoy your stay with us.Doesnt sound to me like your Accountant is particularly switched on when it comes to property investment and wealth creation.I am not aware of the location of the property in Brisbane but the value certainly isn't falling and i fail to see why you would sell it to buy a…[Read more]

I own a couple of blocks of unit similar to the one you mention here in Brissie and they provide an excellent return and good long term CG and strata prospects.Yes if the block is on 1 Title you will be looking at a Commercial Loan rather than a standard residential loan but the rate of interest isnt that much higher. 

Hi Dave Wrong Hemisphere here we spell bargin with an "a".

HybridFrom a serviceability perspective certainly you will be able to borrow more with some lenders if your purchase an IP with deductible debt over a PPOR with non deductible debt as they add back the negative gearing claim to your net taxable income.In saying this remember that if you are paying rent this will be treated as a liability and will…[Read more]

Yes a lot of them especially now just understand.It is easier to say NO than listen.

Hate to say Hybrid very unlikely CBA will accept that as they just dont like 3rd part y loans

Hi JasUnfortunately Yes they can set the Terms and Conditions. Have a look in the original letter of offer and see if there is a charge for switching to IO. If not then I would guess it is not an option under that Wizard loan. Could well be that for the package of RMBS they were not accepting IO loans.Regretfully the non Bank lenders are really…[Read more]

Not so luckyThat says a lot if it is CBA. They are never the easiest to deal with in situations like that.

Hi FujitsuFirstly welcome to the forum and I hope you enjoy your time with.This day and age you dont have to sit down with your mortgage broker as you can deal through email and online and in fact many of my deals are done for clients througout Australia who i have never actually me.With regards to brokers i guess it all depends on what you are…[Read more]

Yes you are missing something SG.The offset account is your savings account and has no bearing whatsover as far as the ATO are concerned.You an have all types of income and expenditure going into this account and it makes no difference.Their is no actual interest being paid to you so there is nothing to declare on your Tax return.You certainly…[Read more]

HI SGYes Qu makes sense and Yes you can. I would probably prefer to see the LOC funds drawn down into the offset account and the monthly interest come out from there.

Hi SGNo never get tired ask as many questions as you like.Yes depending on who your lender is there would be no problem in a loan of that size.

Hi SGNo never get tired ask as many questions as you like.Yes depending on who your lender is there would be no problem in a loan of that size.

Hi gibboOh dont worry i did get some lovely offensive emails after i posted my 2 cents worth but no pack yet.Glad to see Mel you saw the light and saved your self a cool $40K.

SGAll about right this timeIf you are suggesting turning the LOC (A) to a P&I loan linked to the offset could you explain your thinking here as i cannot see why i would do this. Don't think i would get a P& I loan for $25,000 – Yes i would suggest this. To my understanding $85000 is the amount that i can claim interest on i cannot increase this -…

It used to. Maybe i should become a Moderator….

Hi Again SGSorry i think i might have misread a earlier reply.I was under the impression that the LOC for your personal purposes was not drawn at all. If this is not the case the convert this to a P & I loan and link the offset account to this loan and not your IO loan on the same property.Make sure that the loan for personal…[Read more]

Nearly 3 weeks now and nothing arrived telling me how to make my next fortune.I think i have been placed on the barred list as i had too many questions to ask. You only get the free info pack if you agree to sign up, pay your membership fee and then buy 3 properties. 

SGNo you can deposit your rent and salary into any account you like. Just make sure that the funds offset the interest you are being charged on the IP loan.Always best to keep the 2 account separate to avoid any ATO issues.With regards to drip feeding i merely meant that you want to have the interest charged on the 2 IP loan account coming out of…[Read more]