RobAs has been mentioned sounds strange but more information would be required to find out why.Obviously if serviceability is an issue this could be the answer……………

There is nothing to stop you having 1 savings account where all of the inflows go including your salary or similar which is a 100% offset account linked to one of the investment loans (assuming that you have no non tax deductible loan) and separate loans on each property.By using different lenders for each property you may find that you are not a…[Read more]

Why not consider a shared equity loan where you make your repayments on 75% of the purchase price and 20% is interest and repayment free. Unfortunately you need to cover the 5% difference plus your costs.

Great opening post Rodney.Nice advert. Will you be contributing to the forum at all or just placing ad's.

Tammy I am not saying what your original MB did was ethical and indeed correct but with the current crisis in the Sub Prime market and the issues with Mortgage Insurance the policies change regularly and what may have been able to be done 6 or indeed 2 months ago may have changed to current policy.In saying this it does not look that difficult to…[Read more]

MakenI assume you are looking to buy a IP and hence the request for a valuer.Why not get your broker to instruct a valuation on the property once you get it under Contract and ask him to provide you with a copy. That way at least you know that the same valuer can be used by your financier and you now the answer before they do.

mixedupPersonally i would never use a Bank for Financial planning advice as most of them are limited to who they can use.Remember NAB own MLC so guess who your insurance policy will be coming from.Shoot me an email and on a Non advice basis i can give you some figures on Income Protection, Life and Trauma.This would be on the basis that i have not…[Read more]

As has been said there is no right or wrong answer.Each individual client  has separate cirumstances and goals.Advice would change for each client.

Pat Terry is correct as always however there are just a couple of additional points worth mentioning:1) I would assume you have probably taken the Anz Bank Lodoc 60 product due to your LVR. Even though you have been self employed for a year you could have raised this to 80% quiet easily. This would have freed up more available equity in your Line…[Read more]

Hi MarkI think i would be switching brokers immediately.Firstly be very careful in using a Line of credit with an investment loan and paying funds into the account to offset the interest.Simply dont do it.Why invest funds on a short term deposit account unless you must live off the interest. It is likely you are receiving somewhere in the region…[Read more]

SNM No unfortunately it will not be deductible hence my word of warning.Choices would be:1) Do nothing and the interest is not decuctible and the rent is taxable.2) Sell the property and use the cash to fund the construction.3) Sell the property into a Trust structure and borrow 100% of the Transfer value.

CT73I think the rates of interest will be higher than you are quoting.Most short term loans we do start at 16% upwards.Which State are the properties in ?

As long as you purchase the IP within a reasonable period of time then there will be no problem.Probably easier to hold off the loan drawdown until you are ready to settle on your new IP.One issue i can see is that you can only offset the current loan balance so your income cannot go into the same offset account as the savings balance will exceed…[Read more]

Hi MarkBefore I provide an answer can you clarifiy the situation:1) Will the land and subsequent construction be for a property to live in or rent out.    If it will be a PPOR do you intend to sell your current property.Reason i ask is in relation to the Tax deductability of the interest charged on the construction loan.If this is for an owner oc…[Read more]

Hi IanYes you can backdate your ABN but this will bring with it question from the ATO.I do not think you need to as mentioned.

PostYou can sell your current PPOR to a Trust structure for current market valuation borrow 100% of the purchase price and then the surplus funds (being the difference between your loan and the loan balance owing in your own personal name) can be used as deposit for your new PPOR.Other than an additional Tax return there is no more cost for…[Read more]

RR I would argue it was a loan cost and therefore can be deducted.It is the same if you drew down from a Line of Credit the interest would be deductible.

Selling an IP into Trust will trigger both a stamp duty and CGT issue.Unless the raised funds where to be used for non tax deductible purposes it is probably not worth it on your figures. (assume you dont have a PPOR with a mortgage secured against it).As WC has mentioned there are several ways to reduce your liability yet still utilise the…[Read more]

Dependant on the loan amount you would probably get together last 3 PAYG payslips and BAS returns for yourself.For your husband maybe his 2007 Tax return although will only show part of a year and his last couple of BAS statements.Also evidence of savings (i.e copy of your Bank statement showing the $150K) and lastest credit card statement.Finally…[Read more]

And dont tell me Masih you just happen to be sellin g some of these over priced penthouses as part of your current stock.