I have not. That is an interesting point. I plan to use money from the redraw, so would that appear as if I am borrowing money to do It? Would it be wiser just to take regular payments from the redraw, or does it make no difference?

Re the lender, I want to break and refix by dropping the interest in advance then.

I already did what you suggested Benny, but thanks for the advice anyway.

What I’m really interested in is, are the break fees claimable? – Which it’s looking like they should be. Thanks @terryw

My comment about the calculations was in response to @ethan

The…[Read more]

https://www.finder.com.au/refinancing-home-loan-tax-deductions

Good to know. Yes, renovation is always about looking out for over capitalising.

Yes, ip staying ip. Fixed interest so easy to calculate. By easy I should say possible.

Anyway thanks for all the replies, looks like I was on the right track.

I have two questions.

On an investment loan, can I claim break fees, providing the purpose of the loan is to refinance solely for the investment property?

Has anyone had any experience with paying interest on mortgage a year in advance? Can you tell me how this went?

Thanks in advance.

How to get started in property development

Yes all theoretical for now. Good to know. Thanks for the help everyone.

That’s the answer to everything. SANF and everything.

I work with peers earning at least $100,000 a year, and when the pay is a day late, which it actually is on time, they’re used to it a day early, anyway, when it’s late by their expectation, the clamber about and huff about bills and other expenses…

Whatever, no matter…[Read more]

It’s not cross Coll because that’s not what I was asking for, what Jamie said makes a lot of sense. Thanks everyone.

http://www.thepropertycouch.com.au/ep-53-money-smarts-system/

I have looked into it too, even if I could get an interest free $50,000 using your strategy that’s $100,000 of cards, and I couldn’t borrow for another house and in an ING saver I could earn $1500 a year in interest. I don’t think that’s worth it. The damage done…[Read more]

I’m looking for some advice, it’s pretty easy, probably yes or no.

Let’s say I have property A with $50,000 usable equity and property B with $50,000 usable equity.

Can I buy property C using the combined $100,000 equity from property A and B?

I have it in my mind it’s usually only one property’s equity used for a new…[Read more]

There’s a fundamental you’re probably missing.

http://m.yourmortgage.com.au/article/how-to-get-your-credit-card-debt-under-control-79362.aspx

You can’t keep borrowing on credit and get a loan, eventually the banks will refuse.

These are really good answers I appreciate it. I never realised how much more expensive LMI becomes. I’ll aim for 88%_90%.

I’m currently using a depreciation schedule on a property of mine. If I were to renovate a part of it, say the lounge room. Would I be able to put the full amount as a cost? Or would I basically need to get a quantity surveyor afterwards as it would affect the previous deprecation and be too intertwined?

Thanks.

I’ve done a little bit of a look around and there seem to be some loans available at 95% still but not so many.

My question is not whether you think 95% is good or not, just how available it is.

Should I base my calculations on 90% instead?

Also, does anyone know the current limit for total loans for LMI?

Thanks

I’m thinking about doing some outdoor paving and or substituting a window with an opening window French doors.

The main reason, is tdue to the garden needing a revamp anyway, the cost of the mulch long term is likely to outcast that of pavers.

I’m just welcoming any advice or ideas, any experience in this area would be…[Read more]

http://www.thepropertycouch.com.au/ep-48-trust-capital-gains-tax-frank-azzopardi/

Yes it does, I think 20% is a good number. Good to know it can be done. Now I’m off to find a $10 million property :) seriously though, it encourages me to try it a few times.

http://www.yourinvestmentpropertymag.com.au/property-development/a-clever-trick-you-didnt-know-could-triple-your-rents-147500.aspx

http://www.domain.com.au/news/how-much-value-does-a-granny-flat-add-to-a-property-20141028-11czgx/

It depends on your plan, but if it’s rented all of that work can be claimed as a cost and depreciated with a quantity…[Read more]

Thanks Corey and Terry for explaining the LMI I never knew there was a discount and this is a game changer for me, I’ve got an existing loan where I can probably access another $60,000 that I was afraid to use due to LMI. I didn’t realise there was a discount. Now I’m excited to use it.

I…[Read more]

I’m becoming interested in the idea of value adding through renovation.

I’m already an expert, I’ve seen an episode of the block and to make extra money I just need to find some unrelated staged game that pays me for finding worthless stuff hidden in a maze.

…But I still need some advice.

Thanks Corey for this…[Read more]

I know the easiest answer is give all my money to mum but let’s keep it about property.

So, my mum is going through a separation. It’s complicated involving a property and businesses. I cannot say what her assets will be but it’s looking like she’ll have cash and no house.

I have cash. I have the ability to buy houses that’s…[Read more]

I like the houses in lake titicaca

Floting village on Lake Titicaca

Yes the latter is what I meant. Good to know.

So, would a broker just redraw equity on the existing property and use the…[Read more]

I am just wondering if using an offset works differently to a redraw?

I’ve put a bit in my redraw without thinking about it into my investment property. Would it be best to ONLY redraw this for investment purposes? I just got in the habit with the offset when I fixed the loan I didn’t think to not do this.

Any advice?