All Topics / Help Needed! / first house to be as an investment

Viewing 6 posts - 1 through 6 (of 6 total)
  • Profile photo of coretexcoretex
    Participant
    @coretex
    Join Date: 2009
    Post Count: 25
    March 16, 2009 - 3:43 am

    Hi Guys,

    I haven't had a chance to speak to my account as yet i wanted this forums suggestions first.

    i have purchased my first home which i will be renting out as an investment property to pay the loan off, currently this isn't structure to be offset or anything. Now when i recieve my rent as a landlord it extra income what kind of tax am i paying on this? what can i claim?

    i have heard about negative & positive gearing is this applicable to me?

    cheers

    Profile photo of maree_bradrossmaree_bradross
    Member
    @maree_bradross
    Join Date: 2007
    Post Count: 401
    March 16, 2009 - 4:08 am

    Hey Coretex – congrats on the property. I am a novice at this too, but my first suggestion is you need to get a quantitive surveyor to do a report on your property for depreciation. You can claim the cost of the report as a deductible on your tax return.

    I maintain a basic excel spreadsheet for all my incomings (rent) and outgoings (interest on mortgage, maintenaince, insurance, bank fees etc). If you like I can email it to you my email address is [email protected] Did you make your loan interest only?

    Cheers Maree

    Profile photo of coretexcoretex
    Participant
    @coretex
    Join Date: 2009
    Post Count: 25
    March 16, 2009 - 4:13 am

    Hi Maree

    Thanks :) i have emailed you

    my loan is with westpac flexi first principle & interest i do eventually one day move into my house to live and have 1 or 2 IP interest only loans.

    Cheers

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024
    March 16, 2009 - 4:31 am

    Switch the loan from principal & interest to interest only and utilise and 100% offset account as soon as you can.

    Richard Taylor | Australia's leading private lender

    Profile photo of coretexcoretex
    Participant
    @coretex
    Join Date: 2009
    Post Count: 25
    March 16, 2009 - 4:36 am

    is it worth switching if i most probaly be moving in as my PPOR within 2yrs?
    I definatley want my next property to be a full offset interest only

    thanks Richard

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024
    March 16, 2009 - 5:24 am

    Definately worth changing – Yes

    Richard Taylor | Australia's leading private lender

Viewing 6 posts - 1 through 6 (of 6 total)

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