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Thanks Terry, Tom
There may have been some withdrawals. I have to go back and find the statements :-(
I have to find an Accountant who can help this.Speak to a property accountat to make sure you get the proper tax deductions you are entitled to. Also check to see if you need to get a valuation on the property for when you later sell (for CGT purposes). If you do not buy another PPOR you can use the 6yr rule where you don’t have to pay CGT.
Are they different to a general tax accountant? Who do they normally charge? Are there any tips/advice to find a good one?
I have noted that mostly this complex is rentals. Infact I havent met anyone who is a owner living in my block. We used to rent in the same apartment before deciding to buy here (mainly because we didnt know any other place, first home owner grant was running out and wanted to own something instead of just renting)
I kind of feel the onsite guys are pretty straight forward and no mucking around. and get some confidence that house will get rented without any dramas. I will call a few agencies around and check their rates anyway and if there isnt a lot of difference, I will probably go with the onsite guys.Thank you everyone for suggestions.
Thats one less piece to solve in the puzzle I have before me :-) More questions are unravelling as I think about buying or renting my next property.Hi appg2,
Well done for thinking of these kinds of things while still young. I would say first do a bunch of learning re property – it can be a good friend if you treat it right. Take a look at the link below as a “get up to speed quickly” reference.https://www.propertyinvesting.com/forums/general-property/4349450
Stick around, ask more questions. You are in good shape. First though, after reading through the posts in that link, consider setting up an Offset account against your current home loan. If it later becomes a rental, you will thank me. If not, it won’t hurt you anyway. Stay in touch,
Benny
Thanks for the links Benny. I will go through them and start making some plans and share my plan to you guys and get some feedback.
Good advice on the offset and luckily I got it when buying 2 years ago and ever since have been 100% offset. Well almost. I refinanced one after buying the property to get a really low rate with a broker that was advertised as 100% offset. However after finishing settlement, I open the bank login, I see only one account and then he tells me it is 100% redraw offset where everything is one link. Anyway, have moved on to nab now with 100% offset. I have a finance question related to that I will ask in finance area to be more relevant.Now I will go to the link and do some reading.
Hi appg2
…..
The income you get from a property .. unless you sell it .. is additional to your salary and provides an ongoing fallback. The equity you get from your property can be a major help in all sorts of future situations .. you dont HAVE to dip into it .. but if you want to you can.
….
Hi xdrew, I definitely wont sell the property now as it hasnt appreciated more than 10-15K in 2 years. Rental income will be decent to cover the loan cost and expenses. So I guess I can just let it be and see how long I can keep it.
Thanks for encouraging to try different things. I need build my confidence up to try any of those and hopefully I do it soon before its too many years late and I ask myself the same question again.
Hi
You have a lot to think about. You are in a good position, have a good asset. What city?I think you need to put your family first, Get the happy home and invest from there.
Things to consider
1) Do you have to go your PPOR so high? Could you find an area closer to 600K, don’t get to caught up with status
2) Could you get your apartment valued so at least you know your equity level to perhaps assist with borrowing….ad could you refinance it and access equity and turn it to a rental? I would be reluctant to sell if I didn’t have to
3) Interests rates low and the market could significantly move in the time it takes to save what you wantLots more knowledgeable people here can assist with much more, but I think it is more of a lifestyle decision for your family.
Wish you the best
sportz43, Thank you for the suggestions.
Sorry forgot to mention the name of the city. I live in Brisbane.One problem I should have mentioned is that I dont know many suburbs in Brisbane even though I have lived here for 2 years :-( I havent started looking seriously as there were a thousand questions in my head. Maybe there is some gold available close to 600k. I will do some more research and see if I can find a good place in a good suburb
I have taken interest only loan with LVR 80% and 100% offset. If my understanding is correct, there is no equity as I haven’t paid any principal. I refinanced a year ago and the going prices in my complex has been close to what I refinanced. So I am not sure how much I would get. But will definitely consider that before applying for next home loan.
