Hi Pete, Liz & Don, Thanks heaps guys. Have been to the library this morning, and armed myself with some books to hopefully educate myself with. This error we have just made doesn’t seem to have fazed hubby at all – he is excitedly looking for another house with potential. I shall keep you all posted. Happy Easter everyone!!!!!

Hi Lizard King, It turns out you are correct. I clarified with both ATO and Accountant this morning – your 12 months begins when you sign a contract to purchase a property, and ends when contract to sell is signed by both parties. (Probably to stop situations exactly like ours). Thanks heaps Lizard King.
Don & Liz, I accept your great advice, and…[Read more]

Hi Don, Liz & Pete, Thank You each of you for your advice. After listening to you all, I realise we should have both researched things better, and talked to Accountant before signing anything. My late Father once said, You buy your experience throughout life – it certainly is applying to us.
Don & Liz, We have considered doing more renos in the…[Read more]

Hi again, Hutch, Thank You for your response. We hadn’t spoken to Accountant when we signed. In fact, we weren’t intending to sell house, were considering options of selling an adjoining block of land, intended to sell it and putting the proceeds into the loan, which would have left us a with a great rental home with (we expected) less than…[Read more]

Hi bmcgregor, Hubby and I are just moving out of a Caravan Hire Business we have owned for 12 years. We had a fleet of 19 Caravans. Hiring out caravans is unbelievably lucrative. We have actually purchased a Caravan for $5,000 and rented it out for years at around $70 week. Some of our caravans have made $30,000 over the time. Finance to purchase…[Read more]

Hi Simon, It is very re-assuring to hear your suggestions – I had thought along the same lines myself, reno + IP’s as we went along. It had also occurred to me – while we were doing a reno, we would have no income, hence IP’s as we could find them. Wow, you did really well with your reno Simon, that is great news!!!! Just proves we are all…[Read more]

Hi Simon, Heartening to hear your thoughts. Would you mind enlarging on the concept of also looking at IP’s as well please? Should we buy the reno out of our own money and borrow for IP’s, given our ages? A

Hi Simon, Thank You for that. We did think of doing some renovation homes and just move from one to the next as PPOR. We are in QLD, and moving to Toowoomba. Arnitrav