JacM wrote:
Be careful, I'm certain I read somewhere that you can only claim expenses if the asset earned an income of some sort in the same financial year.  Look into it.  If you find this to be true, then if you have to, rent the place out for a week for a dollar.

That makes sense I suppose, I hadn't thought of that. Thanks!I think a one d…[Read more]

number 8 wrote:
The ATO are real people, there do have laws to go by that are often grey…….. You will need to keep the deductions real… They may also classify otherwise typical expenses (not improvements) as part of the cost base due to it be that way when purchased. I would err on the conservative side on this o…[Read more]

Dan_ wrote:

benno79 wrote:
Dan,I found myself in a very similar situation recently – I am also with St George.I asked my broker to explain and they told me this:"I/O payments are always based on the loan balance, regardless of the offset balance.

 Thanks for the response, however every month my loan balance is reducing due to the cash in my…[Read more]

Dan,I found myself in a very similar situation recently – I am also with St George.I asked my broker to explain and they told me this:"I/O payments are always based on the loan balance, regardless of the offset balance. Effectively this means when you have cash sitting in offset, the “interest only” payments that are automatically debited fro…[Read more]

I think Newcomb and some parts of Whittington have better scope for growth and thats where I'd be looking.

I know those areas but don't have a great feel for prices there. I would say Corio and Norlane prices are going to be pretty flat over the years as it is a less desirable area.Are you looking at an IP or PPOR?

I know some areas of Geelong quite well as we bought there recently.A couple of examples:Quoted $330k+. Sold for $370kQuoted mid 3's. Sold for $430kQuoted around $400k, sold for $435kGenerally if you are prepared to pay 10-15% above the quoted price, you should be in the game. Some agents quote prices more accurately than others of course.I…[Read more]

Kennyjaiz wrote:
The "love and affection transfer" portion is really to minimise the Stamp Duty payable, when changing the title deed. If the point of the exercise is to maximise the tax deductibility in the future, then it will depend on the partner/wife's ability to get a loan to refinance the property. Since we are talking about disposing a…[Read more]

Mr5o1 wrote:

terryod wrote:
I have a similar question, a friend of mine moved out of his principal place of residence and moved into a new house. He has been negative gearing the first property since moving out. I said this is not right and he maybget hit by the ATO if he gets audited. Can som on let me know what the go is here?

Terryod: it…[Read more]

You could 'sell' the 470k property to your wife under a 'love and affection transfer'. The funds raised can then be used for whatever you like – ie offsetting your 600k place.The house that becomes an IP will then have a larger amount owing (since you've borrowed against the equity of this house to 'buy' it off your wife) and be better setup for…[Read more]

HI sorry to hear your having trouble with the noise. I know exactly how you feel as we live on a main road and it feels like you never have a moment of peace.Have you considered having secondary double glazed windows? These are a separate window that is installed behind the external window. We  fitted it to our bedroom and it works a treat.  W…[Read more]

DWolfe,Send me a PM and we can exhange info on Geelong region. There is a wide variety of demographics in Geelong so it depends what you want to cater for.  I think Nth Geelong has good potential as it has its own train station on the Melb line and borders some nice suburbs to the South. Geelong West is very popular but maybe the boat has already…[Read more]

DWolfe wrote:
Well FWord, now I know who I am fighting it out with in Croydon, Mooroolbark and Lilydale. (As well as all the FHB who will pay ANY price)I also like Mitcham an Nunawading. I like Carrum and Wantirna South as well. I like Geelong too but I haven't started looking properly yet.Sorry I forgot the WA ones East Vic Park and Belmont.…[Read more]

Thanks Terry for the info.The section 32 shows a series of deeds dating back to ~ 1930's so that aspect should be ok.When you say costly do you have any ballpark figure?  I have contacted my solicitor but don't think she will have the experience to handle something like this.Thanksbenno79

Thanks Mike, excellent and prompt help as always!CheersBen

Regarding the equity redraw issue you could consider doing the following: Sell your current house to your partner via a "love and affection transfer" (no stamp duty), refinance in the process and then you can use these new funds to buy another PPOR and negative gear the current house your in once you rent it out.Speak to an accountant / solicitor…[Read more]

Many thanks for your speedy and free service.Ben

Hi MM,I was in a similar position a few years ago. I had received the FHOG, then found out shortly after moving that I was being transferred overseas. I wrote a letter to the relevant government department (cant remember who) explaining my situation – they asked for proof that my circumstances had changed beyond my control. I was able to provide a…[Read more]

carlin wrote:
Thanks for the tips everyone.Going to IKEA with measurements to see what we can do. Will checkout that Antonius system Ben. Gather it was cheaper to get the doors from Stegbar.cheers,Carlin

Carlin,The Ikea doors come in one size fits all…which didn't fit what I needed!  Plus fitting sliding doors is a little tricky, especially…[Read more]

Hey Carlin,At our apartment we had a wardrobe with three hinged doors and fixed shelving / clothes rails on the inside. The third door was a hassle with two people sharing it and the fixed shelves are frustrating.I took off the doors, gutted and repainted the inside and fitted it out with the 'Antonius' wardrobe system from Ikea.  We are happy…[Read more]