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  • Profile photo of bmulrooneybmulrooney
    Participant
    @bmulrooney
    Join Date: 2004
    Post Count: 5
    June 23, 2004 - 12:01 pm

    Mel,

    Sorry not thinking at the moment. Yes I have researched through various agents received the same figures. Thanks again for your feedback, I will know where to go next time ;-)

    Profile photo of bmulrooneybmulrooney
    Participant
    @bmulrooney
    Join Date: 2004
    Post Count: 5
    June 23, 2004 - 11:57 am

    MR ECCENTRIC,

    My intention was not to affect my cashflow by servicing the loan via my own income. Rather I would service the loan from the 100K only while the IP is being built and then when rented, tenants would take over loan payments.

    Currently we have two incomes but wife is due in Sept (and wil not return to work)therefore we do not want to impact cashflow. We are using a registered builder.

    Does this make sense? or is there a better way?

    Profile photo of bmulrooneybmulrooney
    Participant
    @bmulrooney
    Join Date: 2004
    Post Count: 5
    June 23, 2004 - 11:34 am

    Hi Melbear,

    Thanks for your encouraging reply. Nice not to get grilled on my very first post.

    Yes the property will be brand new (currently building) and is in Sanctuary Lakes Resort (golf course development near Melbourne) have you heard of it?

    Could you clarify your reference to the figure of $5000, is this amount significant to tax?

    I also work for a bank therefore receive a discounted rate (sucks doesnt it), but you are correct, I am not in it for the tax benefits but as there was no information relating to tax benefits I was a little wary.

    Thanks again.

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