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Hey duckster,
Can you explain and go into a bit more detail about "Also you may wish to nominate this PPOR to be your PPOR even though you are renting it out for up to six years to avoid any future capital gains tax."
Sounds interesting, I didn't know you could do this.
I'm not 100% sure how it works now, or with different lenders. Hopefully our more learned friends on this forum can help. When my wife and I applied for our first loan 5 years ago, only the principal borrowers credit history was checked…Not any additional borrowers. I only knew this cause a friend of mine used to work as a loans manager.
I have had two friends recently go into different Westpac branches and discuss loan options for IP's. On both occasions they ended up trying to get talked out of the idea of buying another property and got the hard sell on creating share portfolios. Banks just love to push their own products and the workers are just out to meet their current KPI's for their annual bonus'
I'm a big bank hater!
Good question. I would also like to know about the depreciation schedule. I also agree with fWord. And moving back into your parents rent free for a while would be a financial blessing. Interest only loan with offset account sounds great. I'm in a similar situation to yourself and planning to do the same, but still just learning the ropes and reading as much as I can first. I am only looking at a positively geared properties too.
That's a great help guys thanx!
Cameron
