Kinda surprised nobody's mentioned Bankwest's TelNet account. http://abetterdeal.com.au/TeleNet_Saver/index.asp?promoCode=ABDTSMRIN7.75%, drops to 7.25 after 12 months.

For tax purposes would one be preferable over the other?Seems more lenders provide LOC than I/O + 100% offset.

one thing I would like to add, I think things get really difficult if you redraw again… >.<… I assume at this point however one should be considering getting an entirely separate loan lol

Awesome, thanks so much again Terry.***ANSWERED*** (however un-verified by an accountant figure)Disclaimer/Warning: Errr, yeah… so while thismakes sense to me, I'm no accountant and Terry's stated the same. Anyone with a background in accounting is more than welcome to either verify or add to the reasoning in fact, I encourage someone…[Read more]

Thanks so much for your wisdom Terry,I assume you would you calculate it the same way if only the portion used for shares were going to be claimed, and the remainder not. My entire buying amount incl brokerage was 5831.90… my entire loan amount is 91k, but I had 22k redraw (69k owing). Now that I've redrawn the 5831.90, obviously my owing amount…[Read more]

Ok, so I've now redrawn 6k and bought shares with them. When push comes to shove how does one prove that any extra repayments going into the homeloan are not paying off the redrawn funds for the shares?I'm hesitant to claim the interest that the 6k is incurring (though I feel that I would be entitled to) on the basis that I don't know how to prove…[Read more]

wow. Hadn't realized this were possible. While my intention has always been to build to invest, I don't know how I can prove it, or if I've already left it too late. It'll probably be years before I can afford to build on it

Terryw wrote:
Hi CJWhy do you say that "obviously" the interest on vacant land is not deductible when it certainly can be, if you are, or intended to, own the land with investment in mind? If you borrow money to buy shares then it sounds like you are borrowing for investment purposes. Taking money from a redraw is the same as borrowing. i would…[Read more]

I do apologize as I got somewhat distracted from the original subject title of my post.There were a few questions I had about converting a property from one to the other.1.) If you buy as an IP and at a later point convert to PPoR, is the conversion process as simple as not claiming any expenses from the time you start living in it? 2.) Pretty…[Read more]

To be honest Jaffa, I don't know. I believe I misinterpreted the Concession dates, and I'm not sure they still apply today. I was hoping to run into someone else who knows about these concessions here Also, thanks LA

Also I believe that at the moment building on my Land would be getting a bit ahead of the market. My initial plan was to pay the block off within 5 years and build ~1-2 years after that.I've just been pumping any spare cash into my Mortgage, which I know isn't the most efficient way to "invest" but as it stands, it's the easiest way to save my…

Gosh I got a few big things wrong. I'm trying to find the article I read that mentioned children paying Board at home, and how the money was treated, as I recall reading something about family members in general. However I may just be dreaming.http://www.osr.qld.gov.au/taxes/duties/home_concession_may_04.shtmlI realize now that the dates are no…[Read more]

which bank/lenders offer a competitive interest rate, as well as a 100% offset loan?

Morning Lyndon,If you are currently still owing on your PPoR you may consider talking to your accountant about the ever popular "6 year rule". As of yet though, I don't know of anyone who has put this rule into practice, however I haven't been searching.It basically states that you can rent out your PPoR for a period up to 6 years, and provided…[Read more]

Thanks for the replies guys and sorry about the late one from me. Raddles- I hope to contact you soon with relevant questions, I've got to think some up lol.AmandaBS- Thanks for that, I read the article about Orion Springfield and surprisingly, for such a grand structure, this is the first I've heard of it.

SMSF = self managed super fund.

I was wondering in this situation, depending on your current financial situation and if you’re both locally available:

Using Wanelad’s option of splitting the loan, if both Father and Daughter moved into the house until it could be deemed PPoR for both, then the Father moves out and “rents” his portion to his Daughter, could the Father treat it…[Read more]

I couldn’t find it at the ATO site, but I did find this from the FHOG site.

How long must I reside in the property for it to be my principal place of residence?

* If you have entered into an eligible transaction prior to 1 January 2004, there is no minimum period that you are required to live in the property to maintain your grant eligibility.…[Read more]

Sorry to dredge up an old thread, and I know that it has been answered before but I can’t find that thread, but how long (in QLD) do you have to live in the home for it to be PPoR labelable

I live in the city and am very interested in any existing or potential groups/gatherings. I haven’t much to contribute at the moment but I’ll have heaps of questions