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  • Profile photo of DamonDamon
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    @damon
    Join Date: 2002
    Post Count: 7
    December 3, 2003 - 4:33 am

    Thanks guys, been a great help! [:D]

    Profile photo of DamonDamon
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    @damon
    Join Date: 2002
    Post Count: 7
    December 2, 2003 - 2:24 am

    Agreed, I will need a savvy accountant.

    I live in Adelaide, do you know of good ones here?

    Cheers

    Damon

    Profile photo of DamonDamon
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    @damon
    Join Date: 2002
    Post Count: 7
    December 2, 2003 - 1:56 am

    Ok, it seems I have a problem.

    Ay ideas on what I should do? (I will be seeing an accountant before I do anything)

    What if I skip payments on my current loan? Since I have an extra 15K in the loan, I may be able to skip payments on the loan for a long period. I can then pay all money I would normally put into the loan into the ING account.
    Would the interest on the entire loan still be tax deductable?

    Basically, I need a way of transferring that extra money out of the PPOR loan, but still being able to claim the interest on the entire loan once it becomes an IP.

    [:D]

    Profile photo of DamonDamon
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    @damon
    Join Date: 2002
    Post Count: 7
    December 2, 2003 - 1:09 am

    Thanks All!

    MH, when I say pull all the equity out of my current loan, I guess I really mean, redrawing the extra repayments I have put into the loan, which will not change the loan. Am I right in saying there is a difference between redrawing equity and redrawing extra repayments?

    So, essentially I will just be redrawing from the current loan.
    Will the loan still be fully tax deductable when PPOR#1 changes to an IP?

    Will the tax man say “Hey, whats this 15K you’ve redrawed a year ago?” once the property becomes an IP?

    Thanks again

    Profile photo of DamonDamon
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    @damon
    Join Date: 2002
    Post Count: 7
    February 5, 2003 - 2:23 am

    Hi Keith

    And a big “Hi” to everyone on this forum! Long time reader, first time poster…I feel like I know you guys already :)

    The quote from your post looks very similar to the recent contract I received from a company marketing serviced apartments(e.g. guaranteed returns, depreciation etc etc.

    I’m still yet to buy my first investment property (probably end of this year), but after immersing myself in the loads of info out there, it seems as though the returns on the investment really dont add up when you take into consideration the amount of cash you have to outlay….Sure, they offer you 2 weeks free accomadation a year etc and guaranteed returns for 5 to 10 years, but looking closer at the contract there seem to be too many middle men taking their cut so I’m sure investors could do better elsewhere….correct me if i’m wrong anyone out there who has successfully invested in serviced apartments…

    I tend to agree with Sooshie, walk away and look for a better deal…

    Cheers

    Damon

    btw anyone from s.a. on the forum?

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