Thanks duckster. That was a good read.The way I see it is there is really no difference. I'm very discipline with my cash. The money I pump directly into the loan won't be taken out again unless it is used as a deposit elsewhere which as you said, would still be tax deductible.So, guess I should just go with the more basic loan and get the lower…[Read more]

Thanks. Yes but the banks take into account the current rental income and also the predicted rental income of a new place putting my annual income around 75k. I was told it’s all about being able to service the loan which I can even on a measly wage plus two IP’s.

But, I don’t intend to use what the bank has made available. I’d like to have the…[Read more]

Thanks.Anyone know of a good Accountant in the South Eastern suburbs (Melbourne) area? Even in the city as I work there.

Thanks Michael. Your help has been great.I actually made a mistake. I took another look at the plans last night and realised that the difference in size is actually 80m2 and not 30m2 like I originally mentioned. Block 1 is 570m2 and block 2 is 650m2. The easement is 3m.Would this change anything? As I've said above, main concern is that once a…[Read more]

Thanks Michael.I'll be working on it so hopefully under the 150k mark. With the land valued at around 180k (smaller land), it should consist of more than 50% of the total cost.I want to start again straight away. Whether that is going for a new rental again or purchasing an already established rental, the sooner the better so a re-valuation will…[Read more]

Thanks Michael.I should have mentioned this earlier but land is actually valued at about $30,000 more than those values. That's just my portion that I am taking but it's still $15,000 I suppose.What you have said has all made sense so far. That extra 15k could effectively be a deposit elsewhere. You just don't see it like that when considering a…[Read more]

Thanks Michael.Smaller block with easement is $145,000. Larger with no easement is $160,000.New Estate so all blcoks are vacant at the moment. They all went on the market (22 blocks) and sold out within a week so the popularity is there.For the short term, no chance of dual occupancy so only single for now.

Thanks.How about property value? Would it influence that because equity in this will play a big part in my next purchase.As I said all along though, don't plan to sell for a while. Won't redevelop as units as it's an Estate and not allowed. Keeping long term as a 4 bedroom house as I know it will last.I can't remember how big the easement is. I…[Read more]

Yeah, thanks.Personally, I'm not in it for a quick buck. This property will be kept for a long time (hopefully) because I know how good the builder so I know this property will be very sound and not have the associated problems that come with a cheaply built property.I guess everyone is right in regards to that if it works financially, why not do…[Read more]

Oh yeah, I'm very positive. If all goes according to plan, I should be able to go right into buying another property based on the instant equity the property will give me. I got a discount on the land and a relative is a builder and I'll behelping so the house should be a lot cheaper to erect also.My main concern was I was wondering if anyone had…[Read more]

I'm thinking that is the way I need to go. Look for the cheapest property just to get me started. I know once I start I'll be hooked and it'll get easier and easier.What do people think of Pakenham? 1 hour East of Melbourne.I've been told that I might be able to get a cheaper property down there and with the new Pakenham bypass opened, maybe that…[Read more]

Thank you everyone for your insights. I guess I'm having trouble because like everyone says, the first one is the hardest.I just want to make the most of moving back into home. My biggest hurdle now which I have to work through myself is what is feasible for my situation. How much I want to spend? What type of loan can I service, etc.Up until now…[Read more]

Thanks for the replies.I do tend to agree with the sentiments above. After posting I just did a bit of research on the internet and I've been reading the same thing so I've kind of cooled on the student accommodation.Also, not jumping into PI just because. It's all a long term goal and something I've been looking at for over a year now. I plan to…[Read more]

Thank you for the replies.My biggest problem is the initial outlay. I'd love to buy a house on land around the suburbs but the cost of doing that for someone like me is too great. The reason I was looking at apartments was because of the smaller inital outlay.I understand that these inner suburban apartments/student apartments may not appreciate…[Read more]