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Thank you for the quick replies guys, any good recommendations who will look after ACT property?
What format does the report come in?
Booklet, pdf etc?
Wouldn't mind paying abit for this report.
Apart from having more for the initial deposit, what other advantages would taking a personal loan out before applying for a mortgate create.
Also what disadvantages? – I know there is probably more cons than there are pros in this case.
Would love to hear your opinions
Thanks Number 8. Sounds like you did real well on that purchase. So what you are saying is you actually opened up a credit card account and used it as a deposit for your third IP?
Was the interest lower on your CC than it was on the mortgage?
Or am I missing something?
That's great information Matt. Thanks for your help on this.
I played both the 101 and 102 electronic versions on computer a while ago. I bought it off ebay for about 8 bux or something (Im sure you can still get it). It's a dodgy copied version but works a treat.
I found the game quite basic and only lasted me a week or so before it got boring. You dont have to do much to get out of the rat race as RK makes it sound in his books.
Its worth a go though. Heaps of fun the first few rounds.
Didn't really learn much from it tbh.
Thanks for the info guys. You are always great help.
Would it be best for me to rush in before the government grants expire? Or would it be best to wait until my default has cleared (March next year) from my file before applying for a loan.
I know this has probably been talked about in earlier posts somewhere, but what are the current government grants available and what are the deadlines.
Thanks heaps!
Hi Guys,
Sorry to go slightly off topic here, I posted something similar yesterday but haven't got the answer to yet.
Which would be the better option though. If you are using the property for investing purposes but had to live in it for 12 months, you are losing out on 12 months rental income plus all your tax deductions.
Would it be worth it going through all of this just to receive the FHOG, Stamp duty concession and if still eligible the FHOB??
Or would you rather not live in it at all and use the property as IP from day 1, start receiving rental income and all your tax benefits??
Cheers.
Qlds007 wrote:2) If you intend to purchase a new PPOR next year then you do not want to pay down the current loan and I woul dbe switching it to an interest only loan with 100% offset account linked to it now.
Just a quick question regarding the above, why is it recommended to have a 100% offset account against the IP when you are paying IO. If your salary is going straight to the offset account does this not minimise your tax deductions?
Sorry if this is a sily question, I just can't get my head around why the offset is required for the IP. Is there another purpose for the offset account?
The one I have and reading through for the second time now is one most of you may be aware of.
"How to legally reduce your tax" by Tony Melvin and Ed Chan
Hello everyone,
First of all thank you all for replying.
hleung – I have not gone to see my bank as yet but figured I should seek some answers to the many questions I have about investing in property before making any appointments with anyone ( So I started here ). With the amount I'm planning to borrow ($150k) I think a unit would be most suitable at this stage. I have not done much research on which area as yet but I'm leaning more towards maybe the surrounding suburbs of Campbelltown-Liverpool (there are some good apartments within this price range).
Richard – The idea of borrowing against my family home brings shivers down the spine of my parents. They do not believe in the idea of "good debt". It would be great if I could borrow against my family home and use a LOC to manage and purchase a few IP but that just won't happen.
I want to get into property for the long term benefits (growth) and also to have a secure income in the short term will be the biggest bonus of all. As I am still living at home with the oldies, I want to make the most of my time here… ha ha!
Do you think it is possible to have +ve CF properties within this price range.
Who is the best person I should be speaking to about making my next step? – Applying for a home loan and then looking for a property.
