Hello AllMy first comment is that it's easier to criticise (and cheaper) than to create and offer such a site for others to use.Steve, thank you for offering this site. It's certainly faster and remembers me. Two positives.   Since you wanted suggestions I am contrubuting this list of some of the things that I really miss. Will add more when I c…[Read more]

Hello GlascoHow exciting to have bought your first property. Basically a depreciation schedule is a list of all the items in the property that loose value over time and will need to be replaced or redone at some stage (eg. hot water system, carpet etc.)  together with their value and how much can be written off each year. Different items have a di…[Read more]

Hello IJOWhy don't you go to a good lawyer for advise. I would. Good luckElka

May I ask what the 28 day challenge is?Thank youElka

Hello LucyNicely done. 15% shows a good saving habit though of cause I don't know over how many years.  Yes renegotiating your loan would help you reduce your repayments but then naturally your "redraw money" would no longer be available to be redrawn again. Also changing it froma PI loan (principle and interest) to an IO loan will also help in…[Read more]

Hello LucyofOz"One more question:  What if I just reversed the redraw & put the same amount of funds back on my mortgage again?  Does that mean it could then be all tax deductible?"It makes no difference to the deductible interest. It will however save you some non deductible interest being the difference between what you get for that money in th…[Read more]

Hello LucyofOz"The reason I ask ‘theoretically’ is I believe I may have inadvertently removed that option:  I redrew most of the extra repayments I had made on my mortgage because I was expecting to sell imminently & therefore figured the whole mortgage would be paid down once that happened so I might as well put my extra payments to work in ahig…[Read more]

Hello mum2 fiveIt sounds to me as if you would be better off selling the house you are currently living in if you see that the prices are going to fall due to people moving out of the area. If your planning to stay in the area and start a business why not rent for a while and see about buying again after the dust ( from those leaving    ) has se…[Read more]

Hello ChrisIf you mother in law does not understand your concept why don't you just see if she would accept/understand selling it to you on vendor finance at a friendly interest rate…. 4 – 5% may be reasonable ….  for current market value. The advantage to her would be that she would be rid of the problem and getting an income on an asset t…[Read more]

Hello Tara30I agree with both the views above. With this I mean that the PM should have asked you whether you would accept $275 before he rented it out rather than renting it for this amount and then advising you. That's standard practice and I would certainly tell him/her, in a nice way, that this is what you would like in the future.However,…[Read more]

Hello CJI don't know anything about Meadowbrook but I think just jumping in on a gut feeling without doing your DD is more like playing the lottery than investing. Gut feeling is good if everything else checks out first. Just MHO. I checked it out quickly on realcommercial.com.au and came up with 157 different properties for sale there. It lo…[Read more]

Hello zersI think it's more of a case of how long you have to live in the property to qualify for the FHOG and stamp duty reduction/exemption and this differs in each state I believe.  Someone please correct me if I am wrong.Hope this helpsElka

How much does one needs to retire on comfortably, in todays dollars, is a question that I have been mulling over for some time so last month, when I was having a meeting with my tax accountant, I asked him that question. I added that I didn't need any Mercs or BMWs but that I also didn't want to be forced to check out the specials at the…[Read more]

Hello AmandaThank you for sharing that with us. I have just taken advantage of your offer. CheersElka

Hello EmilWrapping is not my area of expertise but it seems to me as if your making it unnecessarily complicated for yourself. If the wrappee decides to get out early ( before the 12 months and/or 10% of the instalment contract price) this just means that he will get what he needs to pay you out from somewhere else (bank?). You just need to be…[Read more]

Thanks Dom. Sounds great.Cheers Elka

Hello JoelIt seems to me that to get the best of both worlds and the most flexibility you would take out an IO only loan with a 100% offset account. You would then put the extra $300, or better still, everything you earn, into this account. All your household and other expenses could be paid out of this account but while the "expense money" is…[Read more]

Hello PsychiatristWhat struck me in your first post here was not so much that you have a whinger for a tenant but that she has a real softy for a landlord. She wanted a new kitchen so you gave her one! Why? And without renegotiating a rental increase at the time? Why?You need a good PM straight away so that when you kick her out at the end of her…[Read more]

Hello DomThis is totally off topic but would you mind saying what sort of commercial property you bought (retail/office/industrial) and whether it is in a major town or rural. That's a nice return.ThanksElka

Hello HellfireWhile your at your accountants you might also like to discuss with him the ramificatiins of renting out part of your PPOR as far as CGT goes at some point in the future. It may be worth your while, depending on the size of your loan and your expectations of capital growth in the area, to live in it solo for as long as it takes you to…[Read more]