Forum Replies Created
Catalyst,
My LOC of credit isn’t contaminated as I ensure its only used for investment purposes, I have my income go into another account and then distributed to the LOC, as you a are aware CBA don’t have a fully transactional offset account.
I called the bank today and they said that they would charge me $95 to set up a fully transactional offset, following up with “we have a special in place, and we can turn your current non offset account into a fully transactional account”, AHH love the banks!So I now have a fully transactional offset account linked to one of my I.P,s( my old PPOF) and will have rents and outgoings transact through this account, quite simple a simple process, I think.
We are currently renting interstate so this seems like the best way forward for us
CheersSame boat here
Prefer someone with alot of property audit experience.
Am currently in Perth but ok to work remotely
Advice appreciated
Cheers
Derek
north of the river
Why are there only 2 lmi providers?
Thanks Richard is there a scenario you can paint for me 2 new properties at 350 k I am able to put 60k of my own money towards the purchase of the Ip,s, my current income is over the 200k mark pa, lvr on other Ip,s 78% value of props 890k.total rents 800pw no other debts 3 dependants, have a cba pack.
Richard,
I am glad i read this post, i currently have all of the esuper material at home ready to sign and send back.
i would like to purchase another property via a SMSF but have also been told that I cannot construct say a house and land package in the arrangement.
I have been on the Esuper website whereby you are directed to a St George calculator and given the correct LVR,s of 72 % . IR of around 6.45%. But you are only able to apply via SG which is ok, as Esuper track all of your transactions, for audit purposes.
For zero outlay they seem ok and set up the SMSF quite well.
I guess my underlying question is how are you able to purchase say a block of land, build, rent it out or sell under the SMSF legislation, especially when the ATO forbids it. I would suggest that the structures of trusts really come into play? If so I would love the run down on the structure, and if it works out replicate the same strategy.
My other issue is that all of the lenders are quite quoy about their SMSF lending facilities, so I would be interested to see if the above rates are competiitve?
I would also be interested in hearing of others strategy in SMSF real estate to gain the maximum leverage out of the system, as I only have around 150k invested in super, so I would like a strategy whereby i can gain at least a couple of properties.
Regards
Scott,
Are you able to clarify?
Selling my other IP,s to then invest in a SMSF?
Thanks Shahin,
I agree diversification is the key, thanks for your advice.
I have a strong holding of shares and in both my managed funds and super account, so I feel as though i am covered here.
My underlying question is whether its better to accumulate real estate outside of superannuation, i suspect its easier to accumulate outside of super?
Regards
Terry,
Agreed on the income for the wife, as the major breadwinner are we not better off having the interest deductions in my name, thus reducing my taxable income?
Keeping the emotion out of investing the managed funds have not performed that well over the last 5 years, so I am dollar cost averaging additonal funds into the managed fund so that I may have some benefit out of it in a few years.
I have also looked at offloading the funds,maybe not all but thus improving my LVR and buying either another IP or PPOR.
I would take a small hit but would certainly make some gains down the track with more real estate.
The more I invest and the older I get I believe that real estate is the only tried and true investment model.
In my experience the income generated from housing seems to far outway managed funds etc, although in fairness the GFC has been a contributing factor in the returns of the managed funds.
Terry,
My wife has no income, I am currently looking at swapping the funds into my name only.
Regards
Terry,
My wife has no income, I am currently looking at swapping the funds into my name only.
Regards
Thanks Shahin,
Getting the LOC back to zero is my main priority so I can utilize this facility for future deposits/ fees etc.
Its just easier to have all transactions such as insurances, income,rates etc come out of the one account and the LOC is the best option for me as I like to use the KISS, keep it simple stupid method. LOC is at 6%.
All of the other loans are stand alone, investment, managed funds, and soon to be completed IP.
Would the CBA still drop the rate even though I have taken the wealth package?
Cheers
