Hi Tony

There's a group of property investors that meet up at the Civic library once a month – you might get something out of attending. I went once to check it out – seemed ok.

Cheers

Jamie

Hiya

I've never seen a property in oz for that cheap.

Check our realestate.com and set a filter for that price range and land size.

Cheers

Jamie

Hiya Tony

Welcome aboard It's always good to see another Canberran on the forum. We're not related are we???

Have you checked out the ABS for stats on jobs, etc?

With the deposits question – you don't need to come up with 20%

You can still get away with as little as a 5% deposit for IP purchases. Sure it will incur some mortgage insurance,…[Read more]

Talk to an accountant but I'd use the LOC to cover all IP related costs.'

Cheers

Jamie

Hi Jesse

Welcome aboard

As a start, continue to read up and educate yourself about property investing. There's plenty of free/cheap resources out there – including forums like this. 

There's lots of books too. Here's a sticky thread on recommended reading – https://www.propertyinvesting.com/forums/community/heads-up/6845

A good finance person…[Read more]

It's not ideal.

When you move into the IP – technically you won't be able to claim the entire debt against your new IP (previous PPOR) because a portion of the loan was redrawn to fund the deposit/costs on the new PPOR.

Best to seek advice from an accountant – they might be able to apportion debt so you can still claim something.

Cheers

Jamie

preethy10 wrote:
Thanks for your comments.
Jamie and Richard; I wanted to check if i can access equity to buy an IP for ~200K.

Unfortunately; we were completely new when we entered the Oz market and we ended up cross collateralising… So i have to also see how i can Un-cross collateralise(if there is such a word;))

Cheers
Preethy 

Don't…[Read more]

Hi Liz

Welcome aboard

I wouldn't invest in a property primary to reduce your taxable income – it's a flawed concept. It means you need to spend $1 to get back 40 cents.

Instead, I'd only treat any tax concessions associated with property investment as a bonus – and focus more so on purchasing the right property that fits in with your longer…[Read more]

Hiya

I'd just compare apples with apples. A loan under the b/free package is pretty straight forward – there's a nil app fee and an ongoing annual fee of $375. 

Most lenders offering these sort of pro packs have similar fee structures – a nil (or low) app fee followed by an annual fee of around $350 to $395.

Look at a few different options and…[Read more]

My wife manages most of ours and does a good job. She's proactive, personable and has a good understanding of tenancy laws.

She only does it due to the hassle we had with previous PMs not doing a very good job.

Self managing is doable – but you need to treat it like a business. Otherwise, you're better off using a good PM (they can just be hard…[Read more]

Hiya

The comparison rates gives you a better idea of the true cost of the loan. It factors in the rate, fees, charges, etc.

Sounds like you're not too comfortable in dealing with your current broker. Trust is key – if you don't feel you have it, then perhaps look for another.

Cheers

Jamie

Mark Coburn wrote:
Bamboo is very hard wearing, but it hates water, warning!

Yep, that would be the biggest issues with having bamboo in an IP.

We have it in our PPOR – in the kitchen area. Even with being extra careful, it's inevitable that some water hits the floor – and we make sure to dry it up as quickly as possible. Some tenants won't…[Read more]

MelbInvester wrote:
HI All,

   I have put 260K offer and agent think this is mistake? What do you think?

Good for him/her. Tell them to present it to the seller and see what they say.

Cheers

Jamie

Hiya

It's a tough question to answer without knowing how your portfolio is actually structured.

When properties aren't crossed – it's generally a matter of getting a valution carried out on a property and if there's sufficient equity, you can access it.

With crossed collaterised properties – you usually have to get the entire portfolio revalued…[Read more]

Hi Sharyn

Welcome aboard

There are a few mentorship type service that you pay a fee for. 

There's also plenty of free information/resources such as this forum. If you're willing to put in the time/effort to learn – you shouldn't need to spend too much at all.

What are you aiming to get out of a mentor?

Cheers

Jamie

Catalyst wrote:

Jamie M wrote:
I would have thought there would be less taxation implications with that approach rather than paying the rent into an IP LOC.

Cheers

Jamie

Why? Rent goes in, bills, interest comes out. I would have thought that was pretty standard. I have a LOC that I use in that way. It stays at pretty much zero all the…[Read more]

Yeah shouldn't be a problem – I would have thought there would be less taxation implications with that approach rather than paying the rent into an IP LOC.

Cheers

Jamie

I can't think of any in SA either-  I might be able to dig out a conveyancer contact that some of my clients have used if that helps?

Cheers

Jamie

I quite like Advantedge (well most of the time – I have had my share of hassles with them but that applies to all banks). If they just offered an offset they'd see more business….but from reports, they're getting plenty of business anyway.

Cheers

Jamie

PLC wrote:

Standard investment loan structuring 101.

Cheers

Tom

You're right – it really isn't rocket science. It baffles me how the majority of loan writers (brokers and bankers) can't grasp this simple concept – or maybe their just being lazy. Oh well – keeps us in a job

Cheers

Jamie