Kelly Lawton is my accountant – she's terrific.

Michael James from Trinity Law is a good conveyancer – I refer my clients to Michael and also used his for a recent PPOR purchase.

For property management it's Erik at Livein.

If you want an amazing broker in the ACT – joking

Cheers

Jamie

What Terry said.

Tax deductability is determined by purpose.

If the purpose of the loan isn't investment related (in this instance to pay down a PPOR debt) then it's not deductible.

Cheers

Jamie

Hi Peter

Save your self the hassle and contact Richard – he does these deals all the time.

Cheers

Jamie

Typical response from a lazy banker. They can't be bothered structuring the deal properly to your benefit. They just want to write the one loan and throw both properties in as collateral. I have no idea why you'd need to pay mortgage insurance – the LVR would be pretty low.

The structure you outlined is how I'd do it.

I'm not sure about that one. Issues like this can arise when properties are owned under different entities – banks do change policies.

I honestly can't see why the deal can't be structured in the way you've proposed. Did they give you the blank stare? It tends to happen in the branches.

I was in a branch not that long ago to change something with an account. The banker got excited when he saw I had a few loans with them and his first suggestion was to consolidate a non-deductible and a deductible debt so it was "less messy"! I questioned his logic given that one loan was for investment purposes and the other wasn't – all I got in return was the blank stare.

Cheers

Jamie

Hi there

Depending on the lender, a cash-out up to 90% might be possible which will give you access to about $70k.

You'll need to set the $70k cash-out up as second stand alone loan. The original $425k will be deductible, the $70k for the PPOR won't be.

Cheers

Jamie

At this stage, you need to keep it simple – I'd start with consulting any of the decent brokers on this forum to see if anything can be done.

Gibbo is right – the OTP contracts don't normally allow provisions for finance approval, it's certainly not in the developers interest to have this.

Cheers

Jamie

From a lenders point of view, it's not normally an issue having husband and wife on the app but only having one on the title.

Cheers

Jamie

Hi Rachster

Welcome aboard.

A similar thread was created not that long ago – ie. good Darwin accountant.

I'm not sure if there were any responses. If you do a search you'll be able to find it.

You can certainly use an interstate accountant. As long as you can pick up a phone and type an email – and maybe scan/fax a few things, then you have the entire country to select your accountant from.

Cheers

Jamie

You need to have confidence in the professionals that you use and it doesn't sound like your accountant has a grasp on the basics of property investing and the tax concessions associated with it.

It actually sounds like you have a better grasp on the concepts of gearing.

Mick's point above is a good one – it might be negatively geared in the short term but this will change over time as rents increase.

Cheers

Jamie

Hi and welcome to the forum.

I started in the same way most of my clients do – by saving a deposit.

In my opinion, the first property purchase is often the most difficult. Since my first purchase a while back, I've been able to use equity ever since for each subsequent purchase.

Cheers

Jamie