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Jamie Moore
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@jamie-m
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November 8, 2011 - 10:59 am
Which lender are you going with? If they allow the broker to order valuations upfront then that can speed the process up. As soon as your offer is accepted – they can hit submit on the val order.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
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Jamie Moore
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November 7, 2011 - 9:37 pm
Hi ZXTC
You will be able to claim interest on the $160k loan because it's the loan attached to your IP.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
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Jamie Moore
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November 7, 2011 - 9:35 pm
Hi Dennis
Go to as many open houses as possible before purchasing. That way, you'll get a better idea of how the market is performing and also get used to the interactions between agents.
Work with a good broker/banker that will help you through the process, explain everything clearly and be available to help with any questions you have.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
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Jamie Moore
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November 7, 2011 - 9:39 am
jkl999 wrote:
Im debating forgoing looking for a step up property and rather look at a couple of investment units.
It can be a pretty good option. Without knowing anything about your financial situation – upgrading to a new PPOR now may reduce your borrowing capacity and effect the ability to invest elsewhere.
If you invest your current equity wisely – you might be able to achieve the best of both worlds in the future (a few IPs and a new PPOR).
Are you looking to purchase locally?
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
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Jamie Moore
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November 6, 2011 - 6:35 am
jkl999 wrote:
Thanks Jamie
hmmm yeah I guess we are stuck with not being able to claim…..I will have to have a chat to someone local about spousal and trusts costs…
Perhaps we could/should buy the new PPOR rather as a investment property (rent it for 12 months minimum) and then reevaluate the market (which seems to be toward the buyers right now)..perhaps the market picks up and we sell the our main PPOR and move into the new PPOR once the lease is expired.
I guess this way we could claim on the loan…oh but what about CGT if we did this…?
TIA
No worries.
I'm not an accountant but I'd assume that if rented out for the first year and then it became your PPOR after that – then any CGT would be applicable to the first year of it being an IP…..I'd get confirmation from an accountant though….and if it were the case, I'd also make sure I got a valuation done after the first year so you know exactly how much CGT you'd be up for.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
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Jamie Moore
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November 6, 2011 - 4:53 am
Hi there
Did you use a solicitor/conveyancer when paying your 10% deposit and exchanging contracts? If so, I'd be going straight to them for advice.
Generally, you can claim the interest on borrowed funds that are being used towards purchasing an investment – this isn't the case with cash savings.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
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Jamie Moore
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November 6, 2011 - 4:49 am
A simple excel spreadsheet does the track for me.
No need to complicate things – I've just set up a tab for each property and track income/expenses once a month.
Takes 10 minutes each month.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
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Jamie Moore
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November 6, 2011 - 4:48 am
Hi and welcome to the forum.
The main issue with this approach is that you won't have any interest to claim on your IP because you've paid the loan off.
You could look at selling to a trust or a spousal sale to regear the debt but both options are likely to incur costs – just a matter of weighing up whether the costs are worth it.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
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Jamie Moore
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November 5, 2011 - 5:28 am
Hi there
Not sure about experience with development but I use Kelli Lawton from Cosgrave Soutter for all my IPs and business accounting.
http://www.cosgravesoutter.com.au/praxis.php/section/content/contact
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
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Jamie Moore
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November 4, 2011 - 6:02 am
wow – looks amazing. Well done!
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
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Jamie Moore
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November 4, 2011 - 4:35 am
Lefty wrote:
Hi all,
Just a question in regarding tax deductions on investment property loan. Does the ATO allow you to claim deductions on PPOR if you used cash from line credit loan to finance to deposit for the investment loan.
Lefty
As the guys have mentioned above, it's all about purpose.
That said, it's important to keep your loans structured in a manner that easily identifies deductible from non-deductible debt (which it sounds like you have with your LOC).
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
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Jamie Moore
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November 3, 2011 - 9:16 am
Hi TJ
Personally (and not everyone agrees with this approach) I prefer to live in my own house rather than rent. I also believe that the first home can be an excellent stepping stone for purchasing your first IP.
With buying your first home, you can take advantage of Govt. incentives such as the FHOG and also spend spend some time improving the property via renovations – which generally adds value which you can tap into to purchase your first IP.
You also get to enjoy the benefits of owning your own home.
Like I said – this is just my thought and others will have a different take on things.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
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Jamie Moore
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November 3, 2011 - 9:12 am
Hi Jenny
I agree – if the agent gets wind of your motivation then he/she will have the upper hand in negotiations.
I'd simply appoint another person (friend or family probably) to make the offers. You work on securing one property while they work on securing the other.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
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Jamie Moore
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Join Date: 2010
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November 2, 2011 - 11:27 pm
MrsC wrote:
Thanks for the advice. I will go with asking price only. I know that the the neighbour (other side of the duplex) viewed the property and the agent has said that they are organising finance to put in an offer. He said they are taking expressions of interest to present to bank. I just know there will be a lot of interest and offers after the 1st home open on Sunday, but i will just try get mine in early.
Tell the agent that you're finances are organised and you will be ready to exchange as soon as the valuation is complete.
Do you have to wait until the open home to place an offer? Sometimes being a little persistent can get you access to the property a little sooner
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
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Jamie Moore
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@jamie-m
Join Date: 2010
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November 2, 2011 - 11:52 am
Shape wrote:
New housing has been declining for years…nothing new
My thoughts as well….
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
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Jamie Moore
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November 2, 2011 - 11:50 am
I wouldn't offer more.
Just confidently provide your offer, pay your holding deposit and organise finance ASAP so you can quickly exchange contracts.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone Me
Mortgage Broker assisting clients Australia wide Email: [email protected]
Jamie Moore
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@jamie-m
Join Date: 2010
Post Count: 5,069
November 1, 2011 - 7:41 am
SteveMcKnight wrote:
Gee whiz, no one wants to be controversial? I guess I can delete this post if I'm wrong! – Steve
Delete Steve! I was wrong as well!
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
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Jamie Moore
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November 1, 2011 - 2:29 am
No change.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
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Jamie Moore
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@jamie-m
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October 31, 2011 - 1:01 pm
Yep I'd agree with your broker on that one.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone Me
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Jamie Moore
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@jamie-m
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Post Count: 5,069
October 30, 2011 - 7:01 am
Hi Annie
Brokers/bankers need to perform a fact find on each clients situation and be comfortable that they are not placing the applicant in a position which could place them in financial hardship which sounds like it may be the case with your friend. If she can't afford it – she shouldn't apply until she's in a position where she can.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone Me
Mortgage Broker assisting clients Australia wide Email: [email protected]