Call you conveyancer/solicitor ASAP. If contracts have exchanged I’d assume you’d be entitled to some form of compensation. However, developers can often work anything into a contract – so get in touch with the experts and seek advice.

Cheers

Jamie

No worries Scotty – I hope it helps.

It’s hard to put a figure on it – and it’s obviously dependent on the age of the property. I usually account for $600 p.a per IP. Some I rarely spend money on – one in particular (an older property) has already blown it’s maintenance budget this year

Cheers

Jamie

Hi Wickl

Congrats on the settlement.

1. Yes – take it out. It’s a deductible expense that provides peace of mind. Try Real Insurance, ING, Terri Scheer. Also do a search on here – others will recommend more.
2. Get advice from an accountant – some may be depreciable during the time it’s an IP
3. Sounds good to me. In the ACT you’d likely be paying at least 8% + GST
4. Checkout the tenancy laws in your state. A lot will come down to whether it’s a fixed or periodic lease (the latter is more flexible)
5. I would – with an offset attached. Start using the offset once it becomes a PPOR
6. Celebrate – well done

Cheers

Jamie

Hi Broke Investor

Are their public transport options nearby? Do you suspect that the rental market your targeting would prefer a car space? If so, you’ll be restricting yourself to a small pool of tenants without vehicles (students come to mind).

Also, the next person to purchase the property after you is likely to have similar reservations – this could have an effect on capital growth.

There was a similar thread recently – I carried out a quick search but couldn’t find it (you might have better luck).

Cheers

Jamie

Hi Icg1977

Welcome to the forum

Can’t you just hang tight for one more month?

You’re best bet is to contact the SRO – but I’m sure you already know what they’ll say.

Cheers

Jamie

I would have thought that the accountant that submitted the PAYG variation would have asked about the title details before submitting the form? As Terryw mentioned, you might be in a position where you have to pay back tax.

Cheers

Jamie

Hi Mark

I was looking into Nowra mid last year – there were some good posts from Devo (I think that was the username) on the area.

I’m not 100% sure if Nerriga road is complete yet. You’d have to suss that one out.

Best of luck with whichever option you choose.

Cheers

Jamie

Hi

Welcome to the forum.

There’s been a few posts about Destiny and Margaret Lomas of late. If you do a search you’ll find a fair bit of info.

Cheers

Jamie

That would be the first place I’d be looking.

What are comparable properties in the area renting for? How long have they been on the market for?

Can you provide a point of difference such as allowing pets?

I suspect your problem stems from the price you’ve got it listed at. As others have mentioned – your repayments, etc have no bearing on the rent that should be charged. That’s determined by the market – the market is telling you that the property is either priced to high, is not appealing or both.

Cheers

Jamie

Hi Scotty

One method that I like is purchasing a PPOR at the beginning. Something that can be renovated to add value (it doesn’t need to be a major overhaul) – it’s amazing how much value simple renovations such as new paint/flooring/refaced kitchen can add.

After you’ve carried out some renos – have the property revalued by the lender. If it’s gone up, tap into the equity and use it as a deposit and purchasing costs towards your first IP.

It’s not just the FHOG you’ll be able to benefit from, there’s generally stamp duty concessions for first home buyers in each state as well.

Also, your PPOR won’t attract CGT in the event if you sell. There’s also the stability aspect of owning a PPOR as opposed to renting.

Just my 2 cents. I’m sure others will have varying opinions.

Cheers

Jamie