Got to love dealing with bureaucracy – call them asap. The earlier you call the ATO in the morning the less time you have to wait listening to elevator music.

Best of luck

Jamie

Hi Scotty

Welcome to the forum.

You’re on the right track – and the book from Lomas that Blair mentioned is a good resource. If it helps, I’ve got a list of links that may be handy for carrying out research – http://www.passgo.com.au/property-data-websites

All the best

Jamie

Hi Benji Beane

Thanks for sharing.

Is this company that you mention calling themselves a “brokers agent” by any chance? I’m just curious because there’s another interesting thread on the topic at present – it also involved an agent charging a $4k upfront fee for sourcing a loan.

Cheers

Jamie

Extremely unlikely. Most loans are refinanced/paid out within a much shorter space of time. Also, in general, if a loan is refinanced/repaid within the first 18 months the lender will claw back some (if not all) of the brokers commission (something most people don’t realise).

$4k upfront! I don’t think I need to say more. Yes, the rebated trail commission sounds enticing – but like Richard said, that’s going to take a long, long time to make up that initial $4k. Also, that diagram on the website is incorrect – the borrower doesn’t pay the brokers monthly trail.

This comment is an insulting generalisation. I don’t know of any broker that would suggest one product over another purely based on receiving more commission. Besides, if you looked at the commissions paid by lenders they don’t vary all that much (and if anything, they continue to be reduced). The ones that pay highest are the lenders dealing in the sub-prime space (impaired credit history, etc).

Personally, I can’t see it working. If it does – I’ll become a “borrowers agent” tomorrow – I could only dream of getting a $4k upfront commission for writing a $400k loan. I also wouldn’t have to worry about the $4k being clawed back within the first 18 months of the loan.

Cheers

Jamie

Hi Vanessa

No worries at all.

Good work with the research, you’ve clearly carried out some due diligence on the area.

Perhaps start a new thread on Campbeltown – you’ll likely get some opinions from those who have invested in the area.

Stick around and keep asking questions – there are a lot of helpful/knowledgeable folk on here that are happy to help.

Cheers

Jamie

Will the new floorboards result in a higher sale? Will the anticipated sale price justify the costs (both time and monetary) of laying the floorboards? If the lino looks similar (and seems new) then I’d be tempted to leave it. At the end of the day, it all comes down to the numbers.

Cheers

Jamie

So that’s the secret…..

Response of the week Gave me a chuckle.

Cheers

Jamie

Hi Stoj

Welcome to the forum.

Firstly, the primary aim of the game shouldn’t be to offset tax. The tax benefits associated with owning an investment property are nice – but should not be the main reason for investing.

In order to fund your purchase, you could do what Luke has mentioned. Top-up your loan with CBA – this will provide the 20% deposit plus purchasing costs. You would then organise a loan for the remaining 80%. This way, you’re keeping both properties seperate (ie. your PPOR is not securing your IP).

Cheers

Jamie

It could also possibly indicate that the area has made it’s run. The growth figures look impressive but the area is coming of a relatively low base – so even a small increase year to year can make the percentages look good.

Cheers

Jamie