Jaxon wrote:

5. rinse and repeat

Not as easy as it once was in the post APRA world of investing :-(

Especially if on a low/average income.

Cheers

Jamie

Hi Case07

Best bet is to get Richard to sort it out for you – he does this stuff everyday of the week and has already provided some excellent input.

Cheers

Jamie

Mon wrote:

Would Melbourne still be a good place to invest compared to Canberra?

Hiya

It’s impossible to answer without a crystal ball :-)

Melbourne has grown quite quickly of late. Canberra is also on the rise – probably not at quite the same pace as Melbourne.

Which one to invest in now is a difficult one to answer. Personally – because I have a good understanding of the market and access to trades for renovation work – I’d go Canberra. But that’s me – your situation may be different.

Continue to do your due diligence and work out what feels right for you.

Cheers

Jamie

petefromsydney wrote:

@jamie, could you please clarify ‘You can claim stamp duty in the first year of ownership – but the downside is that there’s land tax.’ and highlight the differences between NSW and Canberra.

‘Preferably in established areas – and if funds allow – close to the CBD (inner North and South).’ Can you suggest some suburbs in these areas that I should be looking into?

Hi Peter

No probs :-)

1) You can claim the cost of stamp duty against your income. You can do this during the financial year that you make your purchase. So if you purchased a property this financial year and the duty was $20k – then you’d claim that $20k as a deduction when you do your 16/17 tax return. However – all investment properties in the ACT are charged with “land tax” which can be a hefty amount. It’s an annual fee which can be paid quarterly.

2) Here’s a link to inner North properties. I personally like Downer (but I’m biased – I own property there). It’s close to Dickson (a large retail hub), is very close to the city (4km away) and the light rail will be stopping on Swinden Street. Prices have moved by a fair bit lately though.

For the south – here’s a link These suburbs can be quite expensive – but should continue to do well over time.

Cheers

Jamie

• This reply was modified 7 years, 7 months ago by  Jamie Moore.

RMAA wrote:

My issue – I have tried every available avenue with my lender to lock in my loans on a fixed rate period while the rates were reasonable, for the past 6+ WEEKS!

It’s unacceptable.

If one of my clients wants to fix a rate – it’s a priority. We work to get it done as quickly as possible in order to avoid potential increases.

Cheers

Jamie

Personally – I’d stick with the larger companies. I went with a cheaper/smaller one once and it was a massive hassle trying to make a claim (they persistently tried to avoid paying out when the evidence we had was quite strong).

Cheers

Jamie

Hiya

Does it have to be a local accountant?

Everything’s done via email/phone these days (my accountant is 2,000 kms away).

Cheers

Jamie

Tom wrote:

Short of getting a divorce (joke!), is there anything I can do or are there any lenders out there atm that would allow to re-finance based on my situation? Many thanks.Tom

Get a second opinion.

Especially if you focused the bank directly.

Plenty of decent finance guys/girls around here that would be willing to assist.

Cheers

Jamie

PT18 wrote:

Can you please suggest your opinions?Should I refinance current balance and borrow maximum of investment loan which would lead me to paying LMI?ORI should refinance and get some cash out from equity to use towards investment property deposit so that the investment loan remains < 80% LVR which will save me LMI?

Hi there

What’s your current property worth?

Did you pay LMI on it previously?

How much are you looking to spend on the next property?

Cheers

Jamie

ozzy wrote:

Do i need to pay CGT?If i buy land and sell my PPOR what do you suggest is the best way to go about it if its securitised with my investment?

1. Probably for the first year – ask your accountant to confirm
2. Don’t cross collaterise the properties. Release equity against one to fund the deposit/costs on the other

If in doubt – get a decent finance person to sort it out for you.

Cheers

Jamie