Quicken rental property manager is what I use, but find that it is not Australian specific.
but it goes a reasonable job for data entry of income/expenses with categorizations.
Interested to know of any other software though as I’m sure there must be better ones out there.

quicken rental property manager

Thanks all for your input. I’m glad to hear that either way I go achieve the same outcome in terms of the borrowing. I guess for some reason I feel it safer to have the securities against my IP’s than over leveraging my PPOR.

In regards to the Line of Credit I have with Commonwealth Bank, called them up this morning wanting to stop the…[Read more]

Thanks for the reply Kinetic.

Would the banks or any other parties (ie. Accountants, ATO etc…) look at the ‘debt’ differently if the security is against a PPOR vs the IP’s?

On a slightly separate note, If I go with option 1, when will my LOC ever get paid off? Currently the DEBIT interest is compounding on itself. Won’t this get me into strife…[Read more]

Qlds007 wrote:
Hi Jate

Hate to say it seems go from bad to worse.

Think you definitely need a complete loan check.

Cheers

Yours in Finance

Hi Richard,
Thanks for your reply, but can you provide an explanation why you think my set up is so wrong?

To recap, I have it as:

LOC (100% investment use) – used to pay deposit for IP#1 and IP#2.…[Read more]

Terryw wrote:
Why are you paying interest with the LOC?

What I meant is that my LOC account, which is used 100% for Investment purposes only. Such as deposits for IP#2 and IP#3.
I am planning on tax-deducting the debit interest incurred on this account.
Currently CBA has it setup with the debit interest for this LOC account is being…[Read more]

Terryw wrote:

A better way

Loans
$200,000 for the PPOR secured by the PPOR
$200,000 LOC secured by the PPOR. This will be used for the investment

$240,000 loan secured by the IP

The remaining $60,000 and stamp duty etc for the IP will come from the LOC secured on the PPOR. Interest should be deductible if set up correctly and this will…[Read more]

Hi Jamie,

Yep 2014 new year's resolution told myself to be more much organized, hence I was trying to get everything pre-listed out and pre-categorized and into separate folders for each IP so that it would make it easier for the accountant rather that sending him a shoebox of just papers. Hopefully someone on the forums has some input on those…[Read more]

FMS wrote:
If not enough available then pay down some of the PPOR loan and reborrow.  

I also did this about a month ago based on advice from my mortgage broker.
I had all my savings in my offset account against my PPOR but since an opportunity came up and I hadn't had the time yet to restructure my PPOR loan with a LOC to draw on the equity,…[Read more]

Jamie M wrote:
 I've done this personally with a couple of properties – kept upgrading and converting them to IPs. 

How does one actually 'convert' it from PPOR to IP? Is it just a simple matter of putting in a tenant and from that date onwards all deducatable expenese are now eligible?

My buyer's agent organized a new policy for me a policy via EBM, Seems to be ok. $285 for a Victoria 2 Bedroom Unit.

Are EBM (Insurance Brokers) similar to how Mortgage Brokers kind of operate? In that they will search a number of deals for you then present the best one to you which suits your needs then you deal with the company then…[Read more]

Wouldn't one advantage to this approach be that you would be reducing the 'risk' against the PPOR since the LOC is secured against your home and then 'shift' the liability so to speak to your IP LOC. That way if things turn sour, you may only loose your IP which you may care less about and is just another line in your excel sheet as opposed to…[Read more]

ANZ Bank says they cannot do this where Repayment type = Interest only 
was planning on using my CBA Investment transaction account as the master. 

Opening a no-frills Aussie Home Loan for another property just purchased. 
Hopefully they will allow it. Last thing I need is more accounts. 

Hi Colin, i too was thinking it would be as simple as that but the bank informs me that this is not possible because for interest only loans the amount is always a differing amount each month they won't know how much to deduct plus there is a 3 day delay from OFI so they said it's not possible?

im just trying to think how utility companies direct…[Read more]

Terryw wrote:
Hope your broker is not giving tax advice.

Not really, but he was explaining how he thought was best to restructure my loans/accounts I had.
He did make some comments regarding not to use my money directly to pay for expenses from my PPOR Offset account for Investment purposes directly as it wouldn't then be tax deductible. Then…[Read more]

Thanks Terryw and PLC. You guys are always so quick and on the ball on these forums.
Glad that you can provide such helpful hints and advice for us all.

All these new accounts I've suddenly acquired from my mortgage broker after refinancing/restructuring was really confusing me.
Very different to the simple days I used to have things where each…[Read more]

Would anyone ever use a Line of Credit to pay off monthly loan repayment interests instead of taking it out of a normal transaction/savings/offset account? or will the banks somehow not really allowed because it too is 'borrowed' funds?

For example:
Property A – Loan – Monthly interest charges $111.11
Property A – LOC – $100,000 limit…[Read more]

FMS wrote:
Any reason why you dont move the 60k from the IP offset to join the 200k in the PPOR offset therefore minimising interest payments that are non deductable and maximising deductable debt on the IP? I dont think paying down your IP debt with the 60k in the offset is a good move based on the informtion disclosed thus far. 
 

Well…[Read more]

FMS wrote:
If you accesed the 100k equity your loan would increase to 300k and your offset account would have 160k in it so interest would be calculated on the difference being 140k making no difference

Yes – of course! Silly me! How did I miss that. Totally embarrasing.
Ok so that would mean that the interest calculation would be the same…[Read more]