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  • Profile photo of Joel0430Joel0430
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    September 7, 2012 - 3:34 am

    Hi All,

    Just got a call from members alliance. This thread has been an interesting read.

    One point that he kept bring up was something about putting your tax dollars back into your mortgage and hence reducing the time it will take you to pay off your loan by "up to 75%". Can anyone explain what tax law he is referring to here?

    Cheers,

    Joel.

    Profile photo of Joel0430Joel0430
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    July 20, 2012 - 8:19 am

    Shahin, I am based in Sydney.

    Profile photo of Joel0430Joel0430
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    August 23, 2011 - 5:33 am

    Thanks for the reply Colin, that’s exactly my take on the situation.

    And… way to throw a spanner in the works with the tax deduction comment! haha. How does that actually effect things? because the fact is that we all do get car allowances here.

    Profile photo of Joel0430Joel0430
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    July 21, 2011 - 1:15 am

    Thanks for the comments Event Horizon. Very helpful!

    I should mention that i am looking to buy there TO LIVE! But i want to make sure that it has good growth at the same time, to set me up with some equity to invest in the years to come.

    I couldn’t agree more on the “add value” concept. I have been to some real shockers in recent weeks. I’m sure you could pick one up for way below market value, drop $20k into a cosmetic reno and have yourself a nice little apartment to live in at far less than purchasing a new or recently renovated place.

    Did anyone catch the top 100 edition of API mag? I was happy to see the inner went feature a few times :)

    Profile photo of Joel0430Joel0430
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    July 10, 2011 - 12:02 pm

    I took your advise Derek and got hold of the latest API mag. I summarised the suburbs im considering, check it out: http://dl.dropbox.com/u/25529141/Inner%20West%20Growth.pdf

    If you look at St Peters, it has experienced 32% Growth in the past 12 months! massive!!! So am i right to say now is not a good time to buy into St Peters?

    Take Marickville on the other hand, it has had steady growth for years but no “boom” yet. Its just that one step further out from the CBD than St Peters, so would i be right in saying its a good place to buy?

    Thanks for the reply Derek. Anyone else? Or is that really all home buying 101 advise this forum has to offer? ;)

    (in the file, ??? means that suburb didn’t appear in the back of API Mag.)

    Profile photo of Joel0430Joel0430
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    July 6, 2011 - 9:34 am

    Thanks Emma,

    Ill definitely be looking into this thoroughly as its a lot of money on the line and will keep this thread updated when i decide what to do.

    I think it will come down to the fact that we cant borrow what we need based on one of our incomes. So we may not have much choice :)

    Profile photo of Joel0430Joel0430
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    May 13, 2011 - 4:10 am

    Thanks for your comments Kimberly, its good to hear from someone in the position I will be in very shortly. I will keep it in mind, especially the tip not to pay a premium for a “nice” place when I can just add value my self.

    To be specific I’ve got $100k in cash which I was going to use for a deposit on a $400ish apartment in Sydney’s inner west. I am at a point in my life where i do want to own a place, but at the same time i am open to the option of renting or even putting down a slightly lower deposit on a cheaper place in order to save some cash for investing. any tips anyone?

    Profile photo of Joel0430Joel0430
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    May 12, 2011 - 12:02 am

    Thanks for the comments everyone.

    My original post was made with the idea fresh in my mind! “oh my god its better to rent for sure, no way im going to buy!”.

    But you are right there are a lot of other up sides to owning. Things that, when I actually think about it, I really do want. Such as freedom to make the place my own.

    What would I do with the extra money i’d save by renting? Very good question. In the short/medium term it would probably just go into the bank until i had enough to do anything else with. What you everyone else do with their saving until a point where you had enough to invest in property?

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