Thanks for the replies. Just got another Vendor’s Statement on a different property with the details crossed out. The last one I asked the agent for the original and haven’t heard back – that was three weeks ago. Seems foolish to doctor the vendor’s statement like this. I know they are wildly off valuations, but there is cause for concern. My mother and law protested about a high valuation on the family farm and was paying very high rates for years. They reassess the value lower and now the rates are much lower. So I personally won’t accept doctored vendor’s statements.

Thanks for the replies. I was reading a book by Dolf de Roos and he was saying as a real estate professional you can claim 100% of expenses against your income if you were considered as having a business rather than just your marginal tax rate. He is a New Zealander but seems to be speaking more about the US market in this book (Real Estate Insider).

Thanks for the replies. Another reason why this strategy would be good for me is that I often do a few years of contract work then have a few months break between new contracts. Having little time to look whilst I’m working means those few month off are a great time to find new investments, but by being between contracts I would have to use my own funds. Thanks

Thanks Richard, will give you a call Monday!

Hi there, thanks for the replies. My existing properties are in Mildura and Horsham. With the rental income my total income would be approx $100,000. My wife earns similar money to me but as yet her name is not on the house. They are putting the money in a separate offset account, so no interest payable until its spent. My strategy is to replace my teaching income with rental income and then move full time into subdivisions and developing. My rule is three cashflow properties to one capital growth property, which is my current ratio with the capital growth one being my PPR. Lots to think about! Thanks for help so far.

Hi there, thanks again for the replies. The IP settled on time. In the end was arranged for the seller to give us back $5000 in the settlement adjustments so a reapplication may not always be necessary when you negotiate a lower price after signing contracts.
Cheers

Thanks for the replies!
I advised my lender and they said officially they would need to restart the whole loan application process and the only way around this is to get the vendor to give me a cheque for $5000 on settlement. As settlement is in two weeks we are hoping to get the cheque from the seller but I guess it would be hard to ensure this happens. I am trying to get my solicitor to get them to sign something saying they will give me the cheque, but my solicitor has said “there is no guarantee they will accept”. Not sure why my solicitor is acting like its a big issue (the seller already agreed to the lower price), but waiting to hear the latest after the long weekend! Fingers crossed…
Cheers

Now sold thanks