Forum Replies Created

Viewing 10 posts - 1 through 10 (of 10 total)
  • Profile photo of julieanne_wjulieanne_w
    Participant
    @julieanne_w
    Join Date: 2010
    Post Count: 15
    December 4, 2012 - 8:56 pm

    Thanks so much everyone for your comments. You've expanded my awareness around this issue. I'm going down to inspect the house on Thursday so will definitely take a camera with me. Depending on what I find I will then look into Breach notices/residential tenancy acts and possibly discussing the situation with him/calling the police. Thanks again

    Profile photo of julieanne_wjulieanne_w
    Participant
    @julieanne_w
    Join Date: 2010
    Post Count: 15
    May 25, 2011 - 2:31 am

    Thanks :)

    Profile photo of julieanne_wjulieanne_w
    Participant
    @julieanne_w
    Join Date: 2010
    Post Count: 15
    May 20, 2011 - 4:53 am

    Awesome !

    Thanks Guys !

    Profile photo of julieanne_wjulieanne_w
    Participant
    @julieanne_w
    Join Date: 2010
    Post Count: 15
    May 20, 2011 - 12:10 am

    Hey Guys,

    Firstly thanks heaps for the above, i didn't fully understand the concept of the offset account before but now it makes sense. :)

    Regarding the above advice though, there's something else i need to throw in that will actually change everything… ( i think..)

    My house is not actually an investment property, it's a PPOR…. In my mind it's an investment property…and in fact i'm renting it out to three other people but i too am living there and i claimed the FHOG to do this so for tax purposes it's a PPOR…

    In this case then, it's non-deductable debt so it would make sense to pay it down as soon as possible right … ?

    Then again …. i only intend to live there for the next 6 -12 months and in a few years time i'm sure i will be wanting to buy my "actual" PPOR and i suppose then the current property would be considered an investment property and could then be converted to deductable debt ???

    So perhaps… offset account is still the best way to go because it will save me interest in the mean time but then can be used to offset my next "non- deductable " purchase…

    I think i just answered my own question ?? :)

    Does anyone see any issues with this? Am i correct in assuming that the current PPOR (Non-deductable) can be converted into Deductable debt once i move out?

    Cheers,

    Jules

    Profile photo of julieanne_wjulieanne_w
    Participant
    @julieanne_w
    Join Date: 2010
    Post Count: 15
    May 18, 2011 - 7:09 am

    Hi everyone,

    I'm in a similar position to GameTime except that i already have the house (with mortgage of course) and not really any cash in the bank.

    My current intention is to pay down the mortgage as fast as possible so that the house reaches a point where it's positively geared. I want to do this, not so much for positive cashflow but  more for a lack of negative cashflow… ie. I don't want the house draining my cashflow every month.

    I was under the impression that this was a good way to go because i'd save heaps in interest and i'd build up equity in the house which i thought i could then use to fund my next purchase…

    It seems from the above replies that this isn't a good way to go but i don't really understand why ?

    Re the above suggestions of holding onto the money for a future PPOR purchase …could you put the money into the investment property to save on interest for the time being and then draw down on this later to fund the PPOR?

    Now that i think about it, i don't really have any idea how it actually works – leveaging off the equity in your current property to buy the next one – but i just had a general concept that this can be done … Is this incorrect?

    Thanks,

    Profile photo of julieanne_wjulieanne_w
    Participant
    @julieanne_w
    Join Date: 2010
    Post Count: 15
    February 28, 2011 - 3:28 am

    ok thanks very much :)

    Profile photo of julieanne_wjulieanne_w
    Participant
    @julieanne_w
    Join Date: 2010
    Post Count: 15
    February 25, 2011 - 3:40 am

    Sorry, i got a little confused by some of the articles i read online.
    The stamp duty discount i'm referring to is a principle place of residence stamp duty concession, not a first home owners stamp duty concession.

    Profile photo of julieanne_wjulieanne_w
    Participant
    @julieanne_w
    Join Date: 2010
    Post Count: 15
    July 5, 2010 - 3:32 am

    Thanks littleaussie, it is really good to hear that a) You've done this before and b) you'd do it exactly the same way again :)

    I've already chosen a loan and it doesn't have an interest only/LOC option but it has a honey moon rate period of 3 years which makes my repayments lower and probably comparable to those on an interest only loan at a slightly higher rate. I figure that after 4 years (to avoid exit fees) i can refinance to an interest only loan if i want to.

    Profile photo of julieanne_wjulieanne_w
    Participant
    @julieanne_w
    Join Date: 2010
    Post Count: 15
    June 30, 2010 - 2:26 am

    damn… ok thanks guys, good to know. Cheers

    Profile photo of julieanne_wjulieanne_w
    Participant
    @julieanne_w
    Join Date: 2010
    Post Count: 15
    June 11, 2010 - 5:00 am

    How about your try house sitting?

    There are websites around that that match up people going away on holidays with people who want to look after their places….

    My cousin does this and has lived in some really cool places, eg. a mansion in kew! (melbourne).
    Of course you'd have to have a place of backup in between house sits but keep in mind that these house sits can be reasonably long term (and the people that can afford the long holidays are the ones with the nice houses!)

    It would certainly keep life interesting… and if you did this you could then rent out out the third bedroom in your place so you'd have more income coming in allowing you to build up your savings even more quickly.

    Also, you would probably be looked upon facourably as a house sitter because you own your own home and are therefore more likely to take good care of theirs.

    I know this isn't for everyone but just though i'd throw it out there… Good Luck with your investing   :)

Viewing 10 posts - 1 through 10 (of 10 total)