Originally posted by Greg F:
You’re right about her savings ethic. She has $18,000 – $20,000 cash saved up (some in term deposits, and about $5,000 literally “in a sock”)

I missed this before… For the next few months get her to save as much as she can – AND – instead of drawing her weekely groceries/bills out of her bank account, draw only…[Read more]

I don’t understand why so many people have trouble with these leaking. Are they that bad? Do they have walls *that* thin, that they crack?? I mean, they’re made of fibreglass right – and so are boats – but you don’t see half the boats taken out fishing on the weekend, sinking…

Do they still want the pool?

You probably know this, but you can…[Read more]

Oh – and I was going to say…

Different lenders are selected by the government to provide the scheme. One way to find out who provides it in your area is to phone the government housing department in your state and ask who provides the Government Guaranteed Loan Scheme in your area and ask for a contact number.

Allan.

In NSW, the loan for low-income/Centrlink earners is called the “Perfect Start Home Loan” and the actual scheme is called the “Government Guaranteed Loan Scheme”.

The government makes available funds for people such as those on Centrelink benefits, that would normally not qualify with traditional lenders. The loans are provided through the…[Read more]

It’s been my experience, that “money back guarantees” are rarely given – in anything – not only RE courses.

First, they rely on the assumption you’ll not actually bother to return it even if you are not satisfied. Second, you usually have to keep the product for some set time period – and then when you return it, they either say you returned it…[Read more]

Originally posted by Julia:
delboy.
My basic rule of thumb is it takes a population of 250,000 to be self sustaining. Any smaller and you are at the mercy of the main industries in the area.

Let’s see… [grad] Australia has a population of about 20 million. Divide that by 250,000 = only about 80 towns. Since we have what is it – 8? states and…[Read more]

I’ve found this a strange way of thinking too – but I guess it depends on the value of your PPOR. I mean, if you’re living in a $30,000 house, I don’t see the point. But if was a $450,000 one…

I think they’re saying that you rent your own home out, but you in turn rent yourself for less than that rent you’re receiving. This gives you more…[Read more]

Originally posted by Marc1:
Thank you guys! I wrote an e-mail to Simon just now, (somehow I thought he was from Melbourne)

Er… I thought he lived… somewhere else again. Has Simon moved since November?

So all I need now is an insurance broker and directions to find a financial calculator to take with me on my property hunting…[Read more]

Thank you!

It doesn’t matter to the government *how* they purchased the property. As long as they own the dwelling. It must also be their first property and have a council-approved dwelling (not an unapproved temporary shed/caravan/etc.). The title must be in their name – but not necessarily the land according to the government website, which says…[Read more]

1. My apologies folks, that it sometimes takes me so long to get back here…

2. To riffraff – Interesting suggestions to think about.

3. Kay – Yep, we would probably live in it long enough to appease the government.

4. Scott – About losing rent assistance – now this is something that really shocked me… I asked Centrelink about this very…[Read more]

Much thanks!

quote:
How will you be affording to buy a property if you and your wife are both pensioners?

Thanks, Eternity – and hi Kay…

To be honest, I don’t quite understand that part myself – yet! [] What I do know is, a couple of lenders I spoke to several months ago, said we’d qualify for about a $70,000 loan. (They were in Sydney, so I didn’t…[Read more]

They do all work – but I had to download them twice – and one at a time. Or else, the download seemed to complete when it didn’t.

Download them one a time and see then…

Allan.

quote:
Hope this makes things easyier for you.

Definitely – thank you! I’m actually on a pension – so in my case, my income is so low I don’t presently pay tax. I’m assuming though, that I would have to deduct tax from any income from an IP, reguardless of how low my income was – is this correct?

Also – if you only paid say $500 tax in a…[Read more]

quote:
My money is with Mel and Terry.

Thanks, Simon – now stop wasting time here, and answer your email! [] (Just joking – when you get time…)

Allan.

quote:
$105 is cheap, and if you were to purchase a PPOR you would be paying something like 300 to 500 per week in interest alone!

Sorry – forgot to mention anything we buy will be from say $40,000 to $70,000. (So interest shouldn’t be high.)

Weren’t St George already offering 5% from a long time ago?

Great stuff – thanks folks! Actually it brings another question to mind, that seems so good it can’t be true. (Would OUR government allow this?)

And that is, you…

1. Purchase an IP, priced at $150,000.
2. Rent it out to tenants, postive geared.
3. Claim the loan interest as tax deduction.
4. Tax department grants the full deduction…

Now,…[Read more]

quote:
Allan, did you get a receipt for the book.
You may want a refund!

Heh – does the library do that now? []

So… Which is it folks – PPOR turned into an IP – loan repayment interest tax deductible, or no? Anyone 100% on this??

Thanks for the replies so far, too…

Allan