Thanks Jamie M and BigVman.

Jamie thanks for clearing the equity part up for me. I currently have 40k, next month I will have 50k, the month after I will have 60k. My salary for the next year and a bit at least will be just over 200k but it won’t be that forever unfortunately, so my goal is to try and get a head start while I can and then once I…[Read more]

Hari17 Did you find an accountant or contact house of wealth at all??

Cheers

Loving the information guys, keep it coming.

Shahin you suggested earlier that I should sit down with someone to have a more in depth chat to about this, Is there anyone that you guys can suggest me to sit down and have a more in depth chat to that's based in Melbourne? Preferably for a cheap fee rather than too expensive?

Thanks Benny,

Yes growing my RE portfolio is my main goal and dream. I didn't actually know the banks would lend you that much, i have always been under the impression that you would need at least a 10% deposit as a minimum. Will all major banks lend up to 100% of the property? and is there a certain criteria that needs to be met in order to lend…[Read more]

No its not new, its 5yrs old. We brought it just after the FHOG finished and changed to a new home/apartment owners grant, so we got a 40% reduction in stamp duty instead which actually benefited us as the FHOG was only 7k and the 40% duty reduction saved us about 11k.

Also does this mean when i go to purchase my next property ill not only need…[Read more]

Sorry i meant first 12 months?

My current home loan is with the NAB with an offset account attached to it. I had 20k in it last week but thought it would have been a good idea to dump 10k of it onto the mortgage. Probably wasn't the best thing to do now ive spoken about this a bit more.

Scott, dont i have to live in my current PPOR for the first 6 months before i rent it out…[Read more]

Thanks for your help guys, I really appreciate it, sorry about the thousand questions. I'll make sure I call my bank tomorrow and organise it.

Cheers,

John

Yes i am going to turn the property into an IP this year at some stage once i figure out my next move, where to buy, how much deposit i will need to save up, how much to put aside for the dreaded stamp duty, LMI etc.

So if i change my loan to an IO once the time comes, and after say 5 years i decide that i would like to continue to keep the IP,…[Read more]

Ok I understand that now, thanks for taking the time to explain that.

But one question i have in regards to converting the IP to an interest only loan, besides using that option for negative gearing purposes, if i am wanting to hold onto this property for longer than 5-10 years wouldn't an interest only loan only benefit me if i am wanting to…[Read more]

Thanks for your reply Shahin,

Im still pretty naive with the whole interest only thing and dont really understand why i would keep the principle of the loan as high as possible. Obviously being so new to the whole real estate game i have a long way to go, but i really appreciate your feedback.

If you care to elaborate a bit more on the topic…[Read more]