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Can anyone recommend a good property accountant in the south yarra, prahran, windsor area in melbourne?
We are saving up for a deposit for our first property purchase, but would like to start working for an accountant with property expertise from hereon – which will help us through the purchase process. thanksDoes anyone have opinions on purchasing a bedsitter/studio and building a partition and or complete enclosure with a door – to convert it into a proper one-bedroom flat?
I’ve seen on this site arguments against purchasing bedsitters because they’re not popular and people don’t stay in them for long so they can be hard to rent out.
But what if you converted one into a one-bedroom in a good inner Melbourne suburb?
propertunity wrote:lstreet,If it were me (and it isn't) I'd by myself a PPOR and use the FHOG & boost available to you now. I'd do an interest only loan and pay down NONE of the principal. Once you have either saved a bit more or the property has increased sufficiently, I'd draw down some of the equity to use as a deposit on an IP.
Paying off none of your own home's principal, gives you options down the track to convert your PPOR into an IP and still claim the max. of tax deductions on the loan interest.
hello propertunity, perhaps you can give us some similar advice
I'm looking to save up 15,000 – currently saved 3700 and putting down 1000 a month to save up to get a 280,000 mortgage for a one-bedroom flat (60s type) in toorak. Could i do what you're saying and get an interest only mortgage and then use the offset account plus equity to buy a second one-bedroom flat later on? Does any of this sound doable? Together with my husband we currently have capacity to make a maximum of $3500 monthly payments. We're currently renting at 380/week in South Yarra and tired of renting. It will take me another year to save the 15,000. Also, how long would we have to stay in the first PPOR before purchasing an IP? ON that point, is there any advantage in living in the PPOR beyond the first 6 months, or should we then move into a rental to get the maximum tax benefits (from two IPs). Hope this makes sense! levi
thank you so much for your reply – this makes things much simpler ie just staying where we are until I save enough to purchase a flat. Given studios are not a good choice, I will aim to borrow around 280,000 – if I can get a bank to agree, and then stay there for just 6 months to get the FHOG. Do you think there's any financial case other the FHOG for living in your own home – or does it make more sense to rent the whole time while trying to accumulate investment properties?
