I remember reading somewhere that the rental affordability scheme isnt for private investors. Is that true? Also, what exactly determines "new"? Does that mean brand new houses only? Or a newly purchased/rented property?

Some parts of Sunshine seems to be pretty bad for movement of the slab. A fair few properties which I have looked at in the area has had significant amounts of cracking caused by a subsidance. I recently put in an offer on a property but when my building inspector checked it out he mentioned that the foundation had moved that much that it needed…[Read more]

Thanks guys.

What if I waited for the lease to end and the tenants to move out and then performed the repairs to the shower and vanity unit (not do any other renovations such as tiling etc)? Would that be classified as a repair to bring the bathroom back to a decent rentable condition?

Im still tossing up ideas at the moment but will keep all the above comments in mind.Thanks again.

PS. After all it is tax deductible if you go ahead with the purchase. And if you dont, well consider yourself spending a few hundred dollars which could have saved you thousands.

I personally would get a inspection done just for piece of mind. Last month I put an offer in on a unit which was accepted. I wasnt gonna bother doing a pest or building inspection but ended up doing one for piece of mine. Turns out there was some very major structural damage to the unit complex with up to $150K worth of repairs to be carried out.…[Read more]

Thanks for all the input guys. I sent through the paperwork via express mail today so hopefully the bank processes the top up in time so I dont have to worry about this. If they dont then I may have to borrow all the funds from someone else as suggested and then repay them once the top up is processed to ensure that it is all tax deductible.Thanks again.

Hey Jen,I guess it all depends on your situation. If you had any non deductible debt such as a PPOR or credit card bills I would pay that first. If there is no other debts besides your current IP's then I would personally put the money in an offset account. That way you can reduce the interest you are paying on your IP but still have the cash…[Read more]

Yep the funds would be used for investment purposed, but whe I get the funds from the laon extension they will be going to someone else and back to my offset account to replace the money I borrowed from someone else and my offset account to pay for the deposit. Is this still classified as investment purposes?

Thanks Joseph.

Thanks for the input guys. Looks like it could have been crap that the agent was talking. I put in a lower off and it was accepted. If only there were more agents out there like you Bill.

Thanks for the input guys. Much appreciated.

Thanks guys. Well turns out pest inspection came back good however building inspection wasnt so great. Ive been told that the building is sinking 2-3inches on one side and will cost approx 120-150K to underpin. This should be covered under body corp which will be split by 26 people meaning 5-6K each. Due to this movement there is a fair bit of…[Read more]

Anyone have any suggestions for a good PM in the Sunshine area?

You will get the rate at the time of settlement unless you paid the additional "rate lock" fee which will give you the rate at the time of signing.

0.85% off $300K is good going. Congrats. Would also love to hear what others who have recently taken out loans are getting.

Thanks Richard, much appreciated. I just sent you an email.

Thanks guys. Much appreciated.

Thanks guys. One more question, how does the LMI work then with LOC? For example, I currently have the IP worth 280K with a 204K balance on just a standard variable loan. If I had to take out a LOC which had a limit of 48K (assuming that is 90% LVR) but I only draw down say 15K (for the moment) which means the LVR is under 80% do I still get…[Read more]