PPOR- Principal Place of Residence
POR – Place of Residence

Thanks,
Luckyone

a) Whether your first porperty was a PPOR or an IP,
PPOR to get the $14,000 first home owner’s grant. Has since been turned into an IP

b) What made you think about buying a first property and
My husband and I were getting married. We were sick of renting. The $14,000 first home owner’s grant came up. Too good an opportunity to pass…[Read more]

What I don’t understand is, if you keep adding more money to your loan amount each year. ie. you add $40,000 to your $100,000 loan to become a $140,000 loan. How do you afford these extra repayments, I mean it’s not like you’re going to suddenly have more income coming in, is it?

Thanks,
Luckyone

If you want to buy off the plan in Canberra try http://www.independent.com.au. They have nearly all of the off the plan developments in town and don’t list on the other main real estate site http://www.allhomes.com.au. Otherwise it would probably be worthwhile going to the local newspapers online site and having a look at the real estate section.

Thanks,
Luckyone

Hi Shirley,
6.9% sounds a bit high to me. Westpac has 6.65% for 2 years, and they’re one of the more expensive lenders.
Luckyone

Thanks,
Luckyone

Thanks Simon. I’m going to see my accountant next week anyway, so I’ll ask him then.

Thanks,
Luckyone

Have a look at http://www.yourmortgage.com.au/calculators. They have plenty of different ones available including one for stamp duty http://www.yourmortgage.com.au/calculators/stamp_duty/

Luckyone

Thanks,
Luckyone

Getting an insurance quote sounds like a good idea. Does anyone know where I can get a commercial quote online?

Thankyou SIS, I’ll take all you said onboard. I’m not sure if I’m going to buy it now as a better deal has come through since. I’ll put it on the backburner for the moment, but thanks for your advice anyway.

Hi Guys,
In relation to stamp duty, if you buy a place as your PPOR originally, but then convert it to an IP after one year, is any of the stamp duty tax deductible?
Thanks,
Luckyone

You could lock in your interest rate

Hi,
I’m not sure if it different for you, but in the ACT we can apply to have the land tax and rates bills paid by direct debit in installments (fortnightly, monthly, quarterly etc.). Very handy for those of us who can’t save
Luckyone

Thanks Guys,
I’ll take all your thoughts on board. I’ll be speaking to my mortgage broker in the morning and see what he thinks.
Wish me luck!

Hi Redwing,
I don’t quite understand what you mean. Do you mean that you are meant to pay an extra $12 per $1000 per month, or per year?
Thanks,
Luckyone

Hi Mini,
Could you please send me the details as well to luckyone at actewagl.net.au.
Thanks,
Luckyone

quote:
Oh yes, sorry I thought you already had an IP… Having an offest account on your PPOR is not that advantageous… (but worth having on your IP loans..)

Yes, the interest on your PPOR is NOT tax deductable. I alredy said that, if you re-read my first post… (I am guilty of the same!!)

Hi Pinit,
In your quote above, you say that having…[Read more]

It’s usually the first Tuesday of the month, so it should be the 2nd of December. I’ve also heard them talk on the radio about how it’s next week, so I’m pretty sure I’m correct with the date.

I would love that spreadsheet too if you don’t mind. My e-mail address is luckyone at actewagl.net.au.

Thanks,
Luckyone

What I read in the newspapers about this was that the lender’s would put in the initial 30% to enable you to buy the place, take 60% of the CG as Mel said but would not contribute to any ongoing costs or any renovations that you wanted to do. That would all be at your cost. Didn’t sound like a good deal to me. Still, if you planned to stay in…[Read more]

If I were you, I’d go to the vendor with an offer such as what Steve does with his bad tenants. Go to the builder and offer the money you propose and say that they can take the extra money, finish the job and move on, or you can use that money to take them to court. Either way you will end up with the house (hopefully), just hope they take the…[Read more]