Yay for Steve![]

I’m not surprised about Anita Bell’s book though. A friend lent it to me (and it has been discussed a little on this site) and I found myself vehemently disagreeing with her first two pages.

She stated that if you rented out your PPOR prior to moving in within the 12 months (and still get the FHOG) you can only claim the interest if your rent more than covers it!!

She also says that if at any time you move out of your PPOR and then rent it, you again cannot claim the interest. It MUST be positive geared she said.

It really made me question just about everything else she wrote, and I do remember disagreeing a couple more times with her ‘factual’ statements further on, but I wasn’t as vehement this time.[] I think it was more her opinion versus mine.

Cheers
Mel

Bad SIS – I’ve just spent the past half hour playing Monopoly. I was losing badly in the owning stakes, but had plenty of cash – I didn’t land on much I could buy[], and then first one player, and then the other quit, so I won[]

Cheers
Mel

Jimmy, noting your background in maths, I am guessing that you are good with Microsoft Excel?

In there, you will find several calculators in the functions that you can use – or in XP, I think there is a template that will do loan repayments over 30 years, plus you can add in additional repayments at various times.

The calculators are:
PMT = Principal and Interest Payment
IPMT = Interest Payment Only
PPMT = Principal Payment Only

Cheers
Mel

Hi Michelle

Re reading our posts, I can see that we weren’t a great deal of help.

I will reiterate though that you do have some time up your sleeve before you need to panic. Use this time to formulate your plan, and see where you want to head. Talk to a few brokers to see what your borrowing position is, and take small steps.

Cheers
Mel

Mate, I had never heard of a land broker til you mentioned it.

There are no conveyancers in the ACT, so obviously I’ve only dealt with solicitors, and I get the same guys to do my NSW purchases.

Sorry I can’t help anymore.

Cheers
Mel

Bear, I don’t think I have paid LESS than $715 for any settlements I have had done.

As for the lease, 5.5% worked out to be about 3 weeks rent? Does sound a bit steep, but if they are going to do the inventory, and checks on the tenant for you it might be worth it. they’ve got access to TICA (the defaulting tenant database) whereas private landlords don’t.

contact the REITAS, they probably have their ‘recommended’ lease if you did want to do it yourself.

Cheers
Mel

Hi, as Terry says, things may not be as bad as they seem.

If all else fails, at the moment you have the LOC that you can draw funds from until your husband gets a job again. Definitely not a long term solution, but can certainly help to pull you through the bad patch.

Cheers
Mel

Simotheman, I cannot help you.

there are a couple of guys on this forum – Michael Yardney from Metropole property, and David Paxton (Agent 007 user name) who both appear to be in the development game.

Do a search for posts by them, and check out Michael’s website. You may be able to contact either or both direct (they’re obviously on holiday or would have answered your post) with your questions.

Cheers
Mel

I have read the book, and will agree that I was quite surprised that at least the words were not asterisked.

I guess the author (editor) left them in there because the story was being told by the individual in their own words.

Cheers
Mel

Steve, my comment was more related to how the banks kept lending you money.

It seems that a lot of investors – me included at the moment, but I’m shopping for alternatives – get stopped by the banks as being rent reliant, not enough ‘income’ etc to qualify for the loans.

Cheers
Mel