Yes they can.

Best thing to do in the short term is to deposit the funds in an offset account linked to your home.You didn't indicate whether the existing loans were for home or IPs.

A LODOC loan may be the answer.  Contact a broker and discuss it with him.  It may be quite simple to put together without any special clauses in contracts.

Good move.  Only the bottom feeders use call centres to cold call people like that.  If you want to know if you can get a cheaper rate just call a decent broker.    If you use one from here then you can post the results here if you are not happy!  All of us value our reputations too much to try to take advantage.Make sure that you factor in any c…[Read more]

adrianinseoul wrote:
Can anyone recommend a good quality surveyor on the Gold Coast. I have just purchased an apartment in a new building and need to arrange a depreciation schedule. Is there anything different with these schedules that I need to know about? I remember reading some time ago that the ATO was having issues with some schedules…[Read more]

If your intention is to build and then rent you can start claiming now.

But you need to confirm this with your accountant – only a fool would act on accounting info from a stranger! [blush2][blush2]

Simon Macks
Residential and Commercial Finance Broker
simon@mortgagehunter.com.au
0425 228 985

Comments may not be relevant to individual…[Read more]

Originally posted by raddles:
Q: Can I write-off the stamp duty on transferring the title on purchasing a rental property as borrowing costs?

A: NO! The costs associated with the transfer of title are “acquisition” costs that are payable regardless of whether or not money was borrowed to fund the purchase. Stamp duty on title transfer forms p…[Read more]

Originally posted by AmandaBS:
To clarify the Borrowing Costs issue:

Under Section 25-25 of the Income Tax Assessment Act you can deduct expenditure incurred for borrowing money, to the extent that the borrowed money is used for the purpose of producing assessable income.

What is classed as a Borrowing Cost?

Loan establishment fee
Mortgage…[Read more]

What sort of info/help are you after?

Simon Macks
Residential and Commercial Finance Broker
simon@mortgagehunter.com.au
0425 228 985

Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.

Originally posted by Opportunity In Everything:
So the mortgage guys must be the clever ones that are apportioning their purchase costs as a deduction over 5 years.

Are they?

That is;
> establishment fees
> title search fees
> costs for preparing and filing mortgage
> mortgage broker fees
> stamp duty charged on the mortgage
> the cost obtaining…[Read more]

You are not discussing the book. That is no problem at all.

But advertising seminars is seen as spamming the forum,

Even worse is advertising a mlm affiliate marketing scheme designed.

Please discuss the book and the concept but this forum will not host affiliate marketing spam.

Hope this helps,

Simon Macks
Residential and Commercial Finance…[Read more]

Originally posted by kojo425288:
Thanks for reply guys, did think of lending deposit but need to do some renos, bathroom,painting of unit and general tidyup.So thought 20% starts to blow out, so thought better if I buy keep control of things if know what I mean. plus when resell to her she gets fhog plus no stamp duty and I had a look at costs…[Read more]

Why not lend her a deposit – will save you a lot as compared to you buying then selling to her. More than the FHOG is worth I suspect.

If you can lend her a 20% deposit then she is almost guaranteed of getting finance as long as her CRA is OK.

Simon Macks
Residential and Commercial Finance Broker
simon@mortgagehunter.com.au
0425 228…[Read more]

Originally posted by dcoffey:
This link seems to be pretty clear on the matter;

http://www.ato.gov.au/individuals/content.asp?doc=/content/66031.htm&page=8&H8

A great question. I had always assumed that these costs were all deductible.

Here is an extract from the site;

Acquisition and disposal costs

You cannot claim a deduction for the costs…[Read more]

Originally posted by dacium:
YOu make $63k and have a debt of $293,000???

Man you will be close to bankrupt is interest rates go up. How did you get the bank to loan you so much money? Just rent those places and you should be fine it you can afford the extra repayments. Else I would just sell one and pay off the other.

Not a large loan at all…[Read more]

Originally posted by dacium:
Your account is correct.

Think of it this way, you cannot loan money to pay for rates and expect to claim that interest. You can see here http://www.ato.gov.au/individuals/content.asp?doc=/content/66031.htm&page=9&H9 the basic overview. You cannot claim interest on anything but the actual loan covering the cost of the…[Read more]

He doesn’t sound right to me.

Ask him for the reference or to write to the ATO for you – it may just be his belief.

Simon Macks
Residential and Commercial Finance Broker
simon@mortgagehunter.com.au
0425 228 985

Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you…[Read more]

Originally posted by dragon007:
this might be a silly question but here goes…
example – if my house was worth $260,000 and i owe $225,000 is a line of credit 80% of the home (260000) or 80% of $35000
i am not sure i fully understand any help would be great
thanx

It is 80% of the value less what you owe.

Unless you pay LMI in which case you…[Read more]

Sit down for an hour or two and write a document detailing what you wish to achieve and then determine a strategy to get there. When you have done this the path will be a LOT clearer for you.

Too many of us think that owning an IP is a good idea so we go and buy one. Then a bit further down the track we think another one would be good and so we…[Read more]

Originally posted by kellylock:
Being rich for me is:

how many days/months can I go without working before everything collapses.

I guess, because of this definition of wealth, having income from assets is my priority. It is a bit of a different way of looking at “time-as-richness”.

Kelly

Maybe the goal might be that if you stopped working…[Read more]