Forum Replies Created
Where do you live Shelley?
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Exactly the same.
http://www.dtf.wa.gov.au/cms/osr_content.asp?id=379
Cheers,
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Derek is spot on as usual.
Holiday syndrome is a well known investment mistake with people buying all sorts of investments usually on the coast.
Whilst buying on the coast is not the error – it is the emotions associated with the fun holiday etc that lead some to make an ill thought out and poorly researched buy.
Yimeshare pushers used this to their advantage when approaching holidaymakers on the street at the Gold Coast!
Cheers,
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Tools is right.
Unless of course he is going to build an IP on the land in the near future.
A broker shouldn’t be advising people to make decisions on whether to move out of their PPOR and rent it etc. Is he a licensed financial advisor? I bet not.
Change brokers immediately.
One idea might be for your friend to borrow against his home to buy the land. Ensure the new borrowings are identified seperate from the old via a split or LOC.
If he is building an IP the interest is deductible.
If he is holding and selling for profit then the interest may be used to offset his CGT on sale.
This is just something for discussion not fully considered advice.
Cheers,
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Time to finish up on this thread.
You guys are both successful at what you do and there is really no benefit gained by anyone to watch you two lock horns publicly.
You both have the other’s email addresses so take it as far as you like offline.
All the best to you both.
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
From what I have heard I believe it is deductible. Perhaps you need a more up to date accountant.
Cheers,
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
I believe that Wizard loans are fully securitised which means exposure to LMI regardless of LVR.
This may be an issue further down the track when LMI knocks you back because too much exposure. Depending on how big your portfolio is planned to become – this may or may not be an issue.
You should compare – they are not the cheapest and not the most expensive – without knowing your goals and situation I cannot provide any guidance as to other lenders.
Cheers,
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[email protected]
0425 228 985Comments 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 calvin@thirty4:Marisa,
I was going to suggest the local Fire Brigade or Vollies might do the same.
Perhaps inviting the neighbour to a BBQ (on you) to discuss the situation might solve the issue?!
My old man is not the easiest person to get along with (ask any-one who knows him), but he used to just yell back at people “.. shut up, grab some beers and come over for a BBQ..” amazingly this has always worked for him.Just another one of those “outside the square” ideas.
Cheers
C@34Our greatest weakness lies in giving up. The most certain way to succeed is to always try something one more time.
– Thomas EdisonThat is exceptional advice. I believe that most issues are due to a failure to communicate and to try to understand the other party’s perspective.
Is much less easy to be unreasonably demanding with someone you know. So a meal and a few beers can make the world of difference.
Well done Calvin!
Cheers,
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
You are right the ATO will disallow any deduction made on money used to buy a home. Even if borrowed against an IP.
Perhaps you can transfer title to your partner and she can borrow to buy it from you. She now has a loan for an IP in Sydney which is deductible and you have a pocketful of cash to buy a home with.
Just floating one idea here – there are several other ways to skin this cat.
This is why I always advise on the benefits of paying a ppor down via an offset account. You would be able to lift the funds from the offset and the original loan remains deductible.
All the best to you,
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
$130K apartments getting $300pw rent?
How many of them can you afford to buy and hold for 20 years! Talk about positive cashflow!
[biggrin][biggrin][biggrin]
Cheers,
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
I suggest you do some searches as this has been discussed many times before.
Sphisticated investors tend to choose the IO model as it allows more cashflow and flexibility. Even with IO you can make principal repayments if you choose. These are most effectively directed into an offset account rather than off the loan.
Similarly many people choose var loans unless there is strong indications of multiple rate hikes pending. Anectodately I hear that with fixed rates the only advantage gained is some peace of mind for those that need it. Typically most borrowers end up paying more for the privilege of fixing. Few actually pick it well and pay substantially less.
Do you have any questions from all that?
Cheers,
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Welcome Sarah,
You are off to a great start – using a MF or a term deposit is great as it keeps your savings out of reach should you see that doodad that you just have to have!
Check out http://www.invested.com.au
You can read the posts for free but to post yourself or read the articles you need to be a paid up member.
All the best
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
McBrokers I call them….
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
In NSW offers are verbal and nothing is binding util contracts are exchanged.
Makes it quite easy.
Cheers
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[email protected]
0425 228 985Comments 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 grossrealisation:hi simon
A guy got into court here for swearing and you must learn to bite your lip with new investors and don’t be so hard on dazzling.Two points.
1. That guy got off.
2. What court would blame anyone for swearing at Dazzling?
Cheers [biggrin]
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Huh?
He just agreed and wished him luck?
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Companies are rarely the best choice. If you wish a structure other than direct ownership you should speak to your accountant. Ask about Hybrid Discretionary Trusts.
Cheers,
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[email protected]
0425 228 985Comments 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 Dazzling:Whatsa RIP ??? [biggrin]
It is your bloody acronym for resi IP!
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Similar with RIPs you will often trade off CG for yield as you move away from the capital cities.
Yields are usually higher as are the risks. Tenants can be harder to find and vacancies longer.
Cheers,
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
We do have lenders that will go to 70% on a low rate and you can get LVR even higher if you are willing to pay a little more.
A lot depends on the property, the lease and the location,
Cheers,
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
