Forum Replies Created
- Originally posted by jasevr4:
I guess I just assumed that I would be best off doing that?
Sorry, I’m still learning!
The reason is tied up with the ATO treatment of redraw.
Why don’t you research this site and find out the reason why….post it here for others.
You will learn more that way and by giving to others you will increase your own good fortune.
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.
If you plan to pay extra then please do so in an offset account.
Your broker can show you the tax benefits or I can explain it more.
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.
A home might be worth considering. You only need to live there for 6 months for the FHOG and there is no min to establish it as a home for CGT exemption purposes.
You can even rent out rooms to help with the repayments whilst you live there.
I think you will find Adelaide to be one of the more affordable cities in Australia even if you can’t quite find something pos geared – they are very hard to find outside of the more remote towns. These do not always promise capital growth as you may realise.
At your age you may find you can grow your portfolio faster using capital growth – esp if your contribution can be kept quite small – many people neg gear to the extent of $20 or so pw. That is prob a cup of coffee a day you are not buying?
Most of all I would advise you to learn as much as possible and start talking to other investors!
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.
True enough that WA and NT even parts of Qld are still strong. But the majority of property in Australia is in a slump now [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 am the first to agree we are in a slump. I guess you think I want to talk up the market as I am in the industry? I am keen for prices to drop a bit further yet – I am a long way from being finished buying.
Just an article talking about “The Real Estate Agents” doesn’t sound like top jounalism to me lol. Can you post us a link to the article please mate?
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.
Sounds like a gross generalisation to me.
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 know a commercial finance guy in Perth – drop me an email if you want to speak to him.
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 may mean the older archived forums?
You should be able to access everything current.
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.
David Tweed the scammer?
Is this a joke or do I have the wrong person?
http://www.smh.com.au/articles/2003/10/23/1066631570432.html?from=storyrhs
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.
Nehal,
As we have discussed you may be better off finishing school then seeking employment before you start with your $5M deals. Perhaps a few smaller residential ones to cut your teeth on might show the lenders that you have the background to be able to successfully manage such a sum invested.
I do not mean to ridicule you or make you feel bad – I applaud your goals and ambitions. Just that it will be very difficult for you to get a loan like that at your stage [biggrin]
Cheers mate,
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.
Scott from depreciator posts here under Depreciator. He has done reports for myself and for my clients.
As your place is under two years old then do not hesitate to get it done. He also offers a iron clad guarantee that you will get more back than the cost of the report!
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 can just rent it out and claim nearly all expenses on your tax – your tax agent will know exactly what to claim.
You can have a depreciation report done for about $600. This will give you more to claim – esp if the apartment is reasonably modern. Even the $600 you can claim.
I think you will find this much easier than you think.
Try to make sure you have a good property manager to run it for you. Ask your friends and colleagues for a recommendation or ask on here.
I hope this helps,
Kind regards,
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.
Paula,
A LODOC loan is one where you don’t need to provide any income paperwork to the bank. Just sign a statement declaring what your income is each year. Sometimes they want your accountant to sign it. It was designed for self employed people who have not done their tax. Usually a max LVR of 80%
A NODOC is one step easier. You just sign a statement declaring you can afford the loan. No income or employment is even mentioned. Suits those on poensions or other unusual incomes. Usually a max of 60-70% LVR.
Does this answer your question?
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 guess you have found that any property can be pos if your deposit is large enough.
The hard thing is to find a property pos geared with 100% finance.
You have plenty of deposit to use in your current property. You just need to find the one that fulfills your needs. If that is pos geared then you need to put in some hard yards to find one or pay someone to do it for you.
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 can use your equity as you like.
It might not be the best strategy to use in a market that doesn’t seem to be heading upwards atm.
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 can leave your home and claim it as your PPOR with a CGT exemption for 6 years. You can neg gear it during this time.
You can top the loan up but it is the purpose these funds are used for that determines deductible interest or not.
I suggest that with your plan you move and buy your next IP – draw the funds as described for a deposit and costs then borrow the rest using the new IP as security.
I hope these make sense. Obviously you are going to receive conflicting advice from all sources inc here (in fact you just have) so make sure you seek a professionals opinion!
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.
Officeworks sells this neat little plastic binder with a heap of divided sections and two elastic bands holding it closed. Hard to explain but I am sure you will see what I mean next time you are in there.
One book per property per year. A seperate section for each type of document – statements, reciepts, bills etc
Is a very easy way to do it and I was shown by a lady who organises folks as a hobby!
File after entering it all in your software or for those less organised – just hand it to your tax agent and get a new one for the next year!
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.
Serviced apartments.
Sold with a higher yield than other residential property, but as mentioned the growth hasn’t been as good.
Lending is not as easy either.
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.
By all means shop with a few brokers but don’t apply for more than one loan.
Give me a call and I will tell you which facility I would prefer – won’t be trying to poach your loan either!
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.
The property is in NSW near a uni and I manage it myself. I have a months rent as bond and have 5 seperate agreements with tenants.
Noone defaults as I have a great system of selecting my students.
Give me a call if you want to ask more questions
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.
