Thanks Richard,

A property I am currently looking at is vacant and needs some minor reno's however I am completely new to the whole early access thing. I think this would be ideal for this property! So really you are best not to gain access until it is unconditional? Or at least not commence work until it is unconditional I guess?
If you had…[Read more]

Haha don't think I will ever get to that stage! I'm happy to leave that bit to the experts!!

Hi Mel,

I can't comment on the toowoomba  market but I think long term Townsville is a winner. Then again I have a property in Burdell so I am probably a little bias! I just think it is all so cheap at the moment, and townsville has so many industries supporting it and seems to be constantly growing. I only purchased my property there early this…[Read more]

Hi Cha,

If you had interest only on your PPOR with an offset account than you would be able to avoid the situation you have found yourself in now (as discussed on another post), and you would be able to claim the full amount on your current PPOR when you move out and turn it into an IP, because you are not re-borrowing any money just shifting it…[Read more]

I agree. Even though exploration of Uranium was never banned in QLD, only mining, I think this should lure a few more exploration companies out on the hunt, and hopefully discover other metals while they are at it!

No Worries cha,

Depends on what you plan to do with your new home in the future. If you think you may one day rent it out then yes an interest only loan with an offset account would be best.
If you had that set up on your current property then you could now move all your money out of your offset and into your new property offset account and would…[Read more]

Hi Cha,

Dont be sorry! Not that long ago I was in your position trying to get my head around all this information out there. That's where this forum is great I think!

I'm not really sure what you mean in your first scenario as if you use the money for personal use how can I then still have it to use as a deposit?

as for your second scenario,…[Read more]

Basically redrawing money is considered new borrowings. It is irrelevant where it comes from.. if you use these newly borrowed funds for anything of personal use (PPOR, Car, holiday  etc.) than you would not be able to claim the tax benefits.

If you use these new borrowings for an investment purpose eg. another rental property, than you would be…[Read more]

Cha,

7-8 years is just a guide and shouldn't really be held as law. The last property boom was roughly between 2005-2008. This was when everyone seemed to be making a mint from property. Unfortunately if your property didn't move much during that time then I wouldn't be holding onto it. I don't think anyone is expecting to see that sort of growth…[Read more]

Hi Cha,

PPOR is Principle Place Of Residence. Or in simple terms your primary house or where you live.
Yes if you have paid off $200K then you have every right to withdraw that money and use it as a deposit.
Yes your investment property loan will then go to $260k but you will not be able to claim this! Do not think about where the money comes…[Read more]

Hi Cha,

I'm sure one of the experts will respond soon but personally I would go with option 2. If you are withdrawing the deposit for your PPOR out of the Investment loan then this amount will not be tax deductible, and you would end up not being able to claim a large amount of your overall interest repayments.
If you sell and use the funds to…[Read more]

In regard to insurances etc. I always thought that once you sign the contract to buy it you are then liable to insure it etc?

For a portfolio that is mostly based in mining towns why is your yield so low!?? Doesn't sound enticing at all sorry!

I looked into them a while ago but found that apart from the high fees, the price of the property is at a high premium. I ended up buying the same type of house for nearly 50K less. As long as you due your homework you shouldn't have any issues with vacancies. I think they are a great idea for people who are after hassle free property investing…[Read more]

Good to hear it is all coming together for you!
Hope this doesn't turn you off property investing! in the future!

Give Jamie a call (above). He's a great mortgage broker and will make sure you are set up correctly from the start.

Subscribe to the monthly property magazines… They will be heaps cheaper than a seminar or 'wealth creation' service and you will probably learn a much broader range of things as well.

Like the others said, I think everything you need to know can be learnt from books, magazines and the people on this forum!

Cheers, 

Kerryn101 wrote:
so on the contract of sale you might have — minimum time of occupancy 7 years…
 must build through the following companies – ***** **** or ***** ****

and if its like the HC houses in NSW with a minimum time of occupancy on there each time it sells before the time limit is up it has to restart (for example you live there 2…[Read more]

I will be driving through Richmond on Wednesday! Will only be buying fuel not property though. Don't think I could ever live there though unless the pay was ridiculously good! which I doubt. Would be good if you could buy and bring in a kit home and rent it out but I don't think that is what they are…[Read more]

If you have access to PriceFinder or something similar you can see who owns the property (as they may not live there) and generally will have their address and phone number. Whether you are allowed to use that information or not I'm not sure.
If you think the owners live there then a letter in the mailbox would probably be ideal.