Hi guys

Thank you for the response.

@ Benny: yes, we lived in property A from day one and even though we moved interstate and purchased property B to live in, we continue to nominate property A as our PPoR.

@ Terry: Thanks for the links. Much appreciated. FYI – the timeline is as follow:

2002-2010 – we lived in property A – our…[Read more]

Hi

Just sharing what we have learnt so far from our property investing journey….

A good mortgage broker is very important.  You need one who responds quickly and thinks outside the square, one whose first answer to an obstacle is "how could we…." instead of a straight "No, can't be done". 

Next, good accountant who is not only great at…[Read more]

Hear Hear<br /:-)” title=”>:-)” class=”bbcode_smiley” />

HiI will take a bit of precaution with buying IP in SA.  We have a few here and found that SA tenancy law is leaning very heavily towards the tenant.  Maybe we didn't get the right formulae but all our IP in SA is negatively geared.  ROI isn't that great.  CG may not be too bad especially for a property on the water.  But we definitely won't be pu…[Read more]

Hi RichardWe have also done similar thing to New2Invest.  We had to redraw from our offset a/ct to put in 20% deposit for an IP, because the bank is only willing to loan us 80% or we'll be subject to mortgage insurance.Sounds like we've done a big No No as well?

We can’t locate him anymore. Looks like he is out of business. Now we know why!!

Yes, ouch it is!
Which inspector are you referring to? The original building and pest inspector?
Don’t know. Just ordinary building and pest inspection guy.

Thanks, Derek.
We have started communicating with HIA. There are few options we are thinking of to resolve our issue. It’s just the repair cost could well be half the cost of purchase price.
Certainly has been a real good lesson for us. Thank god it is the one and only lemon we had so far!

Hi guys

thanks for the response.

We had a building inspection done before we purchased which told us none of these issues. The guy is nowhere to be found now. We didn’t know about the septic issue. Over these last 4 years we weren’t aware of the problem. We are told the waste had gone to somewhere somehow but not anymore.
It’s an old house in…[Read more]

Thank you, Richard.Yes, the redraw will be set up as a separate loan to our PPoR, so the interest can be deductible. The plan is once we move into the new one (in 2 years time), we’ll convert our current PPoR to be an IP. We have asked our mortgage broker, but the solution she came up with was either a 10% deposit with LMI, or a 20% deposit.  [Read more]

Hi allJust a small input.I went to Dolf de Roos seminar, and someone asked him about Detroit.  He also said "not now" to Detroit, due to the car industry being the main source of income for the area.

I think we are probably better off renting for first 12 months.  If we decide we are happy with the move, then we can sell our current PPoR without paying for a CGT.  and purchase a new PPoR.  Thanks for the advice, guys!