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  • Profile photo of new2investnew2invest
    Participant
    @new2invest
    Join Date: 2010
    Post Count: 38
    June 16, 2015 - 9:04 am

    Looks like I will NOT be claiming this then. Thank you all for your response.

    Profile photo of new2investnew2invest
    Participant
    @new2invest
    Join Date: 2010
    Post Count: 38
    June 15, 2015 - 4:59 pm

    sitecost = cost to determine the type of slab/foundation for the house to sit on Class ‘M’ or Class ‘H’ etc..

    I had to pay 10K to upgrade my slab

    • This reply was modified 9 years, 6 months ago by Profile photo of new2invest new2invest.
    Profile photo of new2investnew2invest
    Participant
    @new2invest
    Join Date: 2010
    Post Count: 38
    September 3, 2014 - 12:08 pm

    Thank you all for the quick replies

    So to sum up.
    – Stamp duty charged by the state is NOT deductible
    – Stamp duty charged on mortgage or LMI is deductible over 5 years.

    Profile photo of new2investnew2invest
    Participant
    @new2invest
    Join Date: 2010
    Post Count: 38
    July 10, 2012 - 3:49 am

    Have you considered http://www.buymyplace.com.au/ to sell your prop.
    My cousin uses them to sell his newly build props. Cost is roughly 300-1000 per prop.

    Other useful links:
    http://www.forsalebyowner.com.au/landing/house/?gclid=COmZoLWYjrECFSdNpgodTEOwSA
    http://www.saveoncommission.com.au/index.html?gclid=CIb5-cWYjrECFeuTpgodqi62Qg
    http://forsaleforlease.com.au/sell-without-agents/

    Profile photo of new2investnew2invest
    Participant
    @new2invest
    Join Date: 2010
    Post Count: 38
    October 13, 2011 - 10:28 pm

    Thank You all.
    Loan has now been Split.
    Got depreciation report done as well and came at 14700.
    Loan structured to claim 100%.
    Tax Variation form 2011-2012 all completed waiting to be lodged after settlement.

    Profile photo of new2investnew2invest
    Participant
    @new2invest
    Join Date: 2010
    Post Count: 38
    October 5, 2011 - 12:47 am

    I heard from people at work
    According to the ATO, if you can provide proof of any cost you incur towards your investment property, should be fine to claim.

    In otherwords i should be able to claim 100% even if I have deposited 10% (redraw from PPOR) and bank lend me 90%
    Investment loan + deposit = 100% clamaible for as long as you can provide proof.
    Is this true? can you do that?

    Profile photo of new2investnew2invest
    Participant
    @new2invest
    Join Date: 2010
    Post Count: 38
    September 25, 2011 - 11:05 pm

    Hi Guys

    Interestingly the same day I posted this post i was considering 90% or even 95% cause I didnt want to use my PPOR as security, I call my mobile lender to work out on some figures/options that I had. Settlement is still 3 weeks away. I have already put down my 10% deposit ($51700) and decided to go 95% and not use PPOR as security.

    New loans will be:

    Current Hm Loan has been increased to 377k
    Investment Loan will be around $502k after settlement. (Estimated value range is ($600-650k))

    So this is now resolved. now I can focused on No.2 in the coming year.
    Now till Feb next year I can save about $20-25k to put on my current mortgage.

    Looks like I can now go 100% and use the 1st IP as security to buy No.2. But I dont think I have enough equity in No.1 IP to buy No.2 IP

    Anyway just would like to know how I could proceed on financing the 2nd IP?

    Profile photo of new2investnew2invest
    Participant
    @new2invest
    Join Date: 2010
    Post Count: 38
    August 19, 2011 - 2:50 am

    I have been reading about PIT (Property Investment Trust) from Ed Chan book.

    Any thoughts on that? Anyone using such a trust.

    I rang them yesterday and i gotta book 3 weeks in advance to talk to someone and the cost is $300/hr.
    So before I pay that $300 would be good to hear more from people who’s using PIT.

    Thank You all for your thoughts so far.

    Profile photo of new2investnew2invest
    Participant
    @new2invest
    Join Date: 2010
    Post Count: 38
    August 18, 2011 - 3:14 am

    @luke86

    Trust is the number 1 question on my list when I visit my accountant this week.

    Profile photo of new2investnew2invest
    Participant
    @new2invest
    Join Date: 2010
    Post Count: 38
    August 17, 2011 - 10:34 pm

    @shape and @terryw thanx for the valuable info.
    I read about Trust etc….but dont really want to get into that right now considering it’s my first IP.

    I’ll just make an appointment with a property accountant to go over this.
    I also look in the contract for the “Tenants in common’ can’t find it.
    My next step is visit an accountant and see what he/she says on the trust subject…..

    Any recommendation?
    I am in Melbourne and work on St Kilda Rd, would be great if I could get an accountant around…the area.

    Profile photo of new2investnew2invest
    Participant
    @new2invest
    Join Date: 2010
    Post Count: 38
    August 8, 2011 - 4:28 am

    Thx @shape and @KT for responding.

    I am still very interested to the idea of having an IP there one day…..
    but i think for now I will just keep looking for capital growth props close to CBD (may be 20k from CBD.
    See how I go..hopefully after spending last 6 mnths reading books and learning more about Tax …i feel ready.
    Time to take some actions and get going.

    Profile photo of new2investnew2invest
    Participant
    @new2invest
    Join Date: 2010
    Post Count: 38
    July 27, 2011 - 3:28 am

    Hi Chris

    There is this one which is FREE http://www.myrp.com.au/newsletter.do but I am also considering the $2.30/wk subscription as well.

    Profile photo of new2investnew2invest
    Participant
    @new2invest
    Join Date: 2010
    Post Count: 38
    July 25, 2011 - 2:10 am

    Thx Luke. You are right

    Profile photo of new2investnew2invest
    Participant
    @new2invest
    Join Date: 2010
    Post Count: 38
    July 23, 2011 - 10:03 am

    Howdy

    Lucky for you I found this in the Paper this morning ^_^
    http://data.id.com.au/idforecasts/ with Tarneit being Number 1 for Population growth.
    It seems lots of people could be heading there….in the next coming years….which is a positive sign I guess.

    Dont know much about tarneit except population growth is certain… ^_^

    Profile photo of new2investnew2invest
    Participant
    @new2invest
    Join Date: 2010
    Post Count: 38
    July 22, 2011 - 5:43 am

    Hi Kent

    Thx for he heads up.

    Profile photo of new2investnew2invest
    Participant
    @new2invest
    Join Date: 2010
    Post Count: 38
    May 9, 2010 - 11:43 pm

    Thanks for all the info guys,

    Profile photo of new2investnew2invest
    Participant
    @new2invest
    Join Date: 2010
    Post Count: 38
    May 3, 2010 - 9:48 pm

    Why do you need such a trust?
    What’s in it for you?
    I mean the adv of setting up such a trust.

    Profile photo of new2investnew2invest
    Participant
    @new2invest
    Join Date: 2010
    Post Count: 38
    May 2, 2010 - 9:45 pm

    Thanks for all your input.
    Others please feel free to add what you believe is the best strategy.

    I will start looking into LOC and other loans types.
    I was not expecting quick replies but this is great.
    Thanks for all the info. Keep it coming

    Profile photo of new2investnew2invest
    Participant
    @new2invest
    Join Date: 2010
    Post Count: 38
    May 2, 2010 - 4:25 am

    Line of Credit – what is it ? And what r the advantages n disadvantages if having such account as an investor?

    30k in Equity! Is that enough? If it is where will it be used: land or house?
    How would the loan structuring works?

    Cheers
    New2invest

Viewing 19 posts - 1 through 19 (of 19 total)