No, I didn't have my name added to the title.Our PPoR was already paid off anyway…

148Gotta get that a lot higher.I've got to start looking at my super as well.

Thats exactly what I said.Seems like common sense to limit liability wherever possible.

He didn't recommend it, he was giving me the option.No we do not intend on renting the property, we don't intend on moving.So I'm guessing that's a no .

So your going to take more out on your IP as a "reno" expense to pay down your HECS debt so you can continue claiming interest on the "reno" expense … then you wonder why we pay high taxes in this country.

Fill it in and make a herb garden.

Shelley D. wrote:
Tip I send my tenants a $50.00 gift voucher every time I get a good inspection report or after tax time – They love it and I love them for looking after my property.

Is that tax deductible? lol

I wish my yummy mummy was into as this as you two are. hehe

Received a price from a buyers agent in Perth, it was 12k, to give some idea.I don't even know if that's a good/bad price.

Exactly, pay of all non deductible debt first, then borrow to invent because the interest on borrowed funds to invest is tax deductible.

Having equity in your PPoR definitely make a difference because you can use that equity as the deposit for your IP.

Looks nice, I signed up, but went to add my first landlord and it didn't work, I have contacted support.

Does anyone use any online/offline property management software?

Yer Richard I realise my MB should know this, and be telling me this.I understood everything except: Why wouldn't you simply pay off the LOC first then start dumping extra money into the offeset account?Because every time you redraw it is treated as a new loan and if the purpose of the funds is not for investment the interest is not deductible.…[Read more]

OK I understand.With the LOC, is that at a higher interest rate?Would it cost to redraw up to the 80% LVR of the re-evaluation of the IP?Does this structure offer more protection for my PPoR? I'm assuming it will because Id only have $70,500 + costs tied to it, compared to the whole amount. Even so if the bank needed the money, they'd still sell…[Read more]

Richard, I'm not experienced in this, I went with what made sense at the time. Neither my accountant or the MB suggested what you are saying.So please, so I understand what your saying.1. Take a loan for 80% of the funds from one institution for $282,000 with offset account.2. Take a line of credit on my PPoR from another institution for $70,500 +…[Read more]

I think I need to explain.Firstly I currently hold the title to my PPoR which is values at 1.5 mil.The loan for the IP will be $372,500 to cover all expenses as well.I do not want the bank to hold two titles and they were going to slug me LMI if I used the IP only as security (>95% LMI).So, I opted to use my PPoR as security, thus reducing the LVR…[Read more]

I realize the MISA is not fully functional, I don't need it to be as I won't be using it for day to day transactions.So you've said there no benefit to their wealth package, whats a good alternative?

We compared 6 lenders, although CBA came out second out of six in terms of total loan repayments I chose CBA.I currently hold accounts there and the wealth package now eliminated fees on those accounts.I read that Bank West are despicable in terms of settling, and I have a 45 day settlement.Any other suggestions? Also, to my question regarding IO loans …

OK, we are looking at the CBA offering – wealth package plus MISA account for offset.Now, the question is PI or IO.The way interest only was explained to me is that the interest is calculated at the beginning of the loan, and regardless of offset will remain the same. To me thats just madness, or wrong.Example:I take out an IO loan for $100,000 @…[Read more]