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October 9, 2003 - 1:29 pm
hello leigh, I am new to these forums and have been browsing different topics but I must applaud you for your many responses which have been very positive and you appear to be very proactive in your approach to property. I can not believe some peoples attitude to steve. I have met steve for all of 2 mins but he comes across as a very warm and genuine person who would do anything for you. So bribie please remember we are not all perfect and mistakes do happen.Think outside the square and move forward. thanks kod
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October 9, 2003 - 12:56 pm
A conveyancer is definitely the way to go. I just used a solicitor, and had a hard time contacting him as he was always in court or depositions.
Agree with the others that conveyancers specialise in this area and can provide more assistance.
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October 9, 2003 - 12:55 pm
Isn’t $125k over 25 yrs at 6.57% = $196 per week repayments. There are lower rates than this too.
With a good accountant he should be able to get you some tax deductions as well.
Wouldn’t this be positive, then.
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October 9, 2003 - 12:49 pm
Hi guys
Thanx for the replies.
I saw the Today Tonight special too. As it happens, I am an accountant [] and already know about the depreciation expenses, . All’s I want is to make sure that I don’t miss out on anything else that might be claimable.
I did find some very basic information on the ATO website. Basically just a schedule that you lodge at year end. It’s like a maze in there.
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October 9, 2003 - 9:26 am
As for representing in court, this is true, but you’d have to pay court costs on top of your conveyancing costs if it went that way, so keep the money up front and use a solicitor when you need to.
If you’re not familiar with standard contracts and the sale process you may be better off with a solicitor.
Otherwise, go with a conveyancer.
Michael
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October 9, 2003 - 7:04 am
I dunno…[]
send me a half naked pic….let ME be the judge of that!! hahahaha
~ If at first you dont succeed…destroy ALL evidence you ever tried to begin with! ~ :þ
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October 9, 2003 - 7:03 am
thanx so much for them web sites!! Im looking at the Vic one now []
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October 9, 2003 - 7:01 am
I love cat people!! Ima cat people toooo!! Arty never used to be…but for some weird reason when a stray cat needs a home..they come to us! so…artys a cat person too!! LOL
~ If at first you dont succeed…destroy ALL evidence you ever tried to begin with! ~ :þ
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October 9, 2003 - 6:57 am
My comments were way to harsh and i was too blunt with what i said and lacked tact and wisdom
Boy aint that MY problem!!
Westan…I should have read this post earlier and taken the advice within it. I wish I was half the person you have been []
~ If at first you dont succeed…destroy ALL evidence you ever tried to begin with! ~ :þ
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October 9, 2003 - 6:45 am
now thats worth reading!! Thank you []
~ If at first you dont succeed…destroy ALL evidence you ever tried to begin with! ~ :þ
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October 9, 2003 - 6:43 am
thank you bear []
I just wanted to make sure there was no bad feelings between us….I reckon ya pretty OK [] Half naked and all!![]
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October 9, 2003 - 4:17 am
Graeme your bank should be showing interest charged on each monthly statement, even with P/I loans. It’s not difficult to check their maths, but it’s a bit more tricky if you have an offset account that varies during the month.
As I’ve analysed on a previous post, there isn’t much cost difference between IO and P/I in terms of present worth of all payments, especially if you are in the top tax bracket. This is because the cost after tax is much the same as inflation.
With P/I you are putting in extra of today’s dollars to save depreciated future dollars.
Jim.
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October 8, 2003 - 2:24 pm
Hi Terry and all,
Got a better one for Carmody .. how about class action – refusal of all mortgage payments until all principal payments are credited to the PPOR, with all interest against the IP, provided you hold 2 properties minimum ? Imagine the building industry then !!
Seriously though, I thought what you described was already in place. Is it not legal yet? Is it not what is referred to as amortization? What’s the difference legally if I found seperate lenders for each property, with differing interest rates anyway?
Re CBS .. certain they became Civic Permanent Building Society, then Civic Advance Bank, Advance Bank, then St.George.
Regards, Phil
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October 8, 2003 - 1:57 pm
Hi Sooshie,
Indeed, this forum serves as a great resource. It serves perhaps a multiple purpose for some. I can’t recall any recent slanging matches though. Perhaps I missed or ignored the latest. All appears to be usual interaction to me. I am appreciative of what I have learnt from others here, and the willingness of most to answer questions. It seems that it’s human nature to provide the answer when you know it. That is why such forums do work.
I have worked something out as to why they sometimes do not work. Who has ever sent a letter or an SMS and regretted part of the wording? Has anyone ever sent an e-mail, only to have the meaning misconstrued due to the readers interpretation? How does one shrug one’s shoulders over the phone, or by letter and still properly get the message across?
Even if you are a fine wordsmith, the interpretation and accentuation of your words will be formed in the mind of the reader. Maybe that’s why God invented italics. It is difficult to convey accent on words precisely. The meaning of an entire sentence can be changed.
Arguments often arise from the detail. The best way to attempt to win any argument (even in a win-win) is to attack that detail. And so it escallates.
Certainly not bored Sooshie, but intrigued by human nature, supposed arguments residing within a grey box on my desk, yet appreciative of the networking opportunities and advice herein.
Kind regards to all, Phil
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October 8, 2003 - 1:37 pm
Hi Richard & Terry, Do banks recognise income from dividend if say we had 150k worth of bank shares? If so would they need to securitise those shares? Regards, Jim.
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October 8, 2003 - 1:31 pm
Just another thought Terry, I assume that there must be restrictions on the balance of private vs investment loan amounts, ie the lender certainly won’t tolerate your paying off all of the 7.74% part quickly to leave a large loan at 3.99% by itself.
Split loans are a lot simpler maths wise, and the best strategy is obvious, ie pay off the ppor bit first, but with your unbalanced rates, it is a bit less obvious. (unless you HAVE to keep the payments equal of course)
Jim.
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October 8, 2003 - 1:16 pm
I’m pretty sure Mr Carmody would take a pretty dim view of this, just as he does the split loan. I’d be pretty wary of embarking on such a pretty blatant tax dodge.
Jim.
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October 8, 2003 - 12:44 pm
It’s probably a capital expense Lawry, ie it will probably be depreciable at only 2.5%, but you’d have to check with a Q/Surveyor. It wouldn’t be claimable as a repair. Keep your receipt forever, as it adds to your cost base.
Jim.
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October 8, 2003 - 11:41 am
Almost a split loan in disguise Terry. How is that High Court appeal going?
Jim.
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October 8, 2003 - 7:04 am
quote:
Hi Powmow,
I got my first property when i was 20. Many banks tried to tell me I couldn’t have finance – had only just finished university – and tried to tie up my parents as guarantors. I didn’t let them, and now I have a few properties all in my own name!!!!
Do your research, due diligence and all of that stuff – and get out there. You feel pretty damn fine when you have achieved things like this on your own. Happy house hunting.
PS Have you been to any banks to see who will help you out – maybe get in contact with one of the brokers on this site – find out what you can do, and plan ahead for what you might want to do. Knowing how much available lending you could get will help you know where you could start looking as well. I assume you would qualify for first home owners grant – maybe you could seek advice about buying to live in for a period, and then turn the house into an investment property.
All sorts of choices …..
LR[8D]