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  • Profile photo of pwinnepwinne
    Member
    @pwinne
    Join Date: 2006
    Post Count: 81
    October 23, 2007 - 12:25 pm

    Hi,

    I've been using a variation (ITWV) for a few years now.

    If your variation is (I think) 10% over what you stated as your NET income then yes the ATO will most likely kill any ITWV in place at the time of lodgement or disallow the next application.

    If you are going to be over, RING THEM and pay extra into your tax account (or see a financial advisor to reduce tax in some other manner)

    If I'm over, I pay extra to super, pre-pay interest on my loan(s) and /or buy some dodgy Great Southern trees!

    Cheers

    Profile photo of pwinnepwinne
    Member
    @pwinne
    Join Date: 2006
    Post Count: 81
    October 23, 2007 - 7:40 am

    Hi,

    I've just been through a similar process.

    We own our PPOR outright, and are buying another PPOR. We are taking a deposit from our current home until we move. We had planned to rent our original PPOR but of course the interest is not deductible, so its just simpler to sell, move house and use the proceeds to grab another couple of IPs :)

    Profile photo of pwinnepwinne
    Member
    @pwinne
    Join Date: 2006
    Post Count: 81
    March 21, 2007 - 11:21 am

    Yep, one day it will climb (one can hope that Detroit will become center of the world for carbon credits [biggrin])

    Prices can be so unbelievably low that it would seem ludicrous to buy.

    I remember the days when the land beside the rural airport at Phillip Is. VIC was 5k a block and unsellable only 10 years ago.

    NOW… :)

    Profile photo of pwinnepwinne
    Member
    @pwinne
    Join Date: 2006
    Post Count: 81
    March 21, 2007 - 1:59 am

    Its tempting, but maybe not so smart :)

    Yes its cheap, makes you wonder what will happen to our mining towns if (or when, if ever), the resource boom slows.

    Detroit is a big place I imagine, and a change in industry has bottomed RE values, I wonder how things will go in Victoria if we run out of water..

    Profile photo of pwinnepwinne
    Member
    @pwinne
    Join Date: 2006
    Post Count: 81
    October 2, 2006 - 2:39 am
    Originally posted by Mortgageman:

    Hi Pwinne,

    Here are some questions that would need to be answered for myself or any broker to talk to you about loan structures

    Is the 1900 per month in rent the only income you have?

    no, my wage is 90k+

    What are the current loan amounts and property values?

    total loan is 460K and value 700K

    Is your current PPOR unencumbered?

    owned by my wife outright

    How much deposit would you be willing to put down for the new PPOR?

    dependent..

    Kind Regards,

    Cameron Perry
    Director
    Perry Financial Strategies
    Level 13, 30 Collins St
    Melbourne VIC 3000
    Ph (03) 9662 1999
    Fax (03) 9662 2044
    email: [email protected]
    http://www.perryfinance.com

    Profile photo of pwinnepwinne
    Member
    @pwinne
    Join Date: 2006
    Post Count: 81
    October 2, 2006 - 2:33 am

    yeah its a real gamble.

    the local MPRE in my area recently took 2 offers in sealed letters for the vendor (jenman REA), and the one that won was HIGHER than the asking price!

    Profile photo of pwinnepwinne
    Member
    @pwinne
    Join Date: 2006
    Post Count: 81
    October 1, 2006 - 9:29 pm
    Originally posted by jacklynh:

    Hi all,

    I am planning to an IP in Victoria. Do you think Frankston is a good location? How do you find out how many percent of the local residents are renting? Thanks

    Best regards,
    Jackie

    Hi Jackie,

    I live not far from Frankston have IPs in the area (Chelsea), and have looked at the Frankston market a lot of the last 5 years.

    The previous poster is correct – its a massively diverse area and prices exist and both extremes.

    There are 3 main areas to Frankston

    Frankston North – old (some current), commission area. Due to explode if the Frankston Marina ever goes ahead (remember West Ivanhoe!)

    Frankston South – The Mount Eliza of Frankston. Prices dependent on how close to the border you are of Mount Eliza

    Frankston Central – Price dependent on the usual factors – shops, public transport and of course the beach.

    this is a suburn where a good price is to be had. If I personally ever manage to do a WRAP it will be in Frankston North, but as I read here due diligence is a tough one here :)

    Ring the local RE specifically MPRE and Hocking Stuart in the area.

    Good luck

    Profile photo of pwinnepwinne
    Member
    @pwinne
    Join Date: 2006
    Post Count: 81
    September 30, 2006 - 10:51 am
    Originally posted by gmh454:

    Originally posted by simple:

    .
    Economy cycle up and down every 7-10 years.

    Sorry but can’t help myself. When was the last time Australia had a 7 year property cycle.

    Terry

    well i bought a place in chelsea VIC for 110k (1997) and sold for 260k (2002) I’d say that was a boom [exhappy]

    i also did well on a phillip island unit (i sold early for family reasons) and made a tidy sum in 18 months..

    it will happen again. my dad was a bank manager for 30 years – he still tells me when times were tough in the property market people would always question the 7-10 year thing, BUT hey it still happens.

    Profile photo of pwinnepwinne
    Member
    @pwinne
    Join Date: 2006
    Post Count: 81
    September 30, 2006 - 10:09 am
    Originally posted by carlee:

    This is a subject my husband and I know well. My husband and his family went partners in a house signing the contracts as tenants in common. However his father decided shortly after that he didn’t want to pay any of the mortgage( in everyones name) and he refused to sell it ( you need everyone’s consent before you can sell). It took five years to convince him to sell,while we were looking after the property and paying the expenses, in which time we found out that he had put a second mortgage on his half of the house. In the end his father walked out with half the profits(a tidy sum) because we couldn’t afford the court battle, and his father refused to have a solicitor represent the sale (again needs everyones consent). My husband didn’t believe his father was capable of this and it has torn their relationship.

    Hi carlee,

    Thats a sad situation to be in [crying], and it does happen. I had a IP in Phillip Island with my father and before I got married I disposed of it as my wife (and I) were concerned about what ‘may’ happen if the relationship between my father and ‘us’ soured (as it turned it he seperated from my mum, and took up a little chinese student PI portfolio with his new lady friend who is finacially aggressive, family or not) – so although we get along fine, I always wonder what may have happened.

    Profile photo of pwinnepwinne
    Member
    @pwinne
    Join Date: 2006
    Post Count: 81
    September 30, 2006 - 8:55 am
    Originally posted by fbd1:

    ANZ have a V2 account which doesn’t charge for any withdrawals & you don’t loose your interest for month if you withdraw, however you must maintain minimum of $5000 in the account. I think it is 6% interest from memory.

    Yep, thats a great account if you use e-trade.

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