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Hi Richard how do you mean split it into three loans?
My current loan is getting switched into a new loan and when i purchase another property ill get another loan for that?
What do you mean with the third one?As the loan is new can i just start recording interest and deductions from then to make it easy for who ever is going to do my tax?
The tenants only moved in last week so wont make much difference?Hi people just two more questions,
1. Is it best to have two separate loans for easier tax recording or have one large loan so the offset account goes to the one.
2. Can you have one offset account for two loans?Hi everyone thanks for the advice, I've just got a few more questions.
I've got my home loan changed to a new product with the same bank. Its gonna take about two weeks to change it all over. The bank doesn't need any information or appraisal on the house as i work for them.
The loan is 7.10% PA, 100% offset and also to interest only for 5 years. No application fee, monthly fee and my everyday account is changing to the offset account.
The question i have is that I've moved all the extra money on the loan to my everyday account. soon to be offset account.
Can i still claim it as a deduction since the loan is new/changed?I've also been approved for an additional loan to purchase another investment property. I'm gonna start looking for properties but with all the news reports about property i don't know weather to wait a few months. Even though i don't take news seriously since they change there mind every couple days.
Last question that comes to mind is with the negative gearing is all of it given back on tax or is it a certain percentage?
ah yes Terry, thanks for that forgot to add council rates. Anything else besides repairs?
I've got a redirection on my mail to my new address any chance that can be put as a tax deduction?The cheque cleared today so all is good.
The main reason i decided to do this all myself is that i got two real estate agents to do a free apraisal on how much rent i could get, first said $350 2nd said $360-370. Seeing my tenants offered $450 for 1 year i thought i better do it myself seeing they got it so wrong.
Does anyone know a bank i could get IO loan, interest rate 7.0% or lower and 100% offset account for free or cheap per month?
Hi Qlds007 thanks for the info
Yeah I've mixed up a few words.
Number 6 i mean landlord insurance not mortgage insurance.
Number 7 i still need to sort out depreciation as i did renovations a few years ago when i lived there.
What do you mean by building write off? how would that work?With the 30K it is extra i've payed into the loan but i can take it out whenever i wont without any changes. How does the interest work if i take it out. Would it stuff up anything? I work for a Bank.
When i purchase another investment property i wanted to use the 30K as a deposit.
Hi Angel, thanks for the quick reply and information.
With the cheque, i mean do people have problems with letting the tenant moving in before the cheque clears or afraid the cheque could bounce?
With the bank account i didn't know if people have separate ones for security reasons or because its easier to keep records for personal and tax purposes.
Australia post redirecting mail is a great idea thanks, cant believe i didn't think or read about it.
With disposable income do you mean as i only pay interest on the loan the principle amount i can use for something else?
so $252,000 * 6.09% = 1534680 / 12 = $1278. Monthly repayment of $1925 – $1278 = $647 / 4 = $161 pw saving.Is that correct? sorry im really bad at maths.
Also does that mean i can claim the $161 on tax because it is interest?
