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I ll second that Catalyst, brick cladding is hideous. Everyone loves Hog bristle, it isn't one of Dulux's top colours for nothing.
Thanks Terry, you re on the christmas card list now!
No, it hasn"t. It will over next few weeks if i don't change to IO but is lowest it has been. Understood that only the 130k would be deductible. What if i refinance to another lender so the only debt on this house is 130k, i think i saw another one of your posts that it would count as new borrowings and as it wasn't used to purchase the house it would not be deductible when the property becomes an IP? Sorry for all the questions..
Sure was mate, last 130 left of the original 220k borrowed for my PPoR. Thanks for the advice.
Solomon10 wrote:If i change the loan to interest only now with the last 130k would this be treated as new borrowings and therefore not deductible?Sorry will clarify that a bit better, if i change the loan to interest only with balance of 130k then have 100% offset while still my PPoR, when i move from here and it becomes an IP will the 130k be deductible?
I see now CBA has 5.99% fixed rate with the wealth package, or 6.14 without. To the brokers here, are CBA usually pretty punctual in getting loans through,unlike the lenders mentioned above? Thanks.
Budget dependent, new colorbond roof, paint all external walls hog bristle colour, trim antique white usa, render the small brick section under window, remove bushes and lay mulch. Also add a fascia board to the sides of the porch roof and change the front screen door. I think the punters would love it, roof would be most expensive part of this, the rest relatively cheap.
If i change the loan to interest only now with the last 130k would this be treated as new borrowings and therefore not deductible?
Thanks Terry , proves again that listening to the wrong people can prove frustrating and costly further down the track.
Definitely sounds like the deals are still out there for those looking hard enough, and the media doom and gloom hasn't encroached too far into the members of this forum. Good to hear!
I think clayton is probably a better bet, steer clear of any area around Osborne ave in Clayton South, you ll find cheaper housing there. The stench from the landfill/tip is unbearable most days, and is a bone of contention in the area. Westall railway station has just been completely rebuilt as a premium station, factor this in. Clayton is closer to the uni and Chadstone shops, hospital to Oakleigh also to the fwy to the cbd. Springvale is closer to Noble Park which IMO is less desirable, and has more industry than a lot of Clayton, just that bit further from everything. Both areas also have a high migrant population from non english speaking background, perhaps something to consider. A lot of subdivision and renewal happening in both suburbs, more so in Clayton.
engelo10 wrote:Hi Solomon10I havent started yet. I got caught up with a few other deals im working on so should be going to Coonamble in the next few weeks. Im negotiating on another cheapy, will post details if I buy. Its a cracker better than Coonamble..
Solomon10 wrote:Thanks bardon.Hey engelo10 how is the reno on your 22k house coming along,finished yet?
Wow must really be a cracker of a deal if it's better than your last. Are you concerned about lack of capital growth with all these regionals? Or just after the cash flow? I ve spotted another regional one it rents at 420 pw and sale price is only 180k,prob never get any capital growth though hmmm.
Terry, bit late to fix this i think, but my PPOR is worth around 480-520k, original P/I loan 0f 220k paid down to 130k. I did this before i knew any better. How can i turn this into an IP and take my 90k with me whilst leaving deductible debt? I can't see a way.
Was thinking only way to not have contaminated borrowings was to sell it cgt free, then take the lot and start again, and structuring it properly this time. Any ideas?
thecrest wrote:Serviettes are as good as anything else, just get that great idea written down fast. Ideas are priceless. Cheers thecrestAgreed, i have lots of ideas, it's the capital i have the problem with. Only on 100k a year so the big ideas will just have to stay ideas for now…
Thanks bardon.
Hey engelo10 how is the reno on your 22k house coming along,finished yet?
Wadesansom, i was in the same position a little while ago. If the gas line is running down your street the gas company will install the line for free to a point no further than ten metres from front boundary with a stopcock and a plug on the end.
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After this is installed you will need a licensed plumber to install a gas meter on the end of the line,and hook up any appliances you may want to use,oven,ducted heating,hot water etc.You will begin paying for the service from the time the meter is connected.
No worries,hopefully enough to give you some food for thought on your next IP.
Hi Emma, if you do a search for Corio you will find a fair few topics dedicated to the area.
Yes, i know it sounds pessimistic but i always look for the worst outcome before what is the best outcome. More profit won't hurt, but less profit or no profit at all will definitely hurt the bottom line.
Wise words Catalyst, agents would have you believe that anything can be divided up. Obviously i wouldn't take what they say to be true and would check it out myself before buying.
