Well, Westpac had no interest in the proposed solution, even as a good will gesture, however they did come back saying they could drop the rate to 8.49%, (from 8.89%) as this is what is on offer at Bankwest at the moment (matching price). Still there are other things like a $900 deferred settlement fee and other fees applicable to the new loan…[Read more]

Thanks Terry. Great idea. Have contacted Westpac and I'll let you know how I get on.

I always repaint the bathroom if not fully tiled. For the cost of some good white paint ($100) and a good scrub, brings it back to life.

Doh, hes on leave till 17th…

The Ningi office in Brisbane looks like a donut shop. [evo]

I would sell and cut your loses. Sounds like it is not doing much for your health. I would suspect its going to be 3-4 years before you could come out square looking at todays market and based on what you borrowed.
Have you made a loss on this property? May be deductible on you income, so the loss may not be as big as first anticipated.

Sorry, I know this is off the topic, but I just wanted to make mention that the Dale GatherumGoss’s book is pathetic. I dont know why so many people on here recommend it.
For $99 its a joke. He constantly repeats statements and facts sometimes 3 times in his book. (Its a book <edit>, I can go back pages and re-read it) It is poorly worded,…[Read more]

In NSW it is the same. YOU pay for the entire water bill. There is a clause that says, EXCESS useage is paid by the tenant, but hey, what is “excess” useage. Given that the actual water in kilolitres is usually a small proportion, I would just pay the bill, and claim it all in tax return
Electricity – Paid by Tenant
Phone – Paid by Tenant
Council…[Read more]

Damn, i figured this would be the case. I wish I knew of this website before i bought my properties. So it looks like there is now no way to minimise the $20k im paying in CGT. Wont make that mistake again!!
Cata, whom do you work for, do you have a website?
Redwing – HDT?? Acronym for?
(And I thought there was a lot of 3 letter acronyms in I.T..i…[Read more]

Terry and Cata
You guys are awesome. Very forthcoming with info, even though there may be no financial reward.
May good karma come your way ten fold…or at least someone send you a case of beer

If I were you, I wouldnt try to apply a scenario or theory from another industry to the property industry. Cliche’s sound great, but in fact sometimes are totally not applicable.
Maybe in this instance you cant put this issue into Dollar terms???. If you could, Im sure we could come up to tens of scenarios or calculations,.Besides every situation…[Read more]

Havent delt with BW before. But I know how you feel with conflicting information. If I call the “mortgage centre” for the bank i deal with, god forbid I rip my hair out. None of them no simple policies on little things like applying for “maternity leave” on a loan. getting a bit of the topic, but over the passed 2 years I think i have applied for…[Read more]

Yep, slightly confused now. (sarcastic)
I thought “Trusts” were a form of Asset Protection that couldnt be touched by anyone, since “I” dont essestially own them.

So, given the hypothetical situation of my wife/girlfriend seeking part of a property owned by a Trust, that I am a beneficiary of, I thought it was protected, yet now it seems,
1) The…[Read more]

Yep, to me it sounds like the tenants are playing you for a fool, and whilst where at it, so is the managing agent.

Sorry to be harsh, but in this situation, I would also increase the rent, probably somewhere in the middle as shwing suggested. (then another increase in 12 months – 6 is to soon) I would take ownership of this particular issue.…[Read more]

Hey. Good line of thinking. Definitely get your structure right before doing anything. Def read “How to Legally Reduce Your Tax” by Tony Melvin & Ed Chan. I read this about 2 weeks ago, and its gives some really good insights. And its written so any moron can understand it. (Well I got it)… [blink]
After I finished reading the book, I got on…[Read more]

Wait Wait Wait…

“A Trust therefore gives no added protection in a tort (civil claim for loss or damages through the courts) that can accurately target responsibility under the CORPORATIONS ACT at any individual involved in a company in some way, which may have defrauded or failed in a duty of care to, a client or supplier, or even another…[Read more]

I would dump BW. Technically if you dont get this property, you have lost nothing. Theres plenty of opportunities out there. At least now you know the standard that you want and can improve on that. Best to get setup correct first time round, esle is expensive exercise fixing later!! (trust me).
I would say waiting longer than one week for…[Read more]

wow, awesome…cheap and quick..(once you understand the legailities and tax implications behind each, of course)
Thanks !!!!

Hey, in terms of cost for setup (rounded say to the nearest $100)
does anyone know what is the cost for setting up
1) Descretionary Trust
2) Unit trust
3) Hybrid trust
4) Bare Trust

Also lead time. eg: Can these be established within a week? Actually and whilst were at it, can anyone put down in say 10 point form, the order in which a trust is…[Read more]

Hey…like my logon name says…..any chance i can get in on this action….Maybe I can be Cc’d in on the answer to questions[bonjour]