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Been following this post for a long time now. It has been very entertaining. Really enjoy most of the posts, especially by Harb, Dwolf, and Dan.
From a naive person point of view who had purchased residential property in 1999 in Inner West Sydney without any advice from any financial advisor, I can say that my property has more than doubled. Even if I had to sell it now.
Is ANZ Simplicity Plus in the same category?
Have just taken out this new loan with ANZ interest only 30 yrs terms. A fairly big loan.
Have made additional deposits to the loan to lower the monthly repayment.
Question is will the monthly repayment change or will it be based on the original amount borrowed?Thank in advance.
This is a great thread. Has been following the debate between Harb & ummester.
I am a novice with PI and is still learning everyday. I can only comment from life experience.
Back in early 1983 when we've arrived in Australia my mother worked 10 hrs a day 7 days a week (mainly cash jobs) saving to buy a 2 BR flat in Western Sydney.
Back then it'd cost around $50k to $80k depending on the age of the flat. I was in my early teen then.
My mother chose to wait till she has saved up 50% to put as deposit as no bank would lend her enough to buy the flat being a single mother.
By the time she saved her 50% deposit it was late 1984. In early 1985, she approached the same agent to offer to buy the same flat the we had rented
and was shocked that the owner now want $25k more. My mother could have bought the flat then in 1983 for around $50k and in early 1985 the same flat
was priced at $75k.Another option is bamboo floating floor. Very hard wearing and install very much like any laminated floor. Very easy DIY
Thank Neilvs & KY.
From my searches, the acreage property will rent for much less than the our inner city one. Income from land rental is minimal. My thought was that income from boarders can be tax free, I'm not sure of this though. I have seen people around our area hosting oversea students for periods of time between 3 to 12 months stay. Income from these were tax free or so I was told anyway. There are lots of long terms international students living in our area and we could easily convert our house to accommodate them as boarders. I will still be living there part of the time. Can you claim 2 PPOR?
It is getting very small in our current home as there are 5 of us now with only 3BR & small yard for the children to play.
I do not want to over commit hence why we looked at taking on boarders to help pay for our acreage property.A bit more info our current property is in joined name (me & wife)
Thank,
SydneySider
