Or you could just try another bank. St George has no professional package fee, just a monthly fee per loan – $8 to $12 and a $3 fee for the offset account.

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Sometimes miracles do happen. I remember a few years ago a client purchased a unit under market value. The valuer had the COS and went out and looked at the unit and valued it about 20% above the purchase price. Bankwest ended up lending the client 95% of contract without LMI.

Bankwest have also redone a valuation on a reno before settlement and lent on valuation, not purcahse price. This was a 3 month settlement.

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I think as long as your property was an investment, or intended to be an investment, then you can claim things.

With the repairs, if you replace something with something better, then it is an improvement. if you bring it up to the original condition, then a repair. ie with the bath, if you just replaced it with a new bath that is similar, it may be a repair, if you got one of those spa type baths, that would be an improvement. Its a fine line.

You had better check this with your accountant, and also look at the rental properties booklet available from the ATO. http://www.ato.gov.au

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It shouldn’t matter. If the property is a rental, whether you do it while empty or tenanted, the tax deductions should still be the same.

I think your friends may have been referring to you trying to make out you are doing repairs. Repairs can be claimed straight away, whereas improvements may have to be depreciated over a number of years.

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You would have to confirm that with the ATO, but from my understanding, since they are totally separate and you are not paying any money off the loan, then it should be ok.

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fanx Derek!

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The Viridian is a LOC. You actually need a loan account and then a separate savings account. It works because you are not actually paying anything off the loan, your money is going in the savings account.

The viridian has a higher interest rate and monthly charges too. I just closed mine and moved the balance over to ANZ IO with a 100% offset account, on their professional package. Don’t like CBA.

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Sure Life. I ahve no idea who you really might be, and am not sure what “WRT” means.

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Hi

Bankwest actually will NOT lend for working farms. They will lend for large acreages, if they are not farms.

But you may be able to get around 80% LVR for something like this.

It may depend on what sort of farm it is and what it actually looks like.
Lenders don’t seem too keen on cattle farms for example.

Life X. Property Guru is works with us, but he is in India for a while at the moment.

Terryw
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