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  • Profile photo of thebigothebigo
    Member
    @thebigo
    Join Date: 2012
    Post Count: 26
    July 4, 2012 - 11:31 pm
    nguli wrote:
    Your deductions will be any income made from the property minus any expenses like loan repayments. If you expenses are more then your income then this is negative gearing and reduces your taxable income. Shoot Jamie an email and he will help you out. Doesn't matter where you live. I made the mistake of not initially going through a mortgage broker thinking the bank had my interest at heart. I was wrong! Good luck with it all

    Thanks for that Nguli, i was reading up on negative gearing last night, makes sense but only if i can afford it.

    Jamie hit me up with details and i will give you a call to discuss.

    Profile photo of thebigothebigo
    Member
    @thebigo
    Join Date: 2012
    Post Count: 26
    July 4, 2012 - 10:17 pm

    So by not reducing the principal, i can get tax deductions etc at a later date once it is an IP? What would these deductions be?

    Thanks for the feedback guys. I will be certainly looking to start talking to mortgage brokers in the next few months to start gathering information as to what loan is going to best suit, if anyone is around the East Bentleigh area moving inwards to the City, more than happy if you PM me to catch up.

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