Hi,

I started a post in here asking about financial advisors, and didn't get much response. I got a few leads on buyers agents though (https://www.propertyinvesting.com/forums/help-needed/4349478). I don't have a dedicated accountant, I have so many friends that are accountants in different fields it's crazy, so I just ask them.

You're in a…[Read more]

You can get deductions on a property regardless of it being positive or negatively geared. My IP is positively geared in the sense that rent is more than the mortgage, but after depreciation claims it becomes negatively geared. I absolutely still claim it!

Why do you keep moving into the property first? I hate moving and like to stay in the one…[Read more]

Jamie is correct, if you're going to pay of any loan it should be your PPOR, which will improve your overall tax position. Is there a reason you want to pay off the IP first?

It sounds like you can buy another IP when ever you like by drawing on the equity of your first IP, but we don't know any numbers or whether you want to consider this. Since…[Read more]

Hi Paul. Good luck, and let us know how you go. I'm definitely interested to know what happens, particularly if you stay with the NAB.

Also, the $395 fee is per annum, so if you do stay make sure you get it put on a tax deductible account.

Hi Paul,

I'm still very new, so definitely take my advice with less weight than others, but to answer:

1. Yes, that sounds exactly right. It's what I thought was the case in the first place. I was quoted (for QLD)  for $6800 for 90% LVR on $350k, so to go to 100% would be much higher than that.
2. I would ask what interest you're paying on the…[Read more]

Jamie M wrote:

TheNewGuy wrote:
In my mind I'm happy to do a buy and hold (I'm in my early 30s), with a combination of yield and growth across the portfolio with the eventual idea of paying them off for a passive income around retirement…

Sounds like me just with the odd reno thrown in.

Cheers

Jamie

Smart people think alike! I would…[Read more]

Hi DK,

I was looking at developing as well, but decided against it. I used this website as a rough guide http://www.bmtqs.com.au/construction-cost-table

It doesn't take into account any haggling that can be done for building multiple dwellings, but it's not a bad start.

Hi Jamie, yes I am going to email Richard as he is obviously an active member here and has answered some of my previous posts. I hadn't heard of Andrew though, so I'll chase him down as well. Thanks for the heads up.

Shanin, in regards to strategy that was the main thing I wanted to chat with the planner about. In my mind I'm happy to do a buy…[Read more]

Hi TerryW,

That's a good idea, we have child number 2 on the way and I haven't renewed my will since before child number 1 was born. At the moment everything goes to my wife, the whole I die, it goes it her, she remarries, then dies so it all goes to him does have me a bit worried about the future of my 2 children.

Thanks for the heads up.

PS.…[Read more]

I just renewed all of my insurances. I have Income Protection for 3 months to death, at 80% of my salary. 3 months to 24 months is in my super, and 24 months+ is via Macquarie Insurance.

For permanent injury / death, I have $750k lump sum, and a pension paid to my wife ~ $15k p.a + CPI for the rest of her life.

I have ~ $800k in loans, including…[Read more]

Hi Benny,

That's actually a good idea. Depending on how long it takes to find the next IP, I might be getting pretty close to paying it off. So I'll keep it in mind.

Thanks.

Hi Benny,

Yes, that is what I said and you interpreted it correctly. That $100k is against the IP and unfortunately is not tax deductible. However, I left out some of the detail in my posts. That $100k is actually in a separate account, so I have an account of $274k and one of $100k that are both secured against the IP. So when it comes to tax…[Read more]

Hi all,

Thanks again for all the comments and help. I've had the meeting with the bank and this is what I've found out / started.

There is no security across the two properties. Excellent.

I'm turning the IP loans into IO.

I'm going to get a Line of Credit on the PPOR, but it needs a valuation, so I've started that. I can't get the LOC over…[Read more]

Ok. I’ve got it. I’ll bring it up tomorrow. Thanks.

I’m looking at about $350k in qld.

Thanks. Can you provide a bit more detail about how I can go less than 90% by using equity? I'm using total loan / total value and getting around 80% (832/1045), so I assumed that I couldn't go any higher, is this not the case?

I'll remember to aim for 88%, in fact I'll ask for a LMI cost for both just to be sure.

Hi all,

Thanks for all your replies. I'll let my wife know that no one recommended that we continue travelling

To answer some of your questions and add a few comments:

I have organised a meeting with the bank tomorrow. First off the list is to change IP loan to interest only.

I will chat about a sub-loan / line of credit. That sounds like a…[Read more]