Thanks again Terry, for years you've provided good info on here last question – tips on finding a good QS, other than just thumbing thru yellow pages? ask on here for recommendations for perth based surveyors?given my situation, i woudl assume i shoudl pay extra and meet the QS on site rather than do a remote one via photos or other budget…[Read more]

Thanks Terry. My former accountant just guestimated a building value and put a nominal percentage depreciation on it… He never advised me of any other depreciations, just asked me if i had spent my own money on the place at all, and as i hadn't he never suggested claiming for depreciations of what was already there. hence he is now my FORMER…[Read more]

Scott No Mates wrote:
If you can't prove it how can you justify it at a tax audit. Get a receipt book, put in the purchase details & seller's name.

Is a handwritten receipt in one of those carbon copy cheapie receipt books from the newsagent with date, amount, details and sellers name honestly enough to substantiate a receipt for tax purposes?…[Read more]

Terryw wrote:
AmyIf you are using your own cash that means that you will have less cash in the offset on your home which will result in higher non deductible interest payments. (maybe your non deductible debt is fully paid off?).

Hi Terry, I hope u don't mind me correcting you but in Amy's original post she did say "We are currently renting and…[Read more]

I managed to buy a house in Brentwood, 10km south of perth (borders mt pleasant and booragoon) with direct freeway access, walk to train station, walk to shops etc… for $417k, settled in Feb. Did minor cosmetic work, renting it out to international students, plan to hold and rent for a few years then demolish and build luxury house on the block…[Read more]

Thanks Greg, appreciate the info. Will add to the list to discuss with accountant this year…

Qlds007 wrote:
2) Being a loan cost it is deductoble over the loan term or 5 years whichever is the shorter so at least the cost impact is reduced.

Quick question Richard, if you don't mind me hijacking this thread…your comment about the LMI being deductible over 5 years caught my attention. I paid LMI on a loan for a property initially PPoR,…[Read more]

maybe try posting in the general section to see if there's already a property investors group meeting up regularly in Brisbane. I found one in Perth through here and have gone to a few informative evenings.

interesting to see this thread has resurfaced… one year on… so michael and loretta, did you do the course?

Hi Dan, Thanks for your comments. I would be reluctant to sell it. I know you have to keep emotion out of IPs, but it would be so nice to always hang onto #1 I'm going to bring it up with accountant soon and see his thoughts, and then do the renos (with plans to keep as rental property) and rent for another 12 months and see after that what…[Read more]

Some factors to consider with units:*usually have to pay strata fees, make sure you know what these are upfront and budget them into your rental returns. paying $500 a quarter can make a dent in that rental income!*the strata fees include building insurance, so you are saving $$ with this, and I suppose in most complexes includes garden…[Read more]

There's some extra info you can read here about the new parental leave scheme. It looks like you will not receive the 5k baby bonus in addition to the paid leave (unless you have twins!)http://www.familyassist.gov.au/publications/planning-to-have-a-baby-introducing-australias-first-paid-parental-leave-scheme.htmlthe link also details how to check…[Read more]

Well done on clearing so much debt!!

One thing that is worth considering, is that banks need evidence of “genuine” savings for your deposit, and the more you have saved the better. They want to see this over a minimum 6 month period. I assume you’re going to put the $750 f/n away as savings once you’re finished with these debts, which should be…[Read more]

Hi Scott,

That set-up is very common in WA, and utilised a lot by students, international travellers and temporary accommodation for singles/couples. I have lived in one such house… My mother also rents the spare rooms of her PPoR in this fashion, and I have recently acquired another IP which was selected purely for this style of leasing, due…[Read more]

i'm not sure if this is applicable in NSW, but in WA when you make an offer to purchase you can put various clauses that the offer is subject to. I would state a clause that the offer to purchase the house is subject to the vendor providing evidence of council approval, or if not available then the vendor lodging the application at their cost… i…[Read more]

This is my understanding of the R Codes…

Take 10,000 and then divide it by the R code number to get the minimum block size. so for R20, must be 500sqm per block, and R25 must be 400sqm. That is to divide into green title blocks. R20 can have 450sqm if they are strata blocks…

So it should be fine to build 3 green title house+land on the…[Read more]

i was looking into this recently… from what i understood, for properties "off the plan" the FHOG is only payable upon completion and settlement of the house ready to move into. and it is at this time when the applicant must be eligible for FHOG. so if they are eligible now, and sign the building contract, but get married or in defacto (2 yrs)…[Read more]

hi fWord,

I was in a similar situation to you back in 2005 and will share my story…

I was a first homebuyer, received FHOG, but luckily was referred to an excellent mortgage broker/financial planner, who has keen knowledge and experience in IPs.

This was what I told her:

*purchasing PPoR with FHOG

*planned to live in for 12-18mths, then…[Read more]

hi fWord, I was in a similar situation to you back in 2005 and will share my story…I was a first homebuyer, received FHOG, but luckily was referred to an excellent mortgage broker/financial planner, who has keen knowledge and experience in IPs.This was what I told her:*purchasing PPoR with FHOG*planned to live in for 12-18mths, then move…[Read more]

that's interesting to hear, thanks for telling.