If you have a PPOR home loan then put all the interest into an offset account against that loan, rather than the IP loan. This way you get both the savings and the deductions…

You can buy a flat for 30k!? I think I need to spend some time out visiting a few regional areas…

obiwan,I would definitely take the interest only loan with an offset account option. This gives you maximum flexibility for whatever you want to do down the track.With regards to insurance for common area, the accountant is probably advising you in case of any public liability claims. Lets say you call a tradesman around to do some work at your…[Read more]

Ooooh… cryptic… afraid of stalkers?

I don't know your full situation simmo, but i'd aim for a more aggressive goal!I'm 26 and aim to be retired at 40 (I know Richard, I will get bored inside of 12 months ,right?). My first goal at age 18 was to have $1mil net worth by 28 – I will probably fall about $100-200k short, but if you shoot for the moon and fall short then you still land in…[Read more]

Come now Terry… someone in your line of work surely understands that time = money!Although that could just be my lazy side rationalizing why not to do additional work.The oldies keep telling me that the pennies make the pounds… I keep wondering what currency they are referring to

It depends what you are going for Simmo. If you had a number of properties and were close to retirement, then 37% gearing might be an acceptable level, because you need your income to be a lot more than the loan repayments. If you are in the early stages of investing, it will be difficult to acquire lots of properties if you only ever borrow…[Read more]

Fantastic site – Thanks Terry.

Whatever happened to redwing? no posts for a while…

I'll have a snoop around… For a deduction of $120 p.a it may not be worth my time. (That comment will come back to haunt me, won't it…)

DWolfe, Where abouts in Vic are you?

Not the ANZ, but another bank. U?

Adam, Would be keen to do this in the city, or even over the net (ie: msn or skype or whatever). I am about 25 mins south east of MelbourneLet me know if it goes any further.

Terry, When you say that you can 'amend' a tax return for up to 4 years, would you put through the 'amendments' in the current year, or would you actually submit an old return again? For instance, I forgot to include a share information service that I pay about $10 per month for. I have had it since 2008, but didnt claim it in 2008 or 2009.Can I…[Read more]

Wow… Highest I have been able to get in recent times is 75% for that kind of thing… and it would probably be on commercial rates.

Hi T Caine, What you have described is exactly how I bought my first IPie: Purchase, rent for 11 months, and then move in for 6 months. You will only be able to claim deductions during the period for which you are renting the place out. So in short, no deductions for the 6 months you are living there as a first home owner to satisfy the grant.…[Read more]

I didn't buy any as I bought in the previous 3 years. I spend the last half of last year buying shares luckily!Although the share money will end up going into an IP later this year I suspect.

Whilst I do not know much about the new toolkit (don't own it), I do have first hand knowledge of their systems and how they do their property deals. Dean and Elise are exceptional at what they do,  and I would assume that this translates into their educational material. Once again, I haven't used got the kit, but can recommend Dean and Elise as e…[Read more]

Hi Richard, Who is doing that if you don't mind me asking?

Bahaha nice one Terry. In seriousness though, I have had values improved by calling a local agent and asking for some sales data. As long as the valuer has some evidence to justify what was quoted, then they will usually try to assist.