All Topics / Help Needed! / Owner Occupier to Investment Property

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  • Profile photo of gjramagegjramage
    Member
    @gjramage
    Join Date: 2011
    Post Count: 2
    May 9, 2011 - 10:12 pm

    Hey All,

    I currently am the owner occupier of a great dual living investment property.

    Was hoping you guys could give me some advice to how to change my property to an IP? Banks, taxes all that kind of stuff.

    Thanks for all your help and advice.

    James

    Profile photo of Jamie MooreJamie Moore
    Participant
    @jamie-m
    Join Date: 2010
    Post Count: 5,069
    May 10, 2011 - 7:15 am

    Hi James

    Welcome aboard.

    If you haven’t already, you may want to switch the loan to interest only with an offset. This can help with cashflow – and more importantly, if you decide to purchase another PPOR in the future, you’ll be able to withdraw the funds from the offset (which increases your deductible IP debt) and put it towards your PPOR.
     
    Get a depreciation schedule prepared for the property.
     
    Have a valuation (or market appraisal) carried out on the property. This will help in the future if you sell up and have to pay CGT. The valuation will be the base figure used for calculating the applicable CGT (therefore, a high val is in your best interest).
     
    Hope that helps

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
    http://www.passgo.com.au
    Email Me | Phone Me

    Mortgage Broker assisting clients Australia wide Email: [email protected]

    Profile photo of gjramagegjramage
    Member
    @gjramage
    Join Date: 2011
    Post Count: 2
    May 10, 2011 - 7:40 am

    Cheers for the help Jamie :)

Viewing 3 posts - 1 through 3 (of 3 total)

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