Morning guys,
Loking for a bit of advice if possible
I am looking at moving out of our PPOR that we purchased new about 2.5 years ago and just looking for advice on how best to structure things so as not to cause problems down the track. Wish I had read some of things here before I started, hence question time
I have already changed the loan to IO. The loan balance is about 240k with about 50k surplus sitting in it. The unit will rent for about 480 a week so in its current form will be + by about 250 a month. My quetsions are
1) Do I draw down that 50k and put it somewhere else so loan balance goes up to 290k thereby turning it CF Negative?
2) Do I just get rental income put into the loan and then pay council, water, strata form the loan or should I get rent paid into my transaction account and then pay all costs and loan from transaction
3) Who can I get to draw up a depreciation schedule? is it an accountant or conveyancer or someone else?Anything else I should be looking at?
Many thansk for your help in advance
Ta,
KevHi Kev
1. I would have thought that the $50k you take out will only be deductible depending on the purpose of its use.
2. Are you moving into a new PPOR? If so, I'd set-up an offset account against it and have your IP rent paid into it.
3. A quantity surveyor. There are plenty of companies to choose from.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
1. No
2. No. Use an offset account – preferrably on your new PPOR if you were going to get one.
3. Quantity surveyor.Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
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