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Thread: Property

  1. #3221
    Member sixofthebest's Avatar
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    Quote Originally Posted by INTJ View Post
    Yes so I've figured out in theory I can redraw the equity in the existing house to put down a 20% deposit on another property and the remaining 80% of THAT new loan's interest would be deductible.
    Not correct. The ATO will always ask "what was the purpose of the loan?". It's actually a really simple question / answer so it's best to try to keep it that way. In your previous question you were going to take out the loan and put the funds in a personal account to do whatever / buy motorbikes. This would not be an investment purpose so therefore the interest on the loan is not deductible.

    In this case you are taking out a new loan which will be used to fund the 20% deposit on an IP, aw well as the remaining 80% loan on that IP. As long as you can show the funds going from the loan account directly into the purchase of the IP, without getting contaminated in a personal account along the way, then the purchase is entirely tax deductible.

    It is a lot cleaner if you can make this redraw a separate loan account though. If you are just redrawing on an existing PPOR line of credit or similar account, the mathematics of accounting for what was personal and what was investment get really complicated and your accountant will hate you. Keep things simple by keeping loan accounts for investment purposes separate from loan accounts for personal purposes...
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  2. #3222
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    I'm reading through this - http://www.tenancywa.org.au/sites/de...%20Tenancy.pdf

    Document about how to evict someone...

    I'm absolutely mortified...

    All the time I spent renting (OK OK it was only 5 months) I could have just... not paid?


    The way the document is written... holy shit. It's like they actively encourage you to be an absolute pig filthy cunt.

    My place is vacant and currently up for rent and it's giving me 2nd thoughts
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  3. #3223
    Member sixofthebest's Avatar
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    Absolutely. While you're at it, read the Residential Tenancy Act. It's chock full of rights for the tenants and obligations for the landlord. As a landlord, if you end up with a "professional tenant", who knows their rights under the Act, you had better be on the absolute top of your game if you're not going to lose your shirt. Whether it's pure non payment, malicious damage or worse... read this stuff and issue the required notices as soon as you are able. If you show any mercy outside of the Act, it's like blood in the water for some of these people.

    There are lots of tenant's advocates but no landlord advocates hanging around when these laws get drafted - and the result is predictable in today's society. If only banks were equally soft about non payment of mortgages, everything would be OK! Unfortunately it's the landlord stuck in the middle who gets spit roasted...
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  4. #3224
    Member INTJ's Avatar
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    I got landlord insurance which covers non-payment and malicious damage etc. but I thought it was a bit of overkill. Having read through this shit... I'm just amazed...

  5. #3225
    Member Halo_2's Avatar
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    The latest craze for renting a property is use a fake name and turn it into a drug manufacturer house, they bypass the elec meter (bullshit easy to do) and the owner is slapped with a bill from synergy estimating non metered use.
    Last edited by Halo_2; 26-04-2017 at 01:04 PM.
    "Some people are like clouds. When they disappear it's a beautiful day"

  6. #3226
    Member SomeBloke's Avatar
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    Food for thought...
    "Life begins at the end of your comfort zone."

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  7. #3227
    Member chew's Avatar
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    Quote Originally Posted by Halo_2 View Post
    The latest craze for renting a property is use a fake name and turn it into a drug manufacturer house, they bypass the elec meter (bullshit easy to do) and the owner is slapped with a bill from synergy estimating non metered use.
    This was happening 20 years ago. You will find the big boys have an agent in the loop so if someone is going away for a year or more, they set it up, make some dollars, then repaint, new floor coverings, blinds etc.

    Quote Originally Posted by SomeBloke View Post


    Food for thought...
    Is that borrowing for residential?
    They hung a sign up in our town "If you live it up, you won't live it down"-Tom Waits

  8. #3228
    Member chew's Avatar
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    Ooops double post.
    They hung a sign up in our town "If you live it up, you won't live it down"-Tom Waits

  9. #3229
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    Quote Originally Posted by Halo_2 View Post
    The latest craze for renting a property is use a fake name and turn it into a drug manufacturer house, they bypass the elec meter (bullshit easy to do) and the owner is slapped with a bill from synergy estimating non metered use.
    You wont get that if you use a half decent manager.

  10. #3230
    Member chew's Avatar
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    Quote Originally Posted by Halo_2 View Post
    The latest craze for renting a property is use a fake name and turn it into a drug manufacturer house, they bypass the elec meter (bullshit easy to do) and the owner is slapped with a bill from synergy estimating non metered use.
    Quote Originally Posted by AZAZL View Post
    You wont get that if you use a half decent manager.
    Yep, because a half decent manager would not accept a $5k cash payment/per property to pull a swifty he cannot get done for.
    They hung a sign up in our town "If you live it up, you won't live it down"-Tom Waits
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  11. #3231
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    chew
    Its from an article by the Australian, http://www.theaustralian.com.au/nati...63c4ead7f41086 graph is titled housing finance, so I'm assuming it is $ borrowed.

    The article is a good read and pretty well balanced at quick glance.

    Another interesting graph from the article below...
    "Life begins at the end of your comfort zone."


  12. #3232
    Member chew's Avatar
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    Albeit a bit skewed by Sydney and Melbourne.
    They hung a sign up in our town "If you live it up, you won't live it down"-Tom Waits

  13. #3233
    Member Halo_2's Avatar
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    Quote Originally Posted by AZAZL View Post
    You wont get that if you use a half decent manager.
    It was saying doing it privately but it's not as if managers check everything out and a bypassed meter you wouldn't even know.
    "Some people are like clouds. When they disappear it's a beautiful day"

  14. #3234
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    Quote Originally Posted by Halo_2 View Post
    It was saying doing it privately but it's not as if managers check everything out and a bypassed meter you wouldn't even know.
    I certainly understand it as chew pointed out. Corruption is corrupt. Professionally vetting prospective tenants and regular inspections is the key. But yeah, there always is that 1%er chance that the owner gets screwed.

  15. #3235
    Member GsxInShed's Avatar
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    Quote Originally Posted by SomeBloke View Post


    Food for thought...
    2013-14-15 Investor bump directly related to SMSF changes re; Investment properties..?

    annuallised Million $ debt... I see it now..ok.
    " Imagination is the seed of life..."

  16. #3236
    Member chew's Avatar
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    Quote Originally Posted by GsxInShed View Post
    2013-14-15 Investor bump directly related to SMSF changes re; Investment properties..?
    That was back a bit further than that from memory.
    They hung a sign up in our town "If you live it up, you won't live it down"-Tom Waits

  17. #3237
    Member datsikk's Avatar
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    Quote Originally Posted by SomeBloke View Post


    Food for thought...
    Once again, the baby boomers getting a (another) leg up.

    and if you have a look at about July 2000 you will see the beginning of the rise. Guess what the Howard government did then to "HELP" people buy a home?

    Hey, lets allow young people to use their super for a mortgage. That will bring prices down!

  18. #3238
    Member chew's Avatar
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    Burst the bubble, that'll bring 'em down.
    They hung a sign up in our town "If you live it up, you won't live it down"-Tom Waits
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  19. #3239
    Member Aussie Lass's Avatar
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    Would anyone in this thread know anything about leasing my property to Defense Housing?

    to cut a long story short, me and my partner brought a house back in September, a little "lock and leave" unit in Nollamara. 6 months later he decides to split.
    In those 6 months because of the market we would lose quite a bit of money if we sold now if you include advertising and real estate fees and all that crap. We have split loans, so i have the option to buy his half out and keep it for myself, however due to being a full time student it would be a struggle to maintain that ( i could rent it out but i havent gone down the Math/calculations pathway for that). If i rent it out I would be scared of not being able to get tenants and then having to pay a mortgage I cant afford.

    i was looking into defense force housing, because thier website claims permanent rent and 6 year leases, property mangement and a full restoration before handing it back to me.
    But you know, that when something seems to good to be true it is..... so whats the catch?
    Quote Originally Posted by DailyBanana View Post
    That little girl likes her pizza more than you like people

  20. #3240
    Member Halo_2's Avatar
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    Defence housing pay f*ck all and f*ck all to upkeep them.

    I use to do electrical maintenance for them
    "Some people are like clouds. When they disappear it's a beautiful day"

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