Hi All, needing your advice plz.

Discussion in 'Introductions' started by Ozzymat, 24th Aug, 2018.

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  1. Ozzymat

    Ozzymat New Member

    Joined:
    24th Aug, 2018
    Posts:
    4
    Location:
    ACT
    Hiya, Mat here.
    I have a couple of properties and really need some advice.
    My wife and I travelled from state to state following the work and we have decided to settle down.
    We have a property in Brisbane that we own outright and currently has tenants, and we are living in our new home in the ACT that has a mortgage.
    My questions will revolve around the investment property and all advice will be appreciated.
    Looking forward to utilising this great site.
    Cheers!
     
  2. Jamie Moore

    Jamie Moore MORTGAGE BROKER - AUSTRALIA WIDE Business Member

    Joined:
    18th Jun, 2015
    Posts:
    3,977
    Location:
    Canberra, Brisbane and Sunshine Coast
    Welcome aboard :)

    I hope the Canberra winter wasn’t too brutal for you.

    What’s your question re the investment property?

    Cheers

    Jamie
     
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  3. Jess Peletier

    Jess Peletier Mortgage Broker & Finance Strategy, Aus Wide! Business Member

    Joined:
    18th Jun, 2015
    Posts:
    6,673
    Location:
    Perth WA + Buderim Qld
    Welcome Matt! Well done on paying off your IP, paying off any mortgage is something to celebrate.

    But - currently you'd be paying tax on your rental income and would have a load of non-deductible debt on your home. If your paid off IP isn't looking to do much for you from a growth perspective, it would be wise to consider selling, paying down your PPOR loan and then buying a new IP with full leverage. Speak to your accountant, but if you lived in the IP you may also be able to work it out so you can get out of paying CGT which would be a win.

    Just something to think about. :)
     
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  4. Eric Wu

    Eric Wu Well-Known Member Business Member

    Joined:
    8th Oct, 2016
    Posts:
    1,603
    Location:
    Australia
    welcome to the forum @Ozzymat, nice work there paying off the Brisbane property. not sure your specific questions re investment property. seems you travel a lots with work, any chance moving back to Brisbane?

    if you do, and living back to the Brisbane property, you then in an excellent position ( PPOR paid off, with investment fully leveraged).

    if not, are you planning to buy more investment properties? then maybe using the equity in the Brisbane property or the Canberra property ( NOT using your own cash savings)

    cheers
     
  5. Ozzymat

    Ozzymat New Member

    Joined:
    24th Aug, 2018
    Posts:
    4
    Location:
    ACT
    Wow, this reply is exactly the information I require. Thanks so much!
     
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  6. Ozzymat

    Ozzymat New Member

    Joined:
    24th Aug, 2018
    Posts:
    4
    Location:
    ACT
    Thanks, great advice but not moving back to Brisbane so time to offload that property.
     
    Eric Wu likes this.
  7. Ozzymat

    Ozzymat New Member

    Joined:
    24th Aug, 2018
    Posts:
    4
    Location:
    ACT
    Thanks, Canberra winters aren’t that bad. Some members have answered my biggest question just by reading my intro. I will now sell my Qld property, pay off this mortgage then use the equity in the future.
    Great advice & much appreciated.