Turning Ppor into IP (first property)

In the process of turning my first property and ppor into an rental property as im moving interstate. What are some things you wish you had done your first time or little things I might forget? (property manager has been organised)

 

You may want to order valuation for tax purposes. Learn about CGT exemptions and put into practice to save you money.

If current loan P&I, then similar to Rolf’s advice. Convert to IO (+ offset) and potential draw equity out depending valuation and availability

Convert your insurance to landlord insurance is another one.

Also arrange depreciation schedule..

 

But note that borrowing more will not increase the deductible loan, unless the extra funds borrowed are used to invest or for business.

 

Consider the land tax consequences of moving out too, especially the taxing date. Delaying the move could save you a year's land tax if you are over the threshold.

 

Thanks, looking at refinancing to IO as it is P&I but am useing the 100% offset and not redrawed anything

 

Thank you.
Definitely need a valuation as I have done renovations but trying to figure out the depriciation as the house is 1978 and all renos done while it was a ppor. I think this may rule it out

 

Not if there was capital works done.