澳洲Australia property Is this banking structure 'good' ?? Sydney

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Hi all, Just wondering if I can get some feedback on the way I have my finances structured I'll attempt to keep this as simple as possible I have 6 IPs, the mortgages of which are all paid from a LOC which is an equity access loan against my PPOR All rent money goes into this LOC as well q1: When I purchase items for the IPs, I have been using my quot;ownquot; savings money as opposed to taking money from the LOC, mainly because I don't pay interest on my own savings, but I would be if I grab it from the LOC (even though its tax-deductible its still an extra expense) Is this clever or silly q2: As I have about 10K in savings in my quot;savings accountquot;, would it be best to go to the trouble of setting up some sort of offset so this automatically reduces interest, or can I just dump the money into the LOC and take some back if I need it This then raises the question of quot;do I have to account for it as to whether its personal or notquot; I'm not sure it all of the above is a 'good' way to do it or not At the moment the LOC is grabbing about $550month from my savings account just to pay the interest (in other words this is how much the 6xIPs are costing me personally each month) this sounds like a lot to me!!! Thanks for any feedback!! Andrew
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Hi Andrew Q1 Are you still paying tax at a high marginal rate if so the extra interest wont hurt you much Q2 Offset would be more flexable in my view or put into paying off non deductable debt Putting it in the line of credit will lose you deductions if you withdraw for non investment purposes Less than $92 a month out of pocket per property doesnt sound too bad to me if your getting CG Have you varied your PAYE tax amounts Only one more property till retirement *no appology to KY on that one* bundy
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Hi bundy1964, Thanks for your response gt;Q1 Are you still paying tax at a high marginal rate if so the extra interest wont hurt you much Im paying 30c in the dollar, I just figure the less I use in the LOC the less interest, regardless of my taxable amount gt;Q2 Offset would be more flexable in my view or put into paying off non deductable debt Putting it in the line of credit will lose you deductions if you withdraw for non investment purposes Thats what I thought thanks for the confirmation gt;Less than $92 a month out of pocket per property doesnt sound too bad to me if your getting CG Have you varied your PAYE tax amounts I guess it sounds a lot but when you break it into 6 different amounts maybe it isn't too bad As for CG, I haven't had them all valued lately so I'm not real sure I have yet to do any PAYE yet as I'm not really sure what figures I need to get together to have it all sorted 4 of the IPs I only purchased late last year so they're pretty new on the scene The other two I've had for a couple of years gt;Only one more property till retirement *no appology to KY on that one* Not sure I follow what you mean by this Who is KY Thanks, Andrew
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Andrew, You did post (almost) the same question on http:wwwsomersoftcomforumsshowthreadphpsamp;threadid7046 I'd suggest that any people who wish to respond to this post, have a look at that one, and responses, before continuing this thread That's not discouragement to posting! Please keep the questions coming!
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Hi Andrew At 30% it would be personal choice as to paying cash V paying by LOC, at 485% most would choose paying the interest and using the cash for further investment If you have a good Accountant heshe should fix your PAYE for you, I think it is better to save tax each week rather that get a lump sum back after tax time I think worse case you would get an extra $165 a month to offset your losses and even more with deprciation of loan costs and any other depreciation you can claim KY is Kevin Young of The Investors Club His theory is 7 properties needed to retire on the capital gains bundy
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To GeoffW : Yes I realise I posted the same message in the other forum, but thought this was more appropriate area for it, and I thought I could delete the other message but found I couldn't after I'd posted both of them :-( To bundy1964 : Well if Kevin Young reckons 7 properties and then retire I'd like to know how much you have to fork out for each one!!! If you use that principle then I only have 1 more to go, but I can't see myself retireing for at least another 10 years, and thats if all the properties go up nicely in price!!! Which raises then an interesting question If you have (x) number of properties, when you finally decide to retire, if you need to sell half just to pay out all the other loans then you'd want to have a fair bit of equity and rent coming in to afford to live!!! I personally would be happy (I say this now but who knows I spose) with about $35000 NET in retirement still a way to go me thinks!! Andrew
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