Canterbury Property Services

The point is that CPS DO NOT market it as being able to claim additional deductions. They have stressed that interest on the capitalized interest is NOT deductible. So I'm not sure what your point is exactly .
If we are not going to show it as a deduction then I don't see why the ATO should have a problem.

Have you had any problems with the ATO using their system ???

 

Business or Shares

Hi All

Has anyone bought a business or shares through Canterbury ? They do mention that this is an option ones clients substantially reduce the amount of tax they pay .

 

Hi kochi, yes they do mention this as an option, but one we probably wont go down as I am near 59yrs old, we have two investment properties through Canterbury, the last one only around 4-5 months ago, we started receiving rent from our first one 3yrs ago and have reduced our own home mortgage from $220,000.00 to $38,000.00, and very happy. I can see we will pay the remainder off by August then start paying down our IP's.
I wish others that have gone with Canterbury would add their progress to this forum, Neg or Pos info would help others thinking about doing this, I am positive by the time I retire in 7- 8yrs we will have payed off everything and buy a place by the Sea, a new car for my wife and my dream motorbike and enough cash to not rely on pension.
have you anything to add to this Forum?

 

Hi Venom
Thanks for he input and good to see your progress. I too have 2 properties with CPS. First one built in 2014 and the second one in springfield lakes which completed in Nov 2015. So far its been smooth sailing. Unlike you I still rent . So no PPOR to pay off. I have read your previous posts and was curious to know if there been any capital gains on your IP in Griffin ? Also did you save up the deposit for the second IP in Springfield lakes or did u refinance ?

 

Hi kochi, I hav'nt had a valuation done on Griffin, but Know the same sized blocks in the same area are between $40 - $60,000 dearer than when we bought,
Where is your one in Springfield? ours is in the Park Edge View's estate, we had enough Equity for our second IP, Hope everything keeps going great for you, and you continue to post on here, as I will be.

 

Mines in The Sanctuary . Will keep posting here with updates

 

Hi All,

Great thread. I actually had my first meeting today with Cantebury today and liked what I heard. I have had some previous knowledge in property so I knew what he was saying.
Funny thing, I thought I would do some research on the company and look for possible scams. I couldn't find anything, but found this forum in my searches. How rewarding. It's great to see some of you are having success. I understand most of how it works but one thing is confusing. If all of your income is put into the PPOR loan, what do we use to live off in regards to everyday expenses?

 

Hi Dezz, they set you up with a LOC that all your rent, and wages goes into which is used to lower your PPoR, you still use this same acc for your own living expences, but just don't go out buying new car every week lol, just be careful you don't over spend, my wife and I still travel a bit etc, but the less you spend the faster your PPoR loan reduces. hope you go ahead with them, as its quite an exciting journey.

 

Thanks Venom. I hope I do too.

 

hi all,
long time reader and first time poster.
thanks for all the valuable opinion everyone who has contributed to this 22 page thread.
i am keen to get going with Canterbury. have just signed the paperwork and will be starting the process soon.
have enjoyed hearing about some of your successes and are keen to hear regular updates. Will also post updates when possible.
cheers

 

Hi kprop, great to see someone new on here, I sure wish the others would add a bit now and again lol, since my last post on how much our PPoR was owing, we have now got it down to $22,000.00 plus in the last 3 months our overall loan including PPoR, two IPs and buffer loan has reduced by nearly 8,000.00. Very happy, hope to hear from you again soon

 

First time poster

Hi all,

I'm new to invested and wanted to revive this thread a wee bit to see how people are getting on after a number of years with Canterbury. Is it all still moving along nicely or have people come to a brick wall by not being able to obtain finance after 4 or 5 properties etc? Like a lot of you on here, my "too good to be true" radar was going off but the more I look into it the more it makes sense.

We're in a good position I think with a couple of hundred thousand in equity and a reasonable some in the bank, we have a couple of young kids and have worked hard to get where we are but the wife is at this point very skittish about their system

Will check back on here soon. Cheers.

 

Progress Report

Hi all,

Very excited to let you all know my wife and I have just signed house and land contracts for our first IP in Springfield (Bridgewater Estate) Just waiting on formal approval from the bank and depending on how it goes we should start getting some rental income in by the year end.

Just wondering how long the build process took with others here? Very impressed that there is a fixed cost and time frame contract with the builder but was wondering if it comes in sooner than the promised 6 mths and if so how much sooner? Thanks in advance.

Just wondering how many properties people have built with CPS in a 10 year time frame.

Looking forward to hearing about other's progress.

Cheers All.

 

Hi Kprop,

Awesome to hear you have started things with Canterbury and congrats on the new property.

I've read the entire thread thus far and am looking to organise a meeting with one of their reps to come and say hello. I have read the entire thread but most of the posts are a bit old and since you have been through the process recently, how did you find the experience?

Have you got a projected time time frame until your PPOR is paid off in full?

Look forward to your reply,

Cheers
Rocket

 

Thanks Rocket66,

Its getting exciting now. Very glad i started with them.
I found the whole experience very easy and relaxed. No pushy salesperson, just information for me to make the decision when I was ready. I first started my enquiry 5 years ago but i didnt have enough of an income and my LVR was too high but was explained the process thoroughly at that time anyway. Since then i've been doing my research on the company and the process. I asked my previous broker at the time and he told me to stay clear of CPS because he believed they are doing something the tax office frowned upon. Lucky i didn't listen because CPS don't actually claim the capitalised interest which a lot of people think they do.

Anyway, using the CPS system keeping in mind i am paying IO on my PPOR right now, will go from 95 years to fully pay it off down to 7 years. But in 2 years time i will have enough equity to purchase another IP and it will bring the timeframe down to 4 years from today. I've run the numbers on paper to double check and it is indeed possible. There is an 18 month rent guarantee too so no need to factor in much loss of rental income due to vacancy. Also didn't factor in any capital gain so what i looked at was worst case scenario which looked great to me. I plan on being as aggressive an investor as my income from salary and IP's can be so can retire in 10 years time.

Go for it and organise your meeting. Get all the info and then go away and do your due diligence and research for yourself. Don't only listen to people who may not know the CPS system (ie:your bank manager, your broker or your accountant). Speak to the tax office and run some numbers yourself. You'll be pleased with the outcome i'm sure. All boils down to your risk appetite and your desire to be wealthy and your own other goals. Everyone is different.

Good luck with it all.

 

Hi Kprop,

Well, we had our meeting with Canterbury which was excellent. There was a few things I didn't know about the system which were cleared up on the day. I have done some due diligence on the system and the company itself and as most of the thread says, I can't see anything negative about the system.

About a month ago I was made redundant so we cant move forward with much at the moment until I find a new job but once that's sorted out I'm very keen to have the second more in depth interview!

Hows the build coming along?

Cheers
Rockett

 

Hey kprops and Rocket66, so good to see new posts on here, thought a couple of other poster's scared everyone off lol,
Yes my wife and I still totally believe in the Canterbury System, We started with them first contact in August 2012, had our first property up and bringing in rent Jan 2013. owed $220,000.00 on our PPoR, as of today, we owe on that loan $2,800.00, which will be paid off in the next couple of weeks, we are loving where we are, and all thanks to these guys at Canterbury Property Services.
I just hope you both, all keep posting on here about your progress.

 

Hi Venom

Havent been o n here in a while sorry. Had a wee bump in the road in that I was recently made redundant. Just sorting out another job then we'll be good to go!

Congrats on your progress, I would assume you have practically paid off your PPoR by now which is excellent! Forgive me for asking a very forward Q but how much capitalised interest did you end up with once your PPoR was paid off, and what is the current value of the investment now?

I'm trying to gauge if the interest goes up at a similar rate to the value of the property with our interest rates being so low these days.

Cheers
Rocket

 

Hi Rocket, great to see you back, hope you are all sorted in the job department.
Yes we paid off our PPoR couple of weeks ago.
looking back on our original purchase prices for our two IP's first one Jan' 2013, and second one May' 2015 total Capitalized Interest is $58,300.00 but have paid off $220,000.00 in that time. we now have opened a savings and transaction acc, Rent goes straight into our Buffer Acc, and our wages into savings acc, of which we live off, pay bills and whats left I transfer into the Buffer acc as well.
I hav'nt had valuations on our IP's as yet

 

Hi Venom

Congrats on paying your PPoR off, must be a good feeling to have that one wiped out. Ive lined up some temporary work for now but still looming for something more permanent.

I can see this system works well at the moment with low IR's. We owe about 300k so I would imagi e it may take a bit longer to get ours paid off but I dont believe it to be impossible at all. Had you come across any pitfalls you didnt expect with the system?

Cheers
Rocket