Investment Becomes A Home
The Age
Wednesday March 19, 2003
We have a fixed-rate investment home loan and the 'fixed' period will expire around the end of 2004. If we move into this property ourselves, are we violating our loan contract?
Generally, there are no issues with converting an investment property into an owner-occupied property, although the specific answer lies in the terms of the loan contract that you entered into with your lender. This should be examined to see if there are any specific provisions relating to the effect of changing the nature of the property. If there are, you will need to discuss these with your lender.
As a general rule, the loan will not have to be converted, so you can remain on the fixed rate until the term expires, although any interest that you were claiming as a tax deduction will not be eligible for this once you stop earning rental income from the property.
You will need to change your insurance policy over the property to an owner-occupier policy rather than a landlord policy. -- Warren O'Rourke, national corporate affairs manager, Mortgage Choice
Noisy neighbour
I live on the first floor in my flat. Above me, on the second floor, the neighbour is very noisy.
I can hear every movement he makes. He slams doors and often has a shower late at night.
How can I insulate my ceiling in order to reduce the noise.
I presume you cannot persuade your neighbour to change his lifestyle or put some sound-absorbing floor coverings in his flat.
The cheapest thing you could do in your flat is put a second layer of soundstop plasterboard on your ceilings, especially in the areas below the bathrooms and noisy doors.
If you wanted to go even further, you could cut open your ceilings and wrap any plumbing pipes you can find with sound insulation and then put bulk acoustic insulation between the floor joists.
You can then seal up the ceiling with a layer of soundstop plasterboard or, if you have plenty of money, put in some battens connected to the ceiling with 'resilient mounts' and then use two layers of soundstop plasterboard. -- Peter Mason, director, Building Display Centre
Curtain call
I work from home in a study that faces the street. I have thick curtains that I tend to pull back in the day to take advantage of the natural light. But it's a busy street and I would appreciate a little more privacy.
The room is north-facing and the house is Victorian.
What sort of alternative window treatments can you suggest. I don't want anything too frilly.
We like to use simple, unfussy, soft furnishings as a foil for ornate, Victorian architectural details.
One of the best ways to maximise northern light while also providing day-time privacy is to use a contemporary sheer curtain.
To create a smart look, you might choose from a range of headings such as chrome eyelets or clips, with chrome (or brushed chrome) poles or wire cable.
Your choice of fabric, heading and pole will depend on the overall style of your room and the existing curtains.
Block-out drapes provide excellent thermal insulation in both winter and summer, and reduce noise penetration, so we would advise that you either retain or replace your drapes when you install the new sheer.
Either way, to integrate the two curtains you could replace your existing pole or track with dual poles and a glide system for ease of operation.
If you are more adventurous, you could try layering two sheers in two different tones to suit your decor, as this creates wonderful colour effects as the sheers waft in the breeze. -- Caecilia Potter, director, Atticus & Milo (interior designers)
© 2003 The Age