yes I am the only person whos name is on the title.

but the same lady keeps picking up

If interest can't be claimed when I am living in it what about when I decide to rent it out for those 6 years?Can I claim the interest against the rent? With the amount I can reduce from my taxable income being (Interest paid to parents as per loan agreement – rent received by tenants)?Or are my parents the ones who can claim that against their…[Read more]

Because they are paying 1k a month in interest to borrow the money and only receiving 600 from me who they have loaned the money to. Can't that be classified as an investment running at a loss, hence its a $400 loss which can be offset against their taxable income?

The eligibility criteria says======================================================================================Nominee purchaser where you are a related or associated party to the named purchaser in the contract*Evidence that the consideration has been paid by the applicant (e.g. provide certified copies of mortgage, loan agreement, bank…[Read more]

As this was purchased by my parents in auction and they acted as nominees for me if they register a mortgage over the property does that mean they will have to pay stamp duty? The title has been transfered into my name now.The property will still stay in my name under title, why would they need to pay stamp duty to register a mortgage? The…[Read more]

What about my parents? If I am paying them rent?What about when I move out after 6 months? For those 6 years I am allowed to rent it out can I claim?

Even if someones parents were to have purchased them a property (which they haven't in my case) as long as the title goes in a first home owners name does it matter? The rules do not seem to indicate that it does. The lady on the phone at the SRO of was trying to tell me it does so I said where does it say that on the website and she couldnt find…[Read more]

cheers katedoes anyone have any experience doing this?any horror stories or things to look out for?

Hi Terry,My father is going to use this template to register a loan agreementhttp://www.lawcentral.com.au/CreateDoc/createlink.asp?docId=28Is this a credible website and will that agreement hold up? Is it legally sound and can it be used to justifiy that my parents have loaned the money to me and therefore permit them to claim interest they pay on…[Read more]

my parents are taking this loan out on their existing property.What do they have to do for myself or them to be able to claim interest? Give me the money via another loan?

Terryw wrote:
 If the lender borrows the money and then onlends it to you they may be able to claim the interest they will pay as a deduction against the interest they receive.

Is this different to what my parents have done? Is this different to gifting? If yes how do I make sure the money my parents give me fall under this…[Read more]

Terryw wrote:
you really do need some advice as there are serious tax consequences if you get this wrong too.If the funds are gifted then the interest won't be deductible.

For myself and my parents who have gifted it to me? Why cant my parents claim the interest?

terry are you located in Melbourne?

As my father has gifted my the loan and I am going to claim this as a main residence once I sell can I still claim the interest expense on my tax? Or can my parents claim the interest on their tax?

The conveyancer told my dad that if he wants a caveat on the title similar to that of a mortgage he has to get the caveat after settlement as it’s a different caveat to one before the place settles.she said if he was to put a caveat on prior to settlement it only protects sum1 else from buying it for a caveat to show register on title that my…[Read more]

The conveyancer told my dad that if he wants a caveat on the title similar to that of a mortgage he has to get the caveat after settlement as it’s a different caveat to one before the place settles.she said if he was to put a caveat on prior to settlement it only protects sum1 else from buying it for a caveat to show register on title that my…[Read more]

Dan42 wrote:

propertyboy wrote:
^thanks for your help, but where does it say you have to live in it straight after settlement? If you have a 6 year exemption, why cant you just rent it out from settlement then move in within that 6 year period? Which section says you have to move in straight after settlement? I cant find this anywhere.Why…[Read more]

^thanks for your help, but where does it say you have to live in it straight after settlement? If you have a 6 year exemption, why cant you just rent it out from settlement then move in within that 6 year period? Which section says you have to move in straight after settlement? I cant find this anywhere.Why would it matter if you rent out for 5…[Read more]

Dan42 wrote:

propertyboy wrote:
Does the 6 year income producing rule still apply if you rent it out straight after settlement? Or do you have to live in it first? then you get 6 year period? If so how long is this period? ATO site does not clarify this.

First question – no, you must live in the unit first, to get access to the 6 year CGT…[Read more]