Unless as i mentioned you look to purchase your Spouses interest in the property out or sell the property to a Unit Trust.Changing the purpose can mean the interest deductibility also changes.CheersYours in Finance

Hi AmitIt is a very generous offer from Terry but thats the sort of guy he is.Just remember to sell a property using an instalment contract these days (Wrap) you need to be licensed and the requirements wont be covered in Steve's kit. Forwarned is forearmed.CheersYours in Finance

Hi BellaFirstly welcome to the forum and I hope you enjoy your time with us.Certainly never put yourself in a position where you do not feel you will be able to service the ongoing debt however correctly structured you maybe able to have your cake any eat it.You could look at buying the property as either Tenants in Common or in your husbands sole…[Read more]

Yes he can. Most development deals are funded that way. CheersYours in Finance

I never wish to put the dreams and aspirations of a young investor down but in the current climate on $42K per annum even if you live at home paying no rent or board you wont finance a shoe box.Credit scoring is going to hurt you and you will probably need a minimum of 10% savings to get past Go on the first property.Never the less dont give up…[Read more]

Hi MoxiAs Jamie mentioned Wesuck withdrew their NO lmi policy a couple of weeks ago and i agree that ING are a shocker on refinances.Citibank might look at it as they have an excellent no problem "cash out" policy but you have to decide what the funds are to be for. The interest will not be deductible if you put it into your offset account but…[Read more]

SNMIf in doubt i would be getting a private binding ruling.I have done a couple of deals where i have purchased a block of units in my SMSF zoned multi unit dwelling and then strata titled the block changing the zoning to residential and sold off some of the units.In each the Fund was fully audited and never had an issue.Must admit i dont agree…[Read more]

Hi PPRYes you can swap the houses but CANNOT claim a Tax deduction on the increased loan merely by refinancing the property as interest deductibility is based on the purpose and not the security.As i have said on this forum many times before you could borrow funds for investment secured against a pogo stick and the interest would be…[Read more]

CloserNormally if the $400K is treated as a capital reduction you would have the choice of reducing the pricipal amount and keeping the monhtly repayments the same or reducing the monthly repayment.Depending on the lender not a big deal.Course whether you would pay down the pricipal is a different matter my preference would be pop the funds in an…[Read more]

No problems in doing a development as long as the SMSF is not seen to be running a business.Dont worry Trent be suprised how many of people in the industry have no idea about SISA legislation.CheersYours in Finance

Hi KateAlternatively look at a lender that does not charge LMI or waives it at 85% lvr.A combination of both has to save you money upfront and maybe a cheaper interest rate and better structure along the way.CheersYours in Finance

Sorry Trent that is clearly untrueFirstly you can only purchase a completed house not house/land where by the super fund buys the land and builds I have done many of these in my SMSF.Funding the deal maybe a different matter but again that can be acheived albeit a bit around the houses.You can purchase vacant land, construct, renovate etc as long…[Read more]

bastian hate to say your average Banker has absolutely NO credit discretion whatsoever.CheersYours in Finance

As long as you havent ever occupied the property and havent owned a previous property in which you have lived you will get the FHOG however the Stamp Duty concession is slightly different and will depend on the OSR in your State.Qld for example is a definate no on that front.CheersYours in Finance 

Yes own several properties in my SMSF but either manage them myself or have a local property manager look after them.Never heard of EZ/CheersYours in Finance

http://www.bsa.qld.gov.au/Pages/BuildingServicesAuthority.aspxPh:1300 272 272Hope this helpsCheersYours in Finance

Would ring the Building Services Authority in your State and see what they have to say.If it is a structural problem i am sure your Builder will cover it.CheersYours in Finance

Yes it is and i think Steve has clarified this point on a couple of ocassions over the years.CheersYours in Finance

MarkNothing to stop you doing it but is it wise is a separate issue.Considerations would include Stamp Duty, possible CGT, asset protection (assume the Company would be the corporate trustee of a DFT) land Tax, borrowing costs etc etc etc.If you are thinking of doing it merely because you believe you can borrow more then i hate to say that is a…[Read more]

Yes if the property is for investment.As you mention becomes a loan cost deductible accordingly.CheersYours in Finance