Terryw replied to the topic I want contact details for the best Mortgage broker in NSW/Sydney in the forum Help Needed! 9 hours, 25 minutes ago
I must admit to being the best but I am so good that I charge an upfront fee of $660.
Terryw replied to the topic #350K+ in Equity ! How to take the first step toward IP1 in the forum Help Needed! 1 day, 4 hours ago
First thing to do is to tap into that equity by borrowing against your house under a separate loan. Then at the same time work out borrowing capacity.
Once you know what you can afford then try to narrow down areas and then buy. You could use a buyers agent for this step.
Your broker assisting with the SMSF side is illegal so you might have a claim against them through the credit ombudsman or financial services ombudsman.
Was it a related company that sold you the property?
It is not possible for a purchaser to finance your construction like this. They could buy the land and settle and then construct. But if you want settlement after completion what is the buyer going to use as security for their construction loan>?
Say you did buy A and B say 12 months apart. You lived in each of them for 12 months and then moved out and rented. 5.5 years after moving out of A you move back in and 5.5 years after moving out of B you move in for 12 months.
Then after about 12 years of ownership of property A you decide to sell it.
At this point either A or B could be cgt…[Read more]
Property A or B could be treated as the main residence for cgt purpose, but full exemption only available on one of them and only for a Max of 6 years absence. If you don’t sell within six yrs you could potentially move back into each of them, at different times, and before the six year rule and then get the potential to extend the main residence…[Read more]
Ideally you would live in every property you own initially to establish them as the main residence. Then you have a choice of which to eventually choose to be CGT. But you only have to make this choice on the sale of the first one. You would ideally reconisder each property after 5.5years since you moved out.
Here is a link to the legislation
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