Going guarantor won't help with servicing – initially. You will still be considered to have the loan. But at least this allows you to remove the guarantee a few years down the track if your spouse is able to service the loan at that point on her own.

Consider the access of equity too.

No real easy way to answer, you need to speak to a broker and…[Read more]

24 hours should be doable.

Incidently, what did you pay and which state?

PropertyGuts wrote:
Land tax and trusts.   Are other states (Qld, TAS, Vic, WA, SA) the same as NSW?    
With respect to TerryW's comments
""in NSW most trusts don't get any land tax free threshold.
Exceptions for fixed trusts, SMSFs and deceased estates"".

Please some comments from trustee's with property in quennie, tassie etc

Off the top…[Read more]

Interesting. One of my friends is a NSW solicitor and he does Victorian properties from Sydney – actually I know a second solicitor too.

Scott makes a good point.

Just clicked on that link and a security threat was detected – take care

jenny111 wrote:
Who regulates the Vendor Finance market?  I meant in the case of one vendor quoted the interest rate close to 7%, but I calculated it to be almost 10% (9.90% to be exact). This is on top of the quoted price of the property which was probably around 15% to 18% above its true value. Is there any regulatory body to ensure integrity…[Read more]

The risk is that they damage the property or change it in a way that you don't like and then not settle. You may have to sue them only to find they have no assets. Make sure you get legal advice (from a lawyer!)

Not a good move.

This will result in a mixed purpose loan and you will not be able to pay down this debt, when it becomes non deductible, independently of the investment loans. i.e. each repayment of principal must come off the investment portions as well. Obviously this is going to result in more tax payable and less non deductible…[Read more]

Right up RPI's area of practice.

You want to make sure whatever you do you set it up so that the interest on any loans is deductible. If you don't take care you may not be able to claim the interest.

Other possible ways will depend on the circumstances. Family provision claim and a settlement for example.

Don't mix personal and investment borrowings in the same loan. You will be able to apportion it easily enough to determine deductibility initially, but as you put more money in it will become a nightmare. Also any further deposits will be coming off the investment portion as well and this will result in more tax.

Usually you cannot claim reno costs as outright deductions – mostly capital improvements I would imagine.

Seek specific tax advice.

Solicitor – legal questions.

If you would be buying out the sister you would be using the house as security. Also consider deductibiliy of interest questions.

Depending on the terms of the will the sister may renounce her interest possibly. Possibly other ways too!
If not it would be a sale from the sister to your wife and normal stamp duty etc…[Read more]

Firstly, you should seek some legal advice as it may be possible to set up a trust now and other benefits possible. You need tax advice as well perhaps.
You may also want to buy out the other sister. Land tax advice also.

1. Bank will lend to the legal owners – if 2 names then both on the loan. Once probate has gone through and the estate…[Read more]

Technically the lender is correct to refuse to take into account the trust income. Because the trust is disrectionary in nature there is no guarantee that the trustee will make a distribution to the same person each year, and if they do it may not be the same percentage of the trust income. This is the case if the individual is the trustee…[Read more]

http://www.houseofwealth.com.au

Most banks will take the trust income into account. You should use a broker.

I have seen that trend in my work. All the time people ring me up and want to buy me a $3.50 cup of tea so they can extract $500 worth of free advice from me!!

You should not use a company for many reasons. You need to seek legal advice on the structure as there are a number of issues. Set it up wrong and you could lose money and pay for tax and suffer asset protection issues.

http://www.paycalculator.com.au/old.html

Another good calc