Has the property always been the main residence?
Ever income producing before moving out?
claimed another property as the main residence during the same ownership period?
spouse had a different main residence during the same time?
land less than 2 hectares?
Tax residents?
Not owning as a trustee?

If none of the above applies it would probably be…[Read more]

Not really my area of interest, your conveyancing lawyer should be able to advise.

A property lawyer should be able to advise on this. laws differ from state to state.

Will be hard to get a loan with a family member providing a security guarantee if they are not benefiting from the property. ideally you would get the family member to borrow and lend to the entity purchasing.

Commercial generally needs at least 30% deposit plus closing costs so it can eat up a lot of your equity/cash. Also can be harder to…[Read more]

The contract is conditional upon finance being granted, so if no finance is granted you could terminate the contract provided you have complied with the other clauses.

There is nothing mentioned in these clauses about an extension, or a letter.

Where will the deposits come from?

Do you think values where you are renting will increase in the near future?
renting is probably cheaper than owning so no point in buying unless you think values will grow faster than what if costs you to rent (renting – home costs)

That is really a personal decision with a bit of growth predictions thrown in.
Selling one property to buy another will generally eat into about 10% of the value, assuming CGT free, as you have agents fees, stamp duty etc.

But it could work out better as you would be saving non-deductible interest.

Consider some alternatives such as a related party sale.

No, interest would still be deductible. But they are proposing to limit negative gearing, or using a loss from property investing to reduce your other income.

Without any draft legislation it is impossible to know what they are proposing.

i can’t give you complex legal advice on a forum, and even in private I wouldn’t advise on foreign trusts and tax as it is not an area that i work in. As one example, consider the tax consequences if a settlor can benefit from a trust.

Another example is asset protection – you being an intermediary opens a can of worms.

The Code is different to the NCCP. The Code is just a schedule of the NCCP, i.e. a part of it.

What do you think of s29 of the NCCP?
http://classic.austlii.edu.au/au/legis/cth/consol_act/nccpa2009377/s29.html

sounds like you are the borrower to me.

Sounds like a host of legal issues too.

Who is the borrower?
You or a company?
If it is the company, why is the money going into your account?

I think you didn’t understand my previous post as I answered these.

It does matter who the borrower is. If he is lending to you as agent or trustee of the trust you are an individual.

There are also various other legal and tax consequences to doing this.

Your dad should seek legal advice.
But if he is lending to a corporate trustee the National Credit Code does not apply as the borrower is not a natural person.

banks basically don’t want to give borrowers borrowed money without a purpose. Small amounts may be ok, but larger amounts they will want to know what you are going to use the money for and they may want evidence too

a person not lending as a business wouldn’t be a coded loan either.

I don’t think this is the case Richard, (and you have contradicted your earlier statement about loans less than 62 days).
Can you cite any legislation

you are borrowing money so you must meet all the usual requirements, including ‘cash out’ restrictions.
business as usual.