That book is incorrect.Having a trust, while a great idea, will not help you borrow more.

Yes you could get an offset account on a trust loan.

You should be able to take early possession if the vendor is still offering it. But there is a chance that the vendor will not settle and then you may not be able to complete the sale. Do you know what the problem is?Have a good read of your contract and see what it says about the charging of penalty interest.Good idea to use a lawyer rather than…[Read more]

csydney wrote:
Hmm, thanks for the info.I have joined the renovating for profit programme and there was never any mention of being licenced to receive a fee for spotter fees???!. I will send them an e-mail and check on this point. I will post the answer on the forum. Although I will not get an answer until the end of monday at the earliet.…[Read more]

What property?

Excellent "business property". Thanks for that. That is good to know.

St George

nevermind. It is always good to run things by others for different ideas.

Wouldn't it be the same?banks only charge you interest once per month. Whether you pay this weekly or monthly it will still be the same amount.If you pay anymore it will be coming off the principle of the loan.

Why do you want to value?If to sell then you can use a real estate agent and see what you can get for it.If for tax reasons then you will need a registered valuer.If for borrowing then you will need to talk to a bank who will instruct a valuer.

You may be able to get a loan on the existing property and/or new property and use this to purchase the new one. Rental income from the new one can be included and will help you service. You can then settle and try to sell the existing one. You may also be able to borrow a bit extra to cover some of the expenses during the cross over period.

ok, thanks.

I am not trying to be difficult, but would love to know how you are getting the stamp duty exemption. I had a quick read of the Duties act and cannot find any exemptions which would qualify. I am a solicitor but don't do conveyancing and have no experience with rural properties, but it would be good to know.

rusty05 wrote:
Terry,From what I understand the exemption applies for rural properties to allow farmers to pass farms onto their children. It applies to their children only, and not transactions between siblings or other relatives. I just had a quick look on the ATO site and couldn't find it but I know it's there somewhere. Our solicitor gave…[Read more]

RustyI would be interested in learning more about the stamp duty exemption. I don't know of any exemptions for transferring land unless it is for a deceased estate or from a trustee to beneficiary. Do you have any idea how it was done, ie on what basis?

Well, sounds great Rusty. I would love 100 acres!

I have replied to the other thread regarding this.I think she is in potentially big trouble. partners are jointly and severably liable. So if one doesn't pay the other 2 must, if 2 don't pay the remaining partner must.Her house is used as security for the loan. So she must keep up the repayments or lose the house. The landlord will require the…[Read more]

What state is the property located in?How many acres?I think you should be speaking to a lawyer about the stamp duty.And, if the farm is a hobby then you won't be able to claim any deductions. Even if it is being run as a 'business' then the ATO won't like losses year after year and they could disallow deductions under part iva if it is not being…[Read more]

Thanks.I would just be worried about refinancing out after a few years. If longer term you could use the cashflow to pay off the loans which would make it safer/

tfpsale wrote:
I prefer you just make it into 2, half for the the IP loan and half for the PPOR loan.

Why?Firstly, 50% of the rent is unlikely to cover the IP loan.If you are talking about paying 50% into the IP loan over and above the interest then this is not tax effective. They would be reducing their tax deductions while still having debt…[Read more]