wwc_1980 wrote:

JacM wrote:
Also I'm unclear on whether the equity cannot be accessed while there remains a debt on the property, or whether the equity cannot be accessed at all.jac

You can certainly access the equity in a property where there is an existing debt, so long as there is sufficient equity to meet your needs and it falls with in…[Read more]

One of the requirements for a contract involving land is that it be in written form. And for a contract for land to be valid it needs to identify the land in question somehow, such as an address or a title reference or a name (eg. of a farm) etc.

By withdrawing the $10k now you are borrowing it. So interest on this would not be deductible if you put it in your pocket.But since it is a small amount the interest wouldn't amount to much.I think it is a good idea to ditch the LOC and go IO with offset. Later when you get some more equity you can set up a LOC again and then use that to invest.

Generally banks will only lend to someone who is not on title if:a) they are a spouse (married or DF); orb) they are getting some benefit out of it, such as the controller of a unit trust (this is rare now).But they would require guarantees from the title holders as well so this wouldn't help serviceability much.What you could do with this is to…[Read more]

They will probably increase broker clawbacks again now.

PaulDobson wrote:
Hi MaxMike is correct, however you should also recognise that most mortgage documentation also;1.  Requires you to get lender approval to rent the property2,  Requires you to get lender approval to sell the property3.  Requires you to get lender approval to make any changes to the propertyThat is, there is quite a lar…[Read more]

You won't have a lease at all if you do that.

Don't forget you cannot access the equity in a smsf owned property.For trusts there are basically 2 types units and discretionary. Trust Magic is a nice general intro, but it doesn't go into the topic in any depth. For that you will need the trust structure guide which costs a few hundred.

Main residences are exempt from CGT (generally). If your husband didn't have any other main residence at the same time he may not have been liable.

I don't know about that. That could still possibly trigger stamp duty on the assets of the trust and possibly CGT if it is considered a resettlement. You would need an expert trust lawyer to advise.Why not just leave the funds there and have the o/s trust loan funds to the australian trust? That would probably be safer from an asset protection POV…[Read more]

And remember, if the valuation doesn’t come in at what you want, try another! Spending $300 could save you thousands.

I had one come in $50,000 more recently.

yes, I think it would be a capital expenses and so you could only claim depreciation.The interest on any loan used for an investment may be deductible – but be careful not to have other non deductible expenses on the card or it will get messy.

yeah, I think Westpac stopped doing 85% no LMI

 a deposit is not claimable at all. It is a capital expense.you may be able to claim interest on the deposit money, depending on your circumstances.

I never take fixed loans because of the loss of ability to move easily.But it is not the end of the world. You can still access equity with the same bank, set up a LOC for example later on.

I think you could class it as your main residence and have it CGT free – but this would expose the new one to CGT. Which has had more?see ID 2003/1113http://law.ato.gov.au/atolaw/view.htm?docid=AID/AID20031113/00001ID 2003/1112http://law.ato.gov.au/atolaw/view.htm?locid=%27AID/AID20031112%27&PiT=99991231235958s 118-192 ITAA…[Read more]

The Bank of Japan is, I believe, the japanese version of the reserve bank. They don't actually lend individuals money. So although the official rate may be 0%, or maybe 0.25 – 0.5% the rate for borrowers of housing loans is around 2-3% I think. there are some vendor finance type deals with low or no interest for the first few years…[Read more]

propertyjockey wrote:
OK now I am confused.My vocation is subject to litigation. Because of this my accountant has advised, any property I buy should be purchased under the umbrella of a family discretionary trust. The owner of the property is the name of the trust.At present, I am the trustee of this trust with my family as beneficeries. That…[Read more]

This is a complex question.Once Joe becomes a resident here for tax purposes he would have to declare his interest in the trust over there and would probably have to pay tax on the income of the trust even though it is overseas. He needs good advice.To start off here Joe could get a loan from the os trust or a gift – but again he will need advice…[Read more]

morrissue70 wrote:
Avoid CGT? Buy CF+ (yes they exist) and dont sell. Just research well in terms of where you buy so you get a good growth return thats the key.

This won't help – actually not selling will help, but not the buying CF+ bit