resi or commercial?

maybe they changed their name?

I think that it pretty much it. But even without the mortgage you can still demonstrate that your parents have lent you money and you would still owe them. But having a mortgage means their loan is secured by your property and it will give them priority if something goes wrong and creditors come after you.I think stamp duty on mortgages have been…[Read more]

No, i was thinking maybe your parents could have lent you via a trust – but it would still be all at risk anyway.If they go down you would just have to repay the loan to someone else. Just don't get behind on your repayments and you should be right.

ie your parents go bankrupt and their creditors get the money owed to the parents by yourself. that is a possible downside. But not registering it will probably not make much difference.I am still amazed you have risked all this money without proper advice.

what if they get sued?

$250 ain't much. think of all the future tax savings you will get and what else you can do with the extra cashflow. Better still see if they can add the fee to the loan.

Not really in Melb there is http://www.gatherumgoss.com but i can't think of any others down there – there are heaps though.

You wouldn't get the full exemption because you only moved in a later. I am not sure which way, but it would be assessed on either thea) 10/13 x CG orb) CG during the first 10 years.

Yep i would say so.CGT would be levied at market rates based on the % transferred. Stamp duty too

Unless it refers to property purchased before the introduction of CGT – which was around 1985, 25 years ago. If you heard this 10 years ago it may have been correct?

Never heard of it!

I think your first place may qualify as your main residence still. you can be absent for up to 6 years and still be CGT exempt – but you will lose the exemption on the existing property during this time.If your trust owns the property and if there is a loss than you cannot use this loss to reduce your personal income. The loss will just sit there,…[Read more]

Yes, probably. But make sure you set up a separate split for it. which you can do with St g.In the future i wouldn't use a LOC for the main loan on an  IP as there can be tax issues.

You could probably sell the first property now without CGT.If you sell your house to your trust there is little in the way of asset protection, especially in the early years due to the clawback provisions of the Bankruptcy Act.There is also little asset protection with trusts from spouses – even a leading QC barrister and trust expert, Dr Spry,…[Read more]

As a broker? why not try one from this forum? I am not longer brokering.

Yep thats right. Some require no payment others min interest per month. If you don't pay interest is capitalised with the loan increasing.

You would still need to check serviceability as it depends on what other debts you have too. I suggest you see a broker.For the LOC work it out like this. Value x 80% minus existing loans = max LOC. I would go for the max now. Then borrow 80% of the value of the ivnestment property separately. interest only. Use the LOC for deposits and only for…[Read more]

In addition to equity you will also need income to demonstate serviceability. Assuming you have that you could set up a LOC on your PPOR and go from there.

I think you are slightly confused.To get the LOC you will need to give the bank the property as security for the loan. But you could then get another LOC on the same property later if you wished. you just have to keep the LVR under the banks limit – usually 80% of the value.The point is you could use the money from the LOC to pay the deposit and…[Read more]