Not sure why you want an accountant who operates nearby. These days you can do everything via email with no need to actually go in to see the accountant. Its not like getting a hair cut where you need to be present. Even if you did go in you would only go once or twice a year and the trip is tax deductible.

Doesn't sound right to me either. I would argue that the person on the loan is borrowing on behalf of the other person, as bare trustee, and therefore she is entitled to claim the interest.

This thread reminds me of a proverb:Only a fool learns from their own mistakes, a wise person learns from the mistakes of others.

I got rejected for my first loan, and never approached another lender, just giving up. I wonder what that property would have been worth now.

This is strange. I thought it was the other way around, but there are 2 people on title with only 1 on the loan. I have never seen a bank do this. usually all title holders must go on the loan. Another way would be for the second person to give a guarantee. But just one person would be a problem as they don't own the whole property, just part so…[Read more]

Probably best to pay off your non-deductible mortgage first. If you want to invest, then reborrow it and set up a new loan account. This will save you tax.

You could sell your home CGT free and release about $350,000 cash.If you sell your unit it would there would be CGT, and it would leave you with lttile cash maybe  $10 to 20k cash after expenses.The more cash you chip in the new purchase the smaller the loan and the lower the repayments.Also factor in if you keep the house and rent it out you…[Read more]

Purchaser is responsible for paying the stamp duty. Its up to you to negotiate it or factor it into the price.You will need a conveyancer to do the transfer and need to talk to your bank about changing the loan.

Dan42 wrote:

Terryw wrote:
Stamp duty is $500+ in nsw, but may be nil in other states.

Wow, 500 bucks stamp duty! There is no stamp duty on trusts in SA.

And they last forever there! The only state with no law against perpetuities.There used to be no stamp duty in QLD too, but I am not sure if that has changed.

Yes, transfers between spouses in VIC is exempt from s tamp dutys43 of the Duties Act 2000http://www.austlii.edu.au/au/legis/vic/consol_act/da200093/s43.html

It depends on how complex your situation it. HR block only charges around $100 for a  simple return. But the more you have in terms of properties, shares, unusual deductions etc then the more work there is.

I would say generally that it is only the title holder that can claim the interest and also all costs. The other person just assisted with the borrowings and has essentially onlent that money to the title holder to make the purchase. This might be different if the title holder is acting as trustee for the 2nd person though.

Since you have no non deductible debt then it doesn't matter too much.It is still good to pay down debt, but if you want to keep on borrowing you may want to consider using an IO loan + offset. This will reduce your payment meaning you can stretch yourself further. You would also save the same interest as long as you don't spend the savings.

Yes, I know about setting up trusts. It is extremely complex – what do you want to know specifically. Just the legal obligations alone could fill up a book – the trust must act in the best interests of the beneficiaries, cannot profit from the trust at the expense of the beneficiaries, must account to the beneficiaries. The beneficaries have the…[Read more]

Nope, i meant loan 2.  Loan 3 will be used for the new purchase which you will live in. You don't want to mix investment loans and personal loans

Never lend anyone money!

Banks have to revalue to release a security and the remaining security must be within their LVR guidelines. If they don't have enough security then they could be in trouble.

Every day the money is in there it is saving you interest. not much maybe, but it still helps.

cashflow.

Yes they can take both or either.Even if you don't cross them they can eventually get the other one, but it takes longer.The main reason not to cross is the loss of flexibility.say you had two properties crossed, securing one loan. Both had dropped in value so you decide to sell one. The bank can say  to you that they will only release the sold…[Read more]