What do you mean by ‘making the switch’? A property will qualify as a main residence once you move in, no switching necessary.

Restructuring the loan could not increase your deductible debt because it is the use of borrowed funds that determines deductibility not security.

There are many strategies which you could possibly implement depending on…[Read more]

Not sure what you are asking, but the $47 only applies to the company acting as trustee of the SMSF. The annual fee for the custodian trustee company would be the normal one as it is not a Special Purpose Company.

BTW there is no law that you must set up a brand new company to act as custodian trustee.

What are you speaking to them about?

First make sure they have licenced to give financial advice if they are talking about super or suggesting you start a SMSF.

Interest won’t be deductible if you are borrowing for a holiday.

One person can only buy so many properties!

Get some advice on structuring the trust as there could be some issues with it being controlled from overseas. legal and tax consequences.

Here is an article that I wrote a while back:

11 Strategies for when you move out of the PPOR and keep it

There are several things that can be done to improve the tax situation of moving out of the main residence and into a new main residence while keeping the old main residence and renting it out. Often there will be large amounts of equity in…[Read more]

Refinancing you will earn the broker a commission so they are biased. Ask them to justify why you should move lenders – it may make sense because of a lower rate, etc.

You won’t legally own the property until settlement.

Mortgages should not be confused with loans. A mortgage is a security over property. This differs greatly from coutnry to country even those with similar laws such as England and Australia.

A loan is the borrowing of money and is often secured by a mortgage. Lending requirements also differ a lot from country to country. Australia is generally…[Read more]

You should probably ask in that thread.

How do you gift equity to a trust?

A gift has to be delivered to be legally valid. If you are transferring cash it is not a dutiable transaction.

See this thread, another guy with the exact same question:
https://www.propertyinvesting.com/topic/5037398-buying-a-mortgagee-in-possesion-2

To do a building and pest inspection you will need permission to access the building. The vendor may or may not give this. The vendor is in their right to refuse.

It is also true that the bank may not be inclined to negotiate as they want a straight sale.

1. If the trustee has this power. Read the deed and the relevant trustee act
2. Probably not
3. Depends on the above. Tell ATO on the next trust tax return.

AS Benny says best to move into it straight after purchase and then rent it out. This way you can claim the 6 year absence rule to treat it as your main residence while it is rented out – which could mean you are keeping it CGT free.

But if you didn’t do this all is not lost because the CGT will be worked out on a time basis if you later move…[Read more]

Renting where you live and investing in property.