TD 51 outlines the definition of principle residencehttp://law.ato.gov.au/atolaw/view.htm?locid=cgd/td51/nat/ato No time limit is specified there either.

Sort of.The lender will take the security for the loan first. If that is not enough to satisfy the debt they will go after your other assets .

thats generous Richard – the book costs over $100

What would happen is the bank would firstly reposses any property mortgaged and sell that. If that is not enough to cover the debt they will then take further action to cover the shortfall. If a bank gets a judgment against someone they can then start proceedings to seize other property, even items not mortgaged.

Yep, good point banker.

factor tax in too.

Main residences are, usually, exempt from CGT. A property can only be your main residence if you live in it – otherwise it is not your residence!Under s118-145 of the Income Tax Assessment Act you can be absent from your main residence for a period of up to 6 years and still claim it as your main residence, with certain conditions, and therefore…[Read more]

either.If you go to the bank you will only hear about their products.

There are plenty of issues. This should be avoided where possible.One major issue is that the lender has you over a barrell and, for eg, if you want to sell one property you may need to get all the remaining securities revalued again. That may be fine in a rising market, but imagine if values had dropped and you needed to sell a property to get…[Read more]

hi v8ghiaI will be moving into law – soon i hope. thanks

xanh wrote:
Hi Richard, Just on this topic again (you must be quite sick of it!)My husband and I have a situation where, we have a PPOR and IP, both with stand alone loans through different lenders and have very low debt. We are looking at opening a LOC to fund the deposit for another IP. The question I have is, which security should be used for…[Read more]

GOMDo they allow cash advancees?

Probably not as your LVR would be too high.What you will get, in general, is 80% of building contract and 80% of land.

Its true, but you would need a very high limit and this would severly affect your borrowing capacity.

works here too

I think you will still have to worry about the act, and must be registered, if you are offering finance to consumers – ie personal buyers. If you are just buying you don't need to register.

Its copyrighted

You should have read what you are signing before signing and should have sought legal advice. Why on earth would you let an agent put in the conditions? They are not allowed to fill in the contract – except for the box on the front page in NSW contracts.I would suggest you read the contract and look for the cooling off period. If it hasn't expired…[Read more]

You've missed the boom period for mortgage brokers. commission rates have been cut dramatically and clawbacks extended. It is not a very good time to be entering the market. New licencing system as well – but this should be good. I am getting out of the industry.

friend of mine is selling his 3 bredroom house in Whalan for $250,000. The area has a few problems though