My response still applies to this. Just pay it back into the loan and reborrow when investing.

I am not sure I understand that.

have $53,000 been borrowed by slitting the $220k loan and into 2 with the $53k split being paid into an offset?

If so simply pay back hte $53k loan and reborrow again at the time you wish to invest. Pay directly from the loan account or set up a new offset account empty of funds add transfer the borrowed money…[Read more]

You have tax issues.

Where did the money come from? Was it a new split loan? Give me some figures as an example and i will tell u how to fix it.

ANZ are good with substitution of security and St G should be too..

the 6 year absence rule could apply so not taable but as you sold for less than the valuation at the date it first become income producing you might be able to claim a capital loss.

speak to your accountant

Might be better to incur the lmi on the investment loan for tax reasons. But it could work out cheaper for it to be incurred on both loans at a lower lvr.

Lol

Thanks Benny.

Didn’t have my glasses on

Could be depending on. The situation.

1. Probably no cgt based on. Want u wrote.

2. Up to 6 years from date Friday rented

I should say the unit trust is just one option out of many potential. There may be better alternatives.

Get some legal advice on selling to a fixed unit trust. I just did this for a client where they borrow 105% of the property value to acquire the units in the trust which bought their former main residence. Loan is 100% deductible to the individuals. The cash released was used to pay down the new poor debt. No CGT land tax threshold in…[Read more]

what are the differences in rates?

NAB are extremely frustrating to deal with.

Yes but the loan will always need security to be kept open. This could be with cash.

The agent is not making any money out of chasing a a tenant like this – approach directly.

Yes.

They can keep the loan open under different security. This could be a term deposit temporarily under a new property is found and then mortgaging the property at settlement.

Brokers don’t value properties, but qualified valuers do. Most people over estimate what they think the property is worth so have a realistic expectation. If you think it is low do you have addresses of comparable properties in the area that have been sold and have settled/? If so you could challenge the valuer.

You might also consider asking…[Read more]

I don’t see how this is a screw up.

Pete

Not my area but you are looking at $5k to 10k depending on how complex.

Diy you will still need to pay lots of legal advice and amendments as it will be full of holes. Also each party needs a solicitor to explain it. The other side solicitor will also request amendments too.

This would be legal advice so a lawyer would be the go. An accountant can advise on the tax aspects only.

I am too busy to take on new clients ATM.

I think you should seeks professional help with such a set up. You need to speak to a lawyer who understands tax and a broker and you might want to consider several structures

If a trustee owns the land Mr C cannot negative gear it.

If A and B are borrowing money to lend the trust they will have interest which isn’t deductible unless the trust…[Read more]