Yes, if you are all only ‘buying’ $60,000 worth of property and the value is $300,000, then the stamp duty would only be on $60,000, not the whole lot. But since it is family, is even this necessary? There will be other implications such as CGT if any of you sell and this is not your main residence.

Other implications would be the loan would…[Read more]

I think this is a term coined by Steve McKnight to refer to people who spot deals and refer them on for a fee to other investors.

Terryw
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You cando it 2 ways.

1) increase the existing loan to withdraw cash and then use this as deposit on the next property

2) use the existing property as additional security for the next and borrow the lot.

1 is preferred by most people, especially if you are intending to buy more property.

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wiseinvest, you can get finance for a brand new trust just as easily as getting finance for yourself individually.

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I agree

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It never hurts to ask. Legally, you could probably argue that you have an equitable interest in the property now that you have spent money on it, but your contract probably states that if you fail to settle then you get nothing. Long shot – just ask and see what you get.

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You would need a solicitor to draft the option agreement – if you did it yourself, it could be worthless and you may lose the properties.

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I agree with V8g, listings last for 5 years from the date they are listed. If you pay them, then they are listed as paid, and the date of payment, but the listing is still visable on the file.

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Adding names to the title attracts stamp duty like purchasing. Another way to do it is just to set up some sort of agreement. Maybe put a caveat on the title to protect you interests.

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It may be difficult to do, how much do you think it is worth now?

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The main benefit I can think of is the limited liability issue. You would be far better looking at setting up a trust structure.

It may be possible for the shareholders of a company to transfer shares without stamp duty, but the offices of state revenue have clamped down on this and now if the company is considered land rich, then stamp duty will…[Read more]

Hi

Sorry for the late reply, I am in Thailand atm.

I had a plan which I ran by an account who was high up in the ATO for many years. He said it should be ok. It went something like this:

You have two loans, one on your house and one on your investment. You have some equity in one or both, so you set up a LOC on either. Everymonth you borrow to…[Read more]

Not sure if you can claim things that are associated with future purchases. If you had a property at the time of the book purchase, then you should be right.

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What about a 2nd mortgage carryback? You could sell for $450,000 and lend them the 10% deposit and you would still get some cash out of it.

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You are moving into the house and claiming it as your PPOR during this time. So you may not be able to claim it at all.

The restumping is a repair, But you may be improving it to a state better than it was originally when you purchased it. So I would guess that it would be classed as part of the building, and so would be claimable at 2.5% over 40…[Read more]

Whats it worth?

Generally wrappers add 20% to the value, and then 2-3% on the nterest rate too.

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Pre approvals are only valid for 3 months generally. So it is better not to get in there too early.

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I beleive a Partnership is not really a separate legal entity. Like a trust is not. So the title will have to be in the name of a company or an individual – or combinations.

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I think generally lower valued properties have higher yields. I too would generally rather get 2 x smaller proeprties than one big one. But it would depend on the area and proeprties

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Hi Eden

LOC is a Line of credit. doesn’t have to be a LOC, you can use any sort of loan,

Capitalising interest is justting the interest build up, not paying it everymonth. – This may be wise in some cases as you could possibly use your money elsewhere.

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