Excel. It is simple to draw up a basic spreadsheet, and easy to track. No need to buy anything else.

Terryw
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Might be better to buy the property if she will sell it to you. That way you can control things. There are a lot of bad advisors out there, so I understand your worry.

Terryw
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Have a serious look at Hybrid discretionary trusts. They are very good for holding property as they allow you the benefits of negative gearing plus a whole range of other benefits.

There are a few newer books out there, but one of the best and easiest to understand is Dale Gatherum Goss’ “Trust Magic” http://www.gatherumgoss.com

Terryw
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Hello Chelley

Which state are you in?

For NSW http://www.tenants.org.au/resources/tenants_rights/tenants_rights-Chapter-5.html

For VIC
http://www.tuv.org.au/search.aspx?SearchText=bond

Seems like you may just need to make an application to the rental bond board. The onus of proof will be on you to prove the carpets need replacing or…[Read more]

Hi Kiwi

Sounds not bad. Would you consider renting to someone who is going to on rent this place out? If so, what would the market rent be like there?

Terryw
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Hi Brenda

I thnk it all depends on when you purchased the property. The rules changed a few years back, and now depreciation gets added back. I am not sure on this as I have not sold anything since the rules came in.

Terryw
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Sorry, That was the rate before the rise, it would be 7.19%

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I beleive that Liberty financial would do it on work cover income (as long as the income and LVRs etc stacked up). 6.94%

Terryw
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Good point Magellan. I didn’t even consider the land tax issues! However, this should be minor compared to the CGT savings – except maybe in a flat mrket.

Terryw
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I think you could probably only retain one as your PPOR.

have a look at the articles on http://www.bantacs.com.au

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Hi Wendy

If you are using a trust that is good then. At least with a trust you have the option of distributing money to a company or a person – if you happen to keep one longer than 12 months.

Terryw
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BTW. On Law Central the document is called “the Buy a House with Friends Agreement”

Terryw
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I have a couple that I have saved, tho never used. please send me an email and I will send them onto you – cannot attach to a PM. You can set one up properly on line at http://www.lawcentral.com.au

Also please get advice on using a company to buy property. It is probably not a good idea as you don’t get the 50% CGT discount. A Trust would be…[Read more]

Hi Ms Holman

I am not sure about this. It will probably be difficult as the work cover will stop at some time. Are you going back to the same job when better?

There may be other options such as an asset lend or a No Doc loan. What sort of LVR would you need?

Terryw
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Why not get them to pay the stamp duty.

Or have a separate loan agreement with them. It is just a loan really isn’t it.

Terryw
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Generally they must begin straight away – within a month.

If you have enough equity, it may be possible to let the interest accumulate, or capitalise, but you would then be paying interest on interest.

Terryw
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“How You Could Build A $10 Million Property Portfolio In Just 10 Years” by Peter Spann

http://www.dymocks.com.au/Search/Search.asp?Author=Peter%20Spann

Terryw
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Snowflake,

Seems like your with ANZ now and want a loan increase. If you refinance with another lender now, you will be fine as you signed before the DEF come in. ANZ and Westpac have recently introduced these DEFs as they apparently do not make any money on loans that last less than 3 years, so they want to recover this and also encourage people…[Read more]

Have a look at the various documents available at this accounting site:
http://www.bantacs.com.au

Terryw
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Yes. You set up a hybrid discretionary trust. You issue units to yourself. You then borrow money from the bank to buy these units using the property owned by the trust as security. The trust will be giving you income, so they are income producing units. Therefore the interest on the loan you used to buy these units will be tax deductible.

All…[Read more]