Or option 3) You buy her out (or she buys you out). There may be stamp duty concessions here.

Terryw
Discover Home Loans
North Sydney
Terry@discoverhomeloans.com.au

It may come down to size and the actual postcode of the studio.

Terryw
Discover Home Loans
North Sydney
Terry@discoverhomeloans.com.au

ps. I am not a solicitor so don’t rely on my post as I may be wrong!!!!!

Terryw
Discover Home Loans
North Sydney
Terry@discoverhomeloans.com.au

Rob

“Consideration is the price paid for the promise”.

eg A agrees to sell X to B for $100,000.

Lets analyse this a bit futher. There are two parts:
A’s promise to transfer title of X to B.
B’s promise to pay $100,000 to A

– B’s consideration for A’s promise is the promise to pay A $100,000 for X
– A’s consideration for B’s promise is transfer…[Read more]

I beleive that there is no set period in which you have to live in a house for it to be your main residence. 1 day would probably qualify – all you have to do is justify yourself if audited. Keeping evidence like changing address with the electoral roll, RTA etc will help.

I did hear of one case where someone purchased a house using the FHOG and…[Read more]

No. Watchout, that could be bad advice. Wizard obviously do not have an offset account.

Once you pay money off a loan it is considered a repayment. Any withdraw of funds is considered new borrowings (by the ATO). So if you take money out for personal purposes the interest will not be deductible. If you used an offset, the interet on the loan…[Read more]

Originally posted by hiflo:
Hi,

If you are looking for value in conveyancing, you may want to use professional conveyancers.

And if you are selling a property, without any legal issues you are aware of, I would use a conveyancer because they are cheaper than most solicitors. (But only for Torrens Title & Strata Title). For company title or old…[Read more]

Eleven

Make sure you get some advice before doing this yourself. A few comments on your scenario above.

1. The trustee would need to be in existance before the trust is settled.
2. Why have two directors? It only creates more risk. It is better to have just one director, and possibly one shareholder (as lenders may ask for guarrantees from all…[Read more]

Try http://www.strategicwealthmanagement.com.au

Terryw
Discover Home Loans
North Sydney
Terry@discoverhomeloans.com.au

In that case, it would be better to go for a term loan. There is no real point in getting a LOC if the rate is higher than a term loan.

Terryw
Discover Home Loans
North Sydney
Terry@discoverhomeloans.com.au

Another option. What about hanging on to it and keeping it for capital growth? It must not be negatively geared too much after tax deductions?? You could also probably get a much low interest rate than 7.5%.

If you want to help the tenant, you could also offer vendor finance – lend him the deposit and let him get the loan in his name.

Do you…[Read more]

Originally posted by The Mortgage Adviser:
……..
As for not paying a deposit, as a vendor, if I did not receive a deposit, I would not consider it a valid contract as no ‘consideration’ has been provided by the buyer and I would sell to anyone else who offered me more and paid a deposit. I don’t think I would lose in any court on the grounds of…[Read more]

Yes its true! You could also use your left shoe instead.

Terryw
Discover Home Loans
North Sydney
Terry@discoverhomeloans.com.au

I think Rob misunderstands my position.

I am a fan of LOCs, but am also a fan of offsets. I think they both work well and I use both myself.

LOCs are good if you want to ‘borrow’ money to pay investment expenses.

Offsets are good if you have spare cash and want to store that for later use while saving interest.

I wouldn’t advocate using a LOC…[Read more]

Yes you can’t prepay interest unless you fix for one year and you won’t be able to do it until you start the loan until the property settles, so time is running out.

Terryw
Discover Home Loans
North Sydney
Terry@discoverhomeloans.com.au

rmittlal1.

I beleive you accountant could be incorrect – with 4). If you move back into your original house, then you could not claim this at the same time as you were claiming the other one – except for a short period (6 months) where you can claim two properties at the same time.

Terryw
Discover Home Loans
North Sydney
Terry@discoverhomeloans.com.au

Yes I watched that program too. It looked good didn’t it.

However, when you think about it, there is really no need to buy a budgeting program, all you need is a simple spreadsheet and the determination to record your spending habits. Once you get some records there, you will be able to see where all your money is going and then decide where you…[Read more]

of course, if your property has gone up in value, you may not need other security now.

Terryw
Discover Home Loans
North Sydney
Terry@discoverhomeloans.com.au

There is at least one lender where the LOC rate is reasonable – ANZ. It is the same rate as the variable loan with the offset account.

Terryw
Discover Home Loans
North Sydney
Terry@discoverhomeloans.com.au

Dave

A trust may work, just aware that with trusts losses cannot be distributed. The ATO has also issued a ruling on renting your own house from a unit trust. They don’t like it. But it can be done.

Another option is to sell your existing house to a trust, or you could buy your partner’s share. Either way funds will have to be borrowed and this…[Read more]