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Everyone would pay tax! (Restaurants would go out of business)
Actually not everyone – some will barter. Bartering might even make a bit of a come back.
Yesterday or the day before CBA network was down, but all you would have to do, as a consumer, is to use another card from another bank. It would be harder for shops and those taking money though.
I think many would be interested. It is not just the cost of LMI that stops people, but the LMI company rejecting the loan for a variety of reasons.
You would need specific legal advice, as what is suitable for one person may not be suitable for another. What works in QLD property may be too costly for NSW property for example. structuring loans will depend on who the legal ownership, serviceability, security value, other assets, interest rates etc.
If you have any specific questions ask away, I specialise in structuring.
This won’t be welcome under residential lending.
Most lenders will not lend for more than 2 on title. Some will, but if they think you will be running a short term rental business they will not include potential rent.
You will need to consult a broker.
Will you be buying for $200k or $300k or $450k?
better speak to a lawyer too, especially if you are planning on buying for less than market value.
first get permission from the mortgagee – they won’t give it.
Then speak to your conveyancing lawyer about whether a contract is needed, enter contracts and sign transfer and settle.
Duty will be payable on the value transferred.
any change in title will require a release of the mortgage. This means the loan will need to be paid out or a new loan applied for.
Stamp duty will apply on the value transferred, unless there is an exemption. none available for pensioners as far as I know but depending on the circumstances you might be able to argue a trust relationship.
Going off title will effect the pension.
Seek legal advice.
Owners Corporation Act in VIC http://classic.austlii.edu.au/au/legis/vic/consol_act/oca2006260/
*Is there still a law that i can defer my capital gains tax if i invest into another property?
I am a tax lawyer and as far as I know there has never been such a law.
It may be possible for certain small businesses to defer capital gains on the sale of a business but not for property investors.