I think the requirement to get the FHOG is that you live in the property within the first 12 months. Don't think there are any restrictions on renting out part of it.

Start planning ahead. Do you have other assets?

Depends on the accountant.

What do you want to see them for? What do you want advise on? Structure? Names? Tax consequences of borrowing in one name and purchasing in 2 names?  Tax deductions?

A lot of this can be easily worked out yourself to get a general idea and then see the accountant for specific questions. They will probably be charging you by the hour so you don't want to waste your money.

Depending on the exact advice this may not be the best option.

If you convert an investment loan into a LOC have try to deposit all your incomes and cash into it then you will rapidly cause yourself a tax problem. You will quickly end up with none of the interest being deductible.

If you set up a LOC on one or more and then only borrow from this for the 20% deposit for the next property and only pay the interest on this loan every month then you would be doing good.

You also have to consider asset protection and other implications of your property structure.

In your situation you may want to consider using a discretionary trust, or perhaps two of them, to purchase future properties and to allow the trust to use one of your properties as security by letting a bank take a mortgage over it.

how much did you spend?

Did he make any guarantees that your plans would be approved?

Are you willing to spend money on lawyers?

If partner very adverse to risk then one option is to set up separate SMSFs and to use your fund to purchase and to select a lender which does not require a personal guarantee. I dont' think you can really get safer than that.

Another option is to use a discretionary trust and to keep your partner out of giving guarantees or going on the loan etc. Even one in your own name. This way if something does go wrong then only yourself would be at risk.

Both owners of the existing house would have to go on the LOC secured over that property however.

Many trusts offer these same advantages.

For example to avoid vesting, just set up a company trustee and trust in South Australia. Wait 80 years and see if it works.

Income tax and GST.

New means up to 5 years old. So if you construct and rent it for 4 years and then sell GST may still apply to the sale.

The substantially bit isn't defined in the GST Act, but there is an ATO ruling which outlines their view.

No, it wouldn't include principle as as this th $301,000 that you are paying back. But it would include interest.