Good luck at lets us know how you go.

You should get a copy of the original contract you entered. If it was 5 years then you have no one to blame other than yourself as you agreed to this. Why don’t you have a copy of this important document?

if the loan ‘expired’ in 2015 then you would have been required to have repaid it at this point, now you would be in default.

Can you service the loan if you would have to apply again?

There is no time frame that you have to live in it. From a tax point of view there is no minimum time frame to class it as the main residence either.

Tax implications are complex, it will be taxable so seek advice.

non qualified persons can’t advise on trusts, but they shouldn’t give general advice either. You seem to confuse accounting advice with tax advice – but only lawyers or tax agents should explain the tax aspects of a trust too – not tax incentives.

It is probably best not to comment, even generally, if you don’t understand what you are writing about, and best not to attempt to get new investors to call you directly in case you mislead them further.

Adam Sellers wrote:

Awesome, thank you so much Jaxon! I’ll do some more digging!

Jaxon wrote:

Adam every step you make should serve a purpose,
now the only real benefit is you can change a family (discretionary trust) ownership and payments at your own wants, this is huge value under the right setup and mainly pointless really while your building a portfolio.
to be honest why pay for a complex or even simply trust structure if it does not achieve any major win for you or serve a very important part of your goals.
Happy to chat about this and more anytime mate.

This answer doesn’t make sens. Are you qualified and licensed to advise on trusts Jaxon?

m wrote:

Will solicitor be able to put some light on this? or is it Accountant? or Mortgage broker?

A lawyer as it relates to the First Home Owner Grant legislation and duties act. You can look these up yourself too.

Developerme wrote:

Property for sale house 4 bedroom and 500m2 residential block for offers mid $500k range. Property will be in your name.
I will require to buy back property in contract after 3 years
If rented will return $465 per week rental – great location.
Willing to pay margin on original purchase price to buyer when repurchasing in three years – lets discuss what you want to be paid

Why would someone want to enter into such a deal? The entry and exit costs would be about 10%, the property would be cashflow negative and the prices may drop in 3 years. What is the potential advantage for a buyer?

Not if you sell it to a trust first. Main residence won’t apply to trust owned property.

Another option is to sell first one after subdivison and then sell it after 3 months, CGT free potentially. The second one can then become main residence.

Yes you will be up for CGT or icnome tax and possibly GST.

There are ways to minimise or eliminate these though so make sure you seek tax advice.

There is a a complex area of law known as ‘equity’ which could also throw several spanners in the works.

Is the person advising on this a practising solicitor? You should seek advice on your equitable interest in the property. Even though you may not have a legal interest you could have recourse if you have paid for the property in part.