If only the house was owned in a discretionary trust!

Transferring to wife would be a CGT event. In VIC it could be stamp duty exempt though.

New year.

Boney

Don't forget to make sure you set up good wills – both and wife. Consider who you would want to be guardian of your children if you were to both die before they reach 18.

Hi Anthony,

Yep, was referring to s 66(3).

I was just wondering because I have a friend who leases a land and has constructed a commercial builidng on it. A fin planner had suggested he sell building to his SMSF (but not the land). I pointed out that this would breach s66 and the business real property exemption wouldn't apply (lease cannot be transferred).

However if he were to transfer the building to a unit trust and then later redeem and issue units then i think s66(3) would prevent this.

I don't know much about super, but am slowly learning more.

a SMSF is generally prohibited from acquiring assets from a related party. A trust or a company would be a related party. There is an exemption at s66 SIS Act for the transfer of business real property – but this would only apply to non residential property.

I have heard a strategy of buying in a unit trust and then transferring the units over to your SMSF on retirement, but think now that his will be caught by the restrictions.

Hi Wayne

You are in a bit of a problem it sounds. I dont think you would qualify for finance on those figures and that situation. You need to act quickly as you run the risk of not being able to settle and losing 10% deposit and more.

Quickly go and see a few more brokers to be sure about the finance issue. If you cannot get finance you may be able to end the contract and should see a solicitor about that. Another option is to try to onsell the unit before settlement. has it gone up in value?

Sounds strange to me.

So a Borrowers Agent (BA) would charge the client a fee for finding a loan for the client. This loan would be the best option for the client with the BA unswayed by commissions or bonuses offered by the banks. The BA would then refund any commission to the borrower despite not receiving a commission so as not to be swayed.

You will also need to obtain a credit licence or become an authorised representative of a licence holder. You will then need an aggregator.

I don't think you need a cert IV and a diploma, just one or the other. (but cert IV usually is half a diploma).

I am a solicitor and just in the process on becoming a broker as well. I can make some suggestions offline if you contact me.

Ah, the legendary mortgage detective!

I am just off going to the doctor now, oops I mean my medical agent. 

Did you borrow $780k or $745k?

You can generally claim all interest on borrowings for costs as well. But this may depend how the loan is set up.