It looks like a lease which is a legal document – a contract.

Steven wrote:

What really annoys me in this scenario is that:
I went to my bank, sat down together with ANZ’s banker (also happens to be a “senior banker”). Did our calculations.
When he checked my personal bank account’s transactions, it is so bluntly obvious that between my and my wife (we both bank with ANZ), after all the monthly repayment and our spending, we still save additional some $3K per month and put those into our offset account to offset our PPOR home interest.
Even when we do take the equity release and the additional monthly repayment of equity release into consideration, the bank’s spreadsheet shows we can still save more than $2K cash per month after all the calculations…
And yet, the answer I am getting is “sorry, your history statement and your ability to save that much money in reality does not count when we do our assessment. We only use our own figure”. In other words, we have a proven track record of our living expenses in detail, that is traceable in ANZ’s banking system and yet, they ignore that and think our living expenses is at an “assumed figure” that is much higher than what is realistically happening. Makes me wonder why bother looking at our transaction history when they are not using it as a source of truth.

Banks will need to stress test your ability to pay. They are probably using around 7 to 8% PI payments and basing your spending on standard indexes. Failure to do so would be a breach of the law – your brokers are probably breaking the law (NCCP) by suggesting a scheme to get around this.

Consider buying a main residence borrowing 80% and then pay it Down asap while recycling debt by paying the loan off and redrawing to invest. Structure the loan splits to maximise flexibility in doing this.

The period it wasn’t the main residence appears to be 1 year so 1/16

This is covered in one of the tax rulings. I can’t recall the answer specifically but I think it may be possible as long as it doesn’t create a new asset.

Best to speak to council or a town planner first to see if possible generally and then to seek specific legal advice on whether it would be a breach of the sis act. A lawyer can give this advice but do can a licensed planner or accountant that is licensed.

See SDA009 which is a ruling from Revenue SA.
Look at example 1
https://www.revenuesa.sa.gov.au/rulings/SDA009.pdf

Pete – did you sell them for more than purchase?

With units it can be easier to get the valuations up because if another sells in the same block the valuer has a direct comparable. But this wasn’t me but a client of mine.

I know of no way to sell an option on a property and not breach the mortgage agreement, unless you notify the mortgagee. Same with caveats being lodged.

I did one with ANZ – new valuation done at the day of settlement which come in $20k higher. But many lenders want the borrower to wait 3 to 6 months between valuations and/or increases.

Also note that giving an option on the property would probably be a breach of the mortgage agreement with the bank.

Does the electricity and water show any usage?
What about photos?
drivers licence?
electoral roll
internet connection
mobile phone bill showing location
Evidence in the form of affidavits or stat decs if need be by other family members, neighbours etc.
It will come down to how thorough the audit is.