No need to nominate it. If you are absent for up to 6 years, and you are not claiming any other property as your main residence you can rent out your house and claim all the normal costs (and declare the rent as income).

Don't forget stamp duty is a State based tax and the rules differ from state to state.

Hi GOM

You can put in a finance clause under as a special condition.

If it was subject to finance then she could get out of the contract, but it seems this was an off the plan type purchase. Long settlement. In that case no vendor is going to take the risk of a purchaser pulling out at the last min so they wouldn be unlikely to accept a finance clause, or if they do limiting it for a few weeks.

If you exchange contracts without conditions then you are locked in. If you cannot complete then you will likely lose the 10% deposit and be up for costs of the vendor – legals, advertising maybe and any short fall on the new sale – but often they just take the deposit and forget about the rest.

I don't think there is a way to avoid stamp duty.

I would only use a loan from a major bank myself.

I think RAMS use the 2 major mortgage insurers and then one smaller one as well.

Thanks Dan.

Being bare hides everything!

Under the Bankruptcy Act sales can be reversed. 5 years if a genuine sale or no time limit if you are doing it to defeat creditors.

So it is not safe to do from an asset protection pov.

And there should only be nominal stamp duty to put the title into the farmers name and no CGT consequences.

What happened to the opening post?

Low doc loans generally require at least 2 years ABN and GST registration if your business is turning over $75k pa. These days they are also often asking for bas statements too – to make sure what you are declaring is similar to what you are telling the ATO what you are making.