Does your credit union offer a loan with redraw? (ideally free redraw).

If so set up another loan with them and take the money and run – or put it back into the loan and redraw it when you need to = LOC without a chequebook

No real need to name a company as beneficiary as the wording of the deed is usually wide to include any company in which a major beneficiary/trustee is an office holder or share holder or director etc.

You will need a lawyer to arrange the transfer. you will need to pay the stamp duty and arrange the loan.

Yep, sorry about giving you a heart attack! You wouldn't want to give you accountant money anyway so thats ok

Sorry aaabbbccc, I meant Settlor. will change it above.

The cost is deductible and it should save you thousands in tax so well worth getting.

Yes, there was a guy posting on here some time back that made a serious mistkae with his trust set up – I forget the details now, but ti fix it would have cost more than the trust set up.

Also one of my clients had his son as appointor – which meant that his son could never receive a distribution from the trust.

One of the biggest mistakes it putting 2 trustees down – husband and wife. This doubles the risk and serves no purpose – but this is what my accountant recommended me to do with my first trust too.

Also many people have found that loan applications and companies don't always appear on your credit file – I am director of a couple which don't show up on mine for some reason.

Jack – you must have signed a contract for it to have gone that far. If you did you are very lucky not to have been sued for the full 10% and possibly more.

Even if you pull out within the cooling off period you usually lose that holding deposit.

And you will have to pay for the legal work done so far.

I remember in the good old days Henry Kaye use to say he would order 3 or 4 QS reports and take the highest!

He had some good strategies

(he was running $15k property courses, but had a few problems with ASIC and others chasing him)