Oh. Seek proper advice as just becoming a non resident may trigger CGT straight away.

I have recently made enquiries with ANZ for a client in a similar situation. Settlement need not occur on the same day. They can keep the loan open by depositing money into a term deposit – this will then act as security temporarily.
Not sure if this would be available thru your lender.

You may save a little in fees = application fees possibly, but these are often nil on the professional packs anyway. I think stamp duty on the mortgage may have be abolished in QLD too?

Some lenders have a policy of waiving, or reimbursing a DEF if the client comes back for a new loan in the near future. ANZ do, from memory.

Yes it is very common. Buying with people can dramatically harm your serviceablity. With joint loans each person is responsible for the whole debt. If one doesn't pay the others are responsible. The bank can start legal proceedings and eventually take assets of any one or all of the three owners.

It gets worse, because banks will only take into account your share of the rent. So if you have a $600,000 loan with $600 pw rent, the bank will assume each person owes $600,000 but receives only $200 pw.

There is no way around this really, but you may be able to go to a new lender and just list your share of the debt and see if they ask questions.

Wraps take a lot of work for little reward. You will make more money buy and hold – from my experience.

Also, most lenders will refuse to lend if they know you are onselling the property on an installment contract. Even if you are using lease options you are supposed to get the lender's permission.

A trust with one beneificiary is possible. It is called a bare trust – but the trustee cannot be the same as the beneficiary, otherwise it wouldn't be a trust.

Discretionary trust deeds are worded in such a way that future children, spouses, step children, step parents, future spouses new spouse (eg. if you later marry and then divorce and your spouse remarries) are all covered. They don't have to exist now, or even be alive now.

So even if you are on your own you can set up a discretionary trust and have hundreds of potential beneficiaries.

Also consider that a company you have shares in or a director of can be a beneficiary, as can charities.

Discretionary trusts don't get any land tax free thresholds in NSW, so owning in a discretionary trust may cost a fair bot more in Land Tax.

There are also losses to consider. Trusts cannot distribute losses, so if your property is negatively geared, and your trust has no other income, these losses need to be rolled over until they can be offset against a future profit. There are also various rules regarding carrying forward these losses.

Note being able to claim losses and having to pay more land tax may mean you could only buy one property in a trust, whereas you could afford to buy 2 in personal names.

It can be expensive to hold property in a trust initially. But as time progresses you will get more and more benefits such as reduced tax and asset protection. You have to weigh up the long term benefits against these costs.

Maybe go and see a different accountant for a second opinion?

Not too many lenders would consider lending on a caravan home.  If you could get finance it would be more like a personal loan.

Doesn't sound like a very good investment to me. You get no land, but only a building which depreciates as time goes by. 9% is not very good. You could put your money in a savings account and get about 8% without the hassle or risk. How are you going to sell? How do you access the increased equity, if there is any? Think carefully before buying something like this.

If you have borrowed to buy this property and it is income producing, or you are trying to rent it out, then the interest on the loan should be deductible.

Are you also aware that you can rent out your home for up to 6 years and still not have to worry about CGT tax?

St George have a newish product at 100% LVR with no LMI – but they charge a higher rate to compensate, so you would be better off paying the LMI. It is only for owner occupied too I think.

One of my friends had more than 10 credit cards with an outstanding balance of $230,000! She has now cut them all up (or had them taken from her) and her balance is down to $73,000, so she is doing her bit to help out.