Hi Celest

What is the specific course you are doing? Sounds interesting.

I was bored as well, so enroled in a Law degree, am a 1/3 of the way to being a lawyer now. Have you considered law?

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Hi Max,

Sorry for the late reply, I am in Thailand.
Thats a LVR of around 67% needed. It may be possible to do, but time is running out. I won’t be back till next week. Maybe you could try Paramount Mortgages http://www.paramountmortgages.com.au

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I agree with Michael, that you should get proper advice. But for what is it worth, I have two of those trusts from LAwcentral.

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May depend on what sort of Bill you have to pay.

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John’s idea sounds good!

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Yes, if you are all only ‘buying’ $60,000 worth of property and the value is $300,000, then the stamp duty would only be on $60,000, not the whole lot. But since it is family, is even this necessary? There will be other implications such as CGT if any of you sell and this is not your main residence.

Other implications would be the loan would need to be changed. All people on the title will have to go on the loan – this will affect your servicability.

A solicitor should be able to draw up some sort of agreement. there is a standard agreement for the joint purchase of property available at http://www.lawcentral.com.au for you to look at and get some ideas.

Things can get messy with family if some sort of problem arises – what if one of your siblings goes bankrupt or divorced etc.

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You cando it 2 ways.

1) increase the existing loan to withdraw cash and then use this as deposit on the next property

2) use the existing property as additional security for the next and borrow the lot.

1 is preferred by most people, especially if you are intending to buy more property.

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I agree

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You would need a solicitor to draft the option agreement – if you did it yourself, it could be worthless and you may lose the properties.

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Adding names to the title attracts stamp duty like purchasing. Another way to do it is just to set up some sort of agreement. Maybe put a caveat on the title to protect you interests.

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