You would have to confirm that with the ATO, but from my understanding, since they are totally separate and you are not paying any money off the loan, then it should be ok.

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fanx Derek!

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The Viridian is a LOC. You actually need a loan account and then a separate savings account. It works because you are not actually paying anything off the loan, your money is going in the savings account.

The viridian has a higher interest rate and monthly charges too. I just closed mine and moved the balance over to ANZ IO with a 100% offset account, on their professional package. Don’t like CBA.

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Sure Life. I ahve no idea who you really might be, and am not sure what “WRT” means.

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Hi

Bankwest actually will NOT lend for working farms. They will lend for large acreages, if they are not farms.

But you may be able to get around 80% LVR for something like this.

It may depend on what sort of farm it is and what it actually looks like.
Lenders don’t seem too keen on cattle farms for example.

Life X. Property Guru is works with us, but he is in India for a while at the moment.

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It may depend on who the trustees are. I think they cannot be related in anyway.

Have a look at http://www.chrisbatten.com.au

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Well, it would depend on what the funds were used for. If for personal expenditure, then you would be creating a mess. If for the property or other business related stuff you should still be able to claim the interest, but you may have to apportion the amounts in your tax return.

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Most No Doc lenders will lend up to 70% LVR to people who have been self employed for a min of 1 day. eg. Macquarie, Rams etc

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You will have a hard time getting a loan. Low/No docs are generally around 80% LVR, but there are some that go to 95% with rates around 9% pa. However, for a $200,000 ppty, 5% would be $10,000 plus there are costs on top of this. Also these loans generally are only available to people who have been self employed for 2 years or more.

How much under value is the property?

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Speak to a solicitor. You may be able to get out of the contract. If not you will be sued for the 10% deposit and possibly more.

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