Cata, the link no longer works. I’ve searched the site with no luck, what was it about?

Terryw
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I have Dale’s book, which is very easy to read and understand.

Terryw
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Homeside used to go up high without LMI – 85% to 90% i have heard.

Terryw
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There are still $50,000 propoerties out there, so it is more than enough to get started.

Terryw
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Hi Mulder

I am based in Sydney, as is my company, but am currently living in Thaialnd for 3 months. However, if you need finance, someone from my office should be able to assist – or feel free to email me (it may take me a while to reply)

Terryw
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If you ever lived in that unit, you pay be able to claim it as your main residence and, hence, sell it CGT free. Section 118-145 of the ITAA (I think).

If not, it may still be worth selling. You have to add up all the costs – agents fees, CGT etc. and then you will eventually be replacing the investment with another prperty so you should included the purchase costs here to: stamp duty etc.

Just work out al the sums on selling and the interest savings if you sold and paid down you loan.

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He is probably locked in.

The fact that the proeprty was pass in at the auction is irrelevant. He then negotiated with the vendor and signed a contract (did he actually sign?). If finance was not listed as a condition, then no luck there either – it is not part of the contract.

Maybe he could talk to the vendor who may let him out. If not, he could be sued for the deposit and any shortfall for what it subsequently sells for.

Terryw
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I don’t think they are. They would possibly be treated as capital expenses, so you may be able to claim them if you sell a property at a later date.

If you are using a trust, then they possibly could be claimed by the trust.

I am not an accountant.

Terryw
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No big deal.

My grandfather’s girl friend stole his. You just have to approach the Land Title’s office and apply for a new one. need to show rates statement etc and wait a while

Terryw
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This is were is is important to get broad advice from a number of sources. Solicitors and accountants may not realise that many lenders request guarrantees from named beneficiaries. They can still be beneficiaries, just don’t name them specificially. It only complicates things.

Many lenders will try to tie you up with as many guarrantees as possible. Why not? They are simply protecting themselves.

If you have a trust set up with named people, it would appear you are operating a business with those people – that is their reasoning anyway.

Beneficiaries can be added and removed easily, but please be careful. Any changes here could mean that the trust is resettled. This means the old trust dies and a new trust is formed. As such, Stamp duty and CGT on all the trust assets currently held could be payable.

Grant your accountant is correct about the guarrantees and trusts. But if a person willingly signs a guarrantee, then they will be held liable.

Terryw
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