From my understanding, CGT rollover relief is not avaiable in Australia.

Terryw
Discover Home Loans
North Sydney
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It is harder to get a loan for this type of specialty property, especially if it can’t be readily converted to be used by other industry. Lenders worry, if they have to foreclose they it would be harder to sell.

Terryw
Discover Home Loans
North Sydney
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There is no easier answer. A combination of hard work/savings and capital growth. Buying undervalued property and/or adding value in a rising market all helps.

Terryw
Discover Home Loans
North Sydney
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I know of no lender that will not ask for a guarrantee.

Terryw
Discover Home Loans
North Sydney
[email protected]

Ben

Annyong Hassimnikka. (studied korean at uni, many years ago[:0])

Yes you could get the ball moving by having the bank conduct a valuation on you property now. It is no good ordering your own valuation as it is highly likely that the bank won’t accept it. This takes a week or so to do-but may take longer if the place is tenanted with uncooperative tenants that won’t allow the valuer in. Then you can get your pre approval and know what you can actually borrow.

There are various documents that need to be signed, and this could be done from o/s or you could give someone in Aust power of attorney so they can sign for you. (I purchased a couple of houses a few years ago signing for my wife-she still doesn’t knwo about them [])

Terryw
Discover Home Loans
North Sydney
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Yes it is feasable, I have done something very similar myself.

You will, in effect, buying you mum’s share. So she will need a soliticor for the sale and you for the purchase. cost about $500 ea. You could do it yourself, if you know what your doing. Stamp duty would be payable basedon the value of mum’s portion. It shouldn’t take too long, but you will have to change you loan as well as the onership of the security is changing. So that is another cost and more time to arrange.

You can claim costs according to your percentage of ownership.

Terryw
Discover Home Loans
North Sydney
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Yes the Govt has cracked down on this and therefore even if you trade thru a trust, the icome may have to be attributed to yourself personally. It is called the alienation of personal services income (I think), and you can probably find inof on the ATO site.

And if money is not distrubted from a discretionary trust, the income must be taxed at the top marginal rate.

But do talk to a good accountant as there may still be a way around these new rules.

Terryw
Discover Home Loans
North Sydney
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3 days is not much notice! Did you mean (above) they only paid $4000 deposit?

Terryw
Discover Home Loans
North Sydney
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Dragon

It will be hard for a few months, or maybe years (from recent memory!), but you will get thru it.

I don’t like to see people sell. I woulld do what Mel suggested, set up a LOC or redraw now just in case you need it to live on for a while.

Tax time is comming up soon so you may get a nice tax refund too. Maternity allowance also is about $900, and you will get some money from family payments.

If you really get into trouble, could you rent one of your bedrooms out to a student?

As a last resort you could sell, but the process could take around 3 months before you get your money.

Terryw
Discover Home Loans
North Sydney
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Hi Jackaroo

I agree with clint, just see a mortgage broker. It is hard to answer you question without all the relevant info.

Maybe you are also asking will lenders take the $50k profit from these deals into account? Generally, probably not until you have been doing it for 2 years and can support it by tax returns. They would probably see it as a one off capital gain.

Terryw
Discover Home Loans
North Sydney
[email protected]