Thanks again. What about LMI? Does that have to be paid out of your own pocket or can that be capitalised into the loan about 95% LVR?

Richard Taylor wrote:

That certainly helps and on that basis 95% of 450K appears possible.

Cheers

Yours in Finance

Would that be on the basis of constructing a dwelling and utilising the FHOG and stamp duty exemption, as if I purchased an existing dwelling, most of my 30k would be taken up by stamp duty and taking me out of the 95%LVR.

Thanks for the answer.
So more specifically, $70k per year salary, $30k in inheritance which I would like to use as a deposit. Is there borrowing capacity and if so, how much?

Thanks for the reply.

Does a trust have a limit on the number of beneficiaries it can have and do the beneficiaries have to be named when the trust is drawn up?

Also, if 100% of the profit is distributed to the beneficiaries, does the trustee still lodge a tax return reflecting profit incurred through the trust. Also, does the trust lodge a tax return in its own right or is the ‘trusts’ tax return, the tax return of the trustee?

• This reply was modified 10 years, 5 months ago by  Brizza.

So the beneficiary is assessed for the tax payable (which can be at high rates) but the trustee actually pays the tax on behalf of the child beneficiary?

Thanks for all your replies and input.

I'll finish the initial studies first and work out what I want to do from there.

Thanks for the info. During the wrap process, are relevant docuemnts lodged with the authorities to signify the transfer of ownership?

Thanks for your answer