Awesome. Thanks for this guys, I’ve printed out the replies and given em to my Parents to read through and decipher on their own (it all makes sense to me now, but I don’t want to “force” any views onto them).

I now have a new question here.

Assuming that we can’t get 2 separate loans, but can get the 1 loan with 2 accounts, what kind of flexibility would I have with my account?

Would I be able to ask for my account to be IO with offset? (I assume no though)

Also for Tax purposes, if my siblings were to pay board would I be able to treat my Account as if it were an IP loan (and hence any costs tax deductible?)?

Thanks Terry, I’m still a little fuzzy on the details there but it does make sense. I will keep mulling it over in my head until it makes sense

In response to the last paragraph there “Maybe you could split the loan in 2 and have 2 separate loan accounts of $100,000 each.”, in such a case would each loan be liable only to 1 person, or if I paid off my 100k, would I then still be liable for Mom’s 100k?

I was running into problems with that when discussing with a mate of mine. I remember reading an example saying that you would only have to Elect your PPoR upon sale of the property, but his argument was that for Tax purposes during ownership you would have to elect it yearly (which makes sense)

So yeah, renting out a PPoR for 5 years as an IP, for Tax Purposes one would have to assume that you would declare the property as an IP. However upon sale you would then elect it as a PPoR contradicting your previous statements… I dunno! lol, I suppose that’s why I’m asking

Thanks for your patience and answer LA. I tried to search through the threads but the search never loaded.

I’ll double check with my Accountant, though I’m pretty sure that TerryW is correct when he states you can move in after 5 years and continue to rent it out afterwards for 5.9years

A little thing in your example LA is that you’re no longer living in Australia (unless the L.A stands for someplace in AU that I dont’ know of lol)… To take my example to the extreme, could I live (renting) next door to my PPoR while it’s rented out?

Actually I moved out 2 years ago. If I were to be “buying” myself into the situation I would probably end up moving back home, however my preference would be to continue living on my own.

The “offer” from Mom and Dad at the moment (it continues to change as they continue discussion) is 20k from me to “buy” mom out, and myself and my Dad take out separate loans and join own the house under Joint Tenancy.

ie, the current loan of 112k is split evenly between me and dad, then I take out a further 20k. Dad has a 56k loan, I have 76k.

At the moment I don’t think anyone’s considered a legal Carer for my Dad. How would that effect things?

Eddie: I’ve been looking at a situation similar to that except instead of buying the family home, me and my siblings buy properties together.

awesome thanks guys. I see I haven’t placed as much importance in Post Settlement Support as I should, nor considered the need for future borrowing.