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Put a line of credit on your current PPR.
On the new house get a loan with 100% mortgage offset account.
Use $50000 from the LOC to fund 10% of Purchase price
Use $50000 from your cash to get the other 10% of deposit
This will cover your 20% deposit to avoid mortgage insurance.
Then put your remaining cash into the 100% offset account
Offset account is better than a redraw facility.
Its potentially possible for the ATO to assume your loan is paid off on a property if monies are paid into a redraw account then taken outWilmacacc wrote:You can lodge a complaint with their professional body (ICAA, CP, NIA). You should be able to find the contact details on the website of the relevant body.There is also now a new national Tax Practitioners Board, which manages the registration of tax agents. Tax agents are now bound by a new code of conduct. They have a form on their website to make a complaint http://www.tpb.gov.au
Also, if you have copies of the incorrect deeds, they will most probably have details on the front cover of who prepared them, as most accountants outsource the preparation of deeds. You could then contact the supplier of the deeds directly, tell them what has happened and request they send you a copy directly.
If your still looking for an accountant, i can recommend some in either Sydney or Newcastle. Let me know if you want a recommendation.
David
Hello could you email me the recommended accountant that you know in Newcastle. I am starting out, and need to engage the services of a good property accountant.
thx
I should have mentioned that I am in the Suburb of Waratah in Newcastle 1.5 hours north of Sydney
