Hi Brian

Subject to your lender there should be no issues in doing a security substitution however this will not achieve your objective.

Interest deductability is based on the "original purpose test" as applied by the ATO and clear here the original purpose was not for investment. The security used to obtain the loan is neither here nor there and therefore had the PPOR been used to secure a loan whose purpose was for investment the entire interest would be deductable.

There are a couple of ways of achieving what you are wishing to do but these will incur stamp duty and possibly CGT.

I would need to now more details to advise you further. 

Just for the record.

Someone phoned me this afternoon calling himself Doug Pestano.

He threatened me that unless i write a complete retraction of his company he would look to commence legal action next week for defamation.

After asking me how much money i had and was i prepared to loose it all in a Court case i hang up on this individual.

Must admit if thats the way the conduct themselves i would be steering well clear.

Interesting to note he obviously nows very little about me or has read any of my 3000+ posts or he would have some idea.  

bill

A Company & Trust structure should only take 24 / 48 hours to establish and needs to set up prior to you entering into a purchase contract in Qld.

You are unable to sign the Contract "An or nominee" without running the risk of being caught for double stamp duty so need to be careful.

With regards to the Finance, if you are party to the title either a Co- borrower or as a Director of the Company you will need to be a party to the finance application.

It is imperitive that you get the structure correct prior to proceeding further. There will always be another deal down the track if you miss out on this one. 

If you are referring to the Transfer Stamp Duty this is added to the Cost Base for when you sell the property however if you are enquiring about mortgage stamp duty (Only applicable in certain States) then this can be claimed and is considered a loan cost hence it is proportioned over a 5 year period or the term of the loan whichever is shorter.

if we put both our names on the contract, do you know if we are able to transfer the property into the name of our company at a later date without leaving ourselves liable to paying double stamp duty or other costs?

No any Transfer will incur Stamp Duty and if the property was a originally an investment property you may also incur CGT.

if title is held in a company name, are we still able to access first homebuyers grant, etc?

You would not qualify for the FHOG if the property is purchased in the name of a Company.

James & H

Regretfully may have been the offer some months ago but now the CBA rate is considerably higher. 

You wont find it free online so why not look to subscribe to RP Data or similar.

If you can email me the details I might be able to recommend some buyers.

I have a considerable portfolio of wrap clients and still get enquiries from others wanting to buy throughout Qld.

Will stamp duty cannot be delayed in Qld.

it is payable 30 days after the contract becomes unconditional subject to this date being prior to the settlement date.

Just make sure your mortgage broker is on the ball as many of the major lenders are dragging their heels these days when it comes to both approval and documentation.