Hi Paul

As Terry has mentioned you cannot in Qld Transfer the property from one party to another (irrespective if it is your Spouse) without triggering Stamp Duty and CGT.

Must admit not sure where in Qld it is but we are starting to see a few issues with valuation in Brisbane on OTP so hopefully you have chosen wisely.

One big downside i see in buying a unit is the external body corporate expenses and being OTP it is likely to be a high rise with high than normal BC fees.

Not sure if it is too late to pull out of the Contract but certainly think i would be reconsidering the the deal.

Without all of the information to hand it is difficult to comment however i would have thought about buying the property in your wife's / Trust name especially if she is a non tax payer.

If you want to have a read of my API interview it can give you an indication of what can be achieved.

Cheers

Yours in Finance

Can you explain what you mean by Master Title?

Cheers

Yours in Finance

Hi Manola

Yes that is indeed correct no LMI upto 90% lvr.

For this reason you probably don't need to touch the existing equity.

Cheers

Yours in Finance

Hi Dave

Yes that is what we do for forum clients.

Cheers

Yours in Finance

Hi Manola

Have to say it is not a particularly complicated enquiry and one we get from forum clients all day long.

Couple of quick answers:

1) If the property is to be used as a PPOR then none of the costs or expenses will be deductible. For this reason you would want to reduce your LMI as much as possible so maybe a matter of releasing equity by way of a sub loan on your current property and combining this with the new PPOR loan.

Depending on the numbers you may even want to look at an secured loan outside LMI of 20K which you could use to cover your acquisition costs etc.

I am assuming that the existing loan is a true 100% offset account and not an offset redraw account. If so once the amount in the offset has been withdrawn the loan balance on the other side will increase accordingly.

2) You may want to look at fixing the rate of interest on the existing IP loan as well splitting the new PPOR loan between fixed and variable with 100% offset account.

3) You cannot release equity and claim it as a Tax deduction irrespective of the structure, entity or method you buy the property (One exception but i cannot see it being appropriate here so not worth mentioning) so this is not really relevant.

You are better off cleaning up the existing borrowing and trying to reduce the LMI expense going forward.

Cheers

Yours in Finance

As Jamie said no you don't need to be in the Country to apply.

We normally allow a little longer for finance for the Expat loans due to documentation time.

I have 2 deals going thru forum members at the moment (1 in China and the other in Dubai) and neither have caused too much of a problem.

Cheers

Yours in Finance

Hi Skye

Merry Christmas to you.

Invest a few dollars on a hourly rate with a Town planner or two in the area you are looking at as they will be able to give you some good pointers 

Cheers

Yours in Finance

Hi Can

Firstly welcome to the forum and I hope you enjoy your time with us.

Yes a loan of upto 90% lvr would be possible with the right lender.

Many lenders wouldn't consider the deal at all and a few will go to 80% but 1 will go to 90%.

Rates and set up costs are standard. 

Cheers

Yours in Finance

Yes finance is available but boils down to the level of damage and lvr required.

Cheers

Yours in Finance

Agree with JacM. 

I see and hear every day of the week clients who say i need to buy 20 properties to be comfortable yet if they had 6 all paid off (after the accumulation phase) they would be in a far better net position. 

Number of properties are all well and good but if they are highly geared means nothing.

Cheers

Yours in Finance