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  • Profile photo of scullymanscullyman
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    @scullyman
    Join Date: 2004
    Post Count: 43
    December 5, 2004 - 2:39 am

    The tax office have produced rules that basically say that wrap money is not included as income until the property has been realized (last payment made). You can find this info at http://www.ato.gov.au under rule 2004/28 or type in ‘owner finance’.

    [xmas]
    scullyman

    Profile photo of scullymanscullyman
    Member
    @scullyman
    Join Date: 2004
    Post Count: 43
    September 27, 2004 - 6:58 am

    If you are worried about the vendor going belly up, put it in your contract that all monies are returned to you in that event.
    Yes, the lessor can use the house as collateral as he still technically owns it.
    In most cases you can take your option at anytime. You can insist that it be included in the contract. Be carefull though. You many have agreed to buy the property in four years at $150,000 and it may not be worth that price if you pay early, which means the banks may not lend you the required amount.

    Scully

    Profile photo of scullymanscullyman
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    @scullyman
    Join Date: 2004
    Post Count: 43
    August 16, 2004 - 1:51 am

    Hi Brisbane 04

    You will find the Lease option info under ‘investor strategies’ on left of this page.

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