Westpac do it also

Changing to IO will result in a reassessment.

Have you spoken to the lender to see if they will allow the substitution of security to a term deposit?

take the profits and apply for a new loan is the best way.

If you need to keep the loan open see if the lender will allow it firstly. Your only choice would be a term deposit at the prevailing interest rate. The only way to mitigate this is to keep the period between sale settlement and purchase settlement to a minimum.

Not available as far as I know

That option is available, but the interest could not be deductible because it relates to a use which is non-income producing.

There is no such thing as a standard trust. There are multiple ways that the deed can be worded and these will have long term affects.

Don’t see an accountant as this is legal work, see a lawyer and get an idea, with their help on how to structure the trust and word the deed.

Answer is not correct – generally. When someone behind a trust…[Read more]

I am a trust lawyer – what is straight forward about trusts?

Here is one question to test you – what happens with the assets in a trust when you die?

Best to seek legal advice.

Trusts are not legal entities so cannot borrow. It is the trustee that borrows, in their capacity as trustee.

Most banks will lend at normal rates and terms to trustees, whether they are individuals or companies. Residential loans in most cases.

If a company all the directors will need to give a personal guarantee.

If a trustee is borrowing the…[Read more]

I don’t know as I am not a property lawyer, but would think this would depend on the title and any rights such as easements..

i am no property lawyer, but there can be restriction covered by covenants on title and even laws which will restrict what can be done. Strata have the additional strata laws to contend with.

He should be seeking legal advice – from a lawyer, not a conveyancer.

Yes initial repairs are not deductible. But you might be able to ‘depreciate’ them.

Nope for all of the above.

It probably means it is from a subdivision after the original street numbers were issued. Number 1 was split into 2 hence 1A and 1.

Hi VFA1

I am not taking on new law clients atm as getting too many.

You can read the legislation at s 55 of the Duties Act NSW and surrounding sections:

http://classic.austlii.edu.au/au/legis/nsw/consol_act/da199793/s55.html

The maximum fixed loan is generally 5 years in Australian

The only way to avoid duty is to argue that the parents hold their share of the property on trust for you. It would be a resulting trust that arises because of the circumstances. We have helped a couple of people transfer title without duty – or nominal duty in situations like this in NSW.

If having the property mortgaged won’t necessarily…[Read more]

Just updated my signature, thanks Benny.

nope

Refinance = paying one loan out with another

Equity release = borrowing against an existing property

To get a loan you would need to qualify in terms of serviceability and would generally need to keep lvr to 80% so it will depend on the income of the borrowers plus the LVR.

Some lenders may also not like 2 properties on one title, but many do.

What I have seen happen with CBA is that someone might put in some money into the loan today and then think they can redraw it immediately or the next day, but they have to wait for the next monthly payment to come out first. I don’t have any CBA loans atm, so have not experienced this, others have not had any issues.

So after you split the loan…[Read more]