May not be a good idea to have just one loan as it would then be a mixed purpose loan which can create tax issues, especially if one purpose is not deductible.

What I am trying to say is by taking the borrowed funds on a detour you a muddying the waters of interest deductibility. It is not clear if the interest on the $80k loan would be deductible. However to improve your chances I would suggest just before using that $80k you should pay it back into the loan and then reborrow it.

Did you use borrowed money to invest or cash from the offset account?

Consider the tax issues.

Interest is deductible if you borrow to invest.

With the offset account strategy you are borrowing to place money in a savings account. At some later date you may invest the money. Can you save you have borrowed to invest?

You may say you can trace the borrowings to the loan. But what happens if you put cash into…[Read more]

How much money did you chip in when you purchased the property? Imagine you used this money to buy shares instead. How much better or worse off would you have been.

I must admit to being the best but I am so good that I charge an upfront fee of $660.

State legislation. You would have to find the relevant act.

I suspect you might only be able to do this if raising money for a ’cause’.

Seek legal advice

Yes – provided you meet relevant laws

What has your solicitor advised?

First thing to do is to tap into that equity by borrowing against your house under a separate loan. Then at the same time work out borrowing capacity.

Once you know what you can afford then try to narrow down areas and then buy. You could use a buyers agent for this step.

Your broker assisting with the SMSF side is illegal so you might have a claim against them through the credit ombudsman or financial services ombudsman.

Was it a related company that sold you the property?

Don’t waste it!

Seek legal advice asap if you want to terminate the contract

Yes that is possible.

It is not possible for a purchaser to finance your construction like this. They could buy the land and settle and then construct. But if you want settlement after completion what is the buyer going to use as security for their construction loan>?

They would need separate titles to be able to be sold separately. It is possible.

Why are you seeking a broker out for this sort of advice?

Legal advice is needed.

Say you did buy A and B say 12 months apart. You lived in each of them for 12 months and then moved out and rented. 5.5 years after moving out of A you move back in and 5.5 years after moving out of B you move in for 12 months.

Then after about 12 years of ownership of property A you decide to sell it.

At this point either A or B could be cgt…[Read more]

Property A or B could be treated as the main residence for cgt purpose, but full exemption only available on one of them and only for a Max of 6 years absence. If you don’t sell within six yrs you could potentially move back into each of them, at different times, and before the six year rule and then get the potential to extend the main residence…[Read more]

You only choose at the point of sale.