A member has questions around “What to do” where one has a PPOR that was (nearly) paid off, became a rental, and they now live in their new PPOR. Do they sell the first PPOR (now a rental), or keep it? Can they borrow against that first PPOR to pay down the new one and make the Interest deductible, etc.

This thread was asking those…[Read more]

Would he interested to read @Terryw opinion but my 2c are that any price from 0 to $10k would make sense.

Agreements are binding, especially when they are written down. You could write one yourself if it’s super simple or use a template or engage a solicitor. IMHO, it all depends on the complexity of the issue and the level of confidence you…[Read more]

I would give @terryw a go 👍😎

Hi Ethan,

I’m thinking of Terry (how do you tag in this forum?!?).

Simply enter his name (the one with the @ at the front). So, find him on forum first (Search for member names or an old post of his) and you will see he logs as Terryw – in fact, his tag is @terryw too – not always the case for all members, but it works with him. e.g. R…[Read more]

Hi Ethan,

I’m thinking of Terry (how do you tag in this forum?!?).

Simply enter his name (the one with the @ at the front). So, find him on forum first (Search for member names or an old post of his) and he logs as Terryw – in fact, his tag is @terryw too – not always the case for all members, but it works with him.

Now, since I have m…[Read more]

Hi Parky,

I don’t want to speak out of turn here, but I wondered if there might be “a way around” this. Right here, we could do with the input of @Terryw as I am not an accredited adviser. But I can be a catalyst perhaps ….. ;)

What I am thinking is this:-
1. A person’s (couple’s) home is exempt from CGT
2. It CAN be exempt from…[Read more]

Thanks @terryw for your advice.
I am pretty new with these terms so getting confused.
one of the seminar i attended we were told that every asset needs to be under a separate trust and attached to a company and Dominique was saying that all assets can be under one single trust and we can use vestey trust concept to make it fool proof.

I am not…[Read more]

Thanks again @terryw I didn’t realise I was taking myself into a dodgy scheme. Really grateful for the advice before I made any moves. What I think you’re saying if that its pretty suspicious to take out a new loan to pay off interest repayments and claim both the original and the new loans interest as a deduction (without a special change in…[Read more]

Thanks again @terryw I didn’t realise I was taking myself into a dodgy scheme. Really grateful for the advice before I made any moves. What I think you’re saying if that its pretty suspicious to take out a new loan to pay off interest repayments and claim both the original and the new loans interest as a deduction (without a special change in…[Read more]

Thanks @terryw

I have not. That is an interesting point. I plan to use money from the redraw, so would that appear as if I am borrowing money to do It? Would it be wiser just to take regular payments from the redraw, or does it make no difference?

Re the lender, I want to break and refix by dropping the interest in advance then.

Thanks for all the help guys but I feel we are moving further away from the topic.

I already did what you suggested Benny, but thanks for the advice anyway.

What I’m really interested in is, are the break fees claimable? – Which it’s looking like they should be. Thanks @terryw

My comment about the calculations was in response to @ethan

The…[Read more]

Thank you kindly @CRJ, @TerryW and @Patrick Ow.

We really appreciate your comments as we are not familiar with this.

We had just received a video highlighting more about he Vestey Trust from…[Read more]

Today, I came across an old “GOTCHA” – so I wanted to add a post to this string especially for these traps. As each gotcha is added, I will add a quick spiel, then the link.

The first GOTCHA is to do with my old mate, the OFFSET ACCOUNT. But, it could be about any other Account too – so do read it, even if you don’t have an Offset – and relate…[Read more]

Today, I came across an old “GOTCHA” – so I wanted to add a post to this string especially for these traps. As each gotcha is added, I will add a quick spiel, then the link.

The first GOTCHA is to do with my old mate, the OFFSET ACCOUNT. But, it could be about any other Account too – so do read it, even if you don’t have an Offset – and relate…[Read more]

Today, I came across an old “GOTCHA” – so I wanted to add a post to this string especially for these traps. As each gotcha is added, I will add a quick spiel, then the link.

The first GOTCHA is to do with my old mate, the OFFSET ACCOUNT. But, it could be about any other Account too – so do read it, even if you don’t have an Offset – and relate…[Read more]

Today, I came across an old “GOTCHA” – so I wanted to add a post to this string especially for these traps. As each gotcha is added, I will add a quick spiel, then the link.

The first GOTCHA is to do with my old mate, the OFFSET ACCOUNT. But, it could be about any other Account too – so do read it, even if you don’t have an Offset – and relate…[Read more]

Thanks Guys,
Yes the first few purchases are likely to be with cash, but obviously as the deals progress, finance will be sort. So yes, it is important to structure it so as not to bind everyone involved. A unit trust sounds much simpler. I wonder what @terryw can add?
Cheers again

@richard31 – there are multiple restrictions around setting up sydnicates (depending upon the number of members, you may need a product disclosure statement and very specific legal advice). You may need to speak to a ‘structuring’ solicitor like @terryw who may advise that you use a unit trust where you can sell a number of units to members.

Thanks for the reply @terryw, I went to the accountant because I was referred to him after making enquiries about setting a trust structure up but you make a valid point in that this should more appropriately be dealt with by a lawyer. For my first IP I was looking at paying an investment company to act as a mortgage broker, buyers agent, property…[Read more]

Thanks for the reply @terryw, I went to the accountant because I was referred to him after making enquiries about setting a trust structure up but you make a valid point in that this should more appropriately be dealt with by a lawyer. For my first IP I was looking at paying an investment company to act as a mortgage broker, buyers agent, property…[Read more]