All banks have these sorts of errors unfortunately. I remember I sold a property and still had a $150k LOC with the CBA for years – it is probably still open if I look into it.

I take it you may be refinancing?

You need to think of the tax aspects. Which ever way you do it the $50 could still be available but one way may mean yuo pay more tax.

Are you appropriately licenced?

You could charge a fixed fee or a % fee. Whatever the developer is willing to pay.

If in Victoria a property can be transferred between spouses at full market rates without stamp duty. So you could possibly sell your former PPOR to your husband who could borrow 100% to buy it. Funds released could be used to pay down the non deductible debt. This could greatly improve your tax position for minimal outlay.

But seek legal advice before doing this.

Also with a property that has no hope of growth, there is generally no point in keeping if you could sell, pay down the no deductible debt and then borrow to buy a better performing property.

Current balance of your super should only be one thing to consider when opening a SMSF.

Balances will grow with each pay cheque.

There are also estate planning reasons to open a SMSF too – taking control of your super benefits and ensuring they are properly taken care of if you were to die.

I've just done a SMSF loan with ST George and it went as smooth as silk.

1. Plan so that you can remain a tax resident – otherwise you could lose this status – seek legal advice on this from your accountant or lawyer.

2. This is a statement not a question! That sounds cheap to me

3. If you are not working it may be hard to demonstrate serviceability.

You have $80k but it would still be a good idea to use none of your own cash to pay for the next one. Could you get hold of the $200k before you buy? This way you could just borrow 80% of the purchase price and put the rest in the offset account. You could then immediately buy another property- instant retirement.

I think you need to find a lawyer. A planner may be able to advise on the centrenlink aspects but so can a lawyer – this is law afterall.

And there is nothing wrong with structuring things to maximise social security benefits,

There are 2 main tests for the pension:

1. Assets test

2. Income test.

A single person with a home can have up to $193k in assets other than the home and still get the full pension. They must also earn less than $4056 pa in income to qualify for the full pension.

The $2000 per month may not count as income if it is just repayment of a loan – but the loan amount would be an asset.

NHG looks like you have 197 posts to me.

Totally too late I am afraid. You have repaid a loan so withdrawing money is considered new borrowings and the interest deductibillity will depend on what the funds are used for.

You might want to consider selling and then restructuring. Perhaps even selling to a spouse who would borrow to buy. Just do the sums and see what the costs are and how long to recoup.