I recall many years ago in the early days of learning about trusts. I had both Rentons and Trust Magic and found Renton's pretty dry reading. I never did finish reading it, but it was good to flick through for additional clarrification every now and then.

Have you worked out how much money you will save doing this?

This is a legal issue so you should speak to a lawyer.

If you want to change trustees it will be complex.

1. Review stamp duty rules for state of properties and

2. review deed to make sure trustee can be change and how, and if there will be stamp duty on the transfer of title. In NSW there could be if the trustee is a beneficiary.

3. Seek legal advice on the structure of the company which will be trustee.

4. Apply for new loans in the name of the new trustee and personal guarantee of the trustee company.

5. Seek tax advice on the proposed set up. Probably no CGT.

6. arrange a settlement.

You will need to get the lender's permission and cooperation.

Having such a high LVR will mean the mortgage insurer will be involved. What would the approx LVR after strata?

You made a mistake because you didn't seek proper advice. Now you are going to make another mistake by seeing the incorrect people again.

  As reader friendly as it is possible.

Wrong set up. Or maybe better, a less than ideal set up. Your accountant is only half correct too.

Firstly it is not such a good idea to have people as trustees for a few reasons. One is asset protection. If the trustee is sued in their capacity as trustee than all their personal assets are at risk.

It is also not good to have 2 trustees for a few reasons:

1. If the trust goes down both trustees go down with it.

2. Personal guarantees are usually required. If you have 2 trustees then both are at risk as will need 2 guarantors.

3. Because of 2 you will have a reduced borrowing capacity.

Your accountant is wrong in that if you are sued personally and go bankrupt then assets held on trust are not property that can be seize by a trustee in bankruptcy – generally.

This is why it is important to get advice when setting up structures.

Too late to consider asset protection once you have purchased a property and too late to implement tax saving strategies (largely).

Each person has to weigh up the costs v benefits I guess.

No.

It is similar to urinating into a bottle of milk and realising your mistake and withdrawing the urine.

best not to assume things, but to look at the agreement you entered into.

Was the spa working at the date you signed the contract? Any special conditions about the spa? What was the wording etc.

Have your solicitor answer these questions. If you have used a conveyancer or settlement agent they won't generally assist too much in this area as it is out of their range.