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“Cross Collateralising”, is another term for “cross securistising”.
Terryw
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It is a personal decision, but I agree with Derek. If it is actually CGT free, then hang on to it and get more tax free gains.
Terryw
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I think ‘snap’ is a card game where you have to grab the cards when two pair are put down in a row while shouting ‘snap’. Steven was, maybe, referring to his post and Simon’s post as being two of the same put down in quick succession. Hence ‘spap’.
Terryw
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What is a storm trooper?
Terryw
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But your mum would be able to deduct interest and expenses, ie negatively gear, if you guys are paying her rent for using her 1/3 share of the place.
Terryw
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I think your mum would be up for CGT unless she lives in the property initially and if she has no other property which she is claiming as her main residence.
Terryw
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They would be exretmely hard to finance. You may be able to get a personal loan to help you get one or two, but after that very hard.
One drawback I can think of is that your tenants could just hook your carvan up to their car and disappear into the sunset!
Terryw
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Kerrie
Yes, starting to make sense. But if your draw a wage of only $6000 pa, how are you going to afford to pay your rent?
Terryw
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Do you have to reply to my every post?
Yes they do, it may be discretionary, but on loans over $700,000 the client would have a good chance of getting the 0.7% discount. It may also depend on how good the broker’s relationship is with their BDM. Mine is good.
Terryw
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I thought the original post was about accessing equity in their existing property, with ANZ, and ANZ would not do another valuation for 6 months.
And Rob, do need to quote me in every post, you could at least remove my signature. Are you aware of the basics of copyright law, and the Geneva Convention. (this part is a joke of course).[blink]
Terryw
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What about a Discretionary trust? Then you would have the option of distributing the profit to beneficaries on lower tax brackets first, and then sending it to your company as a last resort.
Terryw
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Most banks will only lend on contract price or value, whatever is lower. My client got a bargin, we ordered a val and it came in a bit over contract price. He insisted it was worth more, I didn’t beleive him, but we ordered one anyway through a different valuer, with it coming in much higher.
Terryw
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Yes Rob, ANZ offers up to 0.7% discount on their LOC under their Breakfree package, with a $295 per year fee.
Terryw
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Does it matter? its only $600.
Terryw
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You can only have one main residence, so even it you are moving around between properties, only one will get the benefit of being classed as your main residence. When you moved onto a new one, you could claim that as your main residence, but you will lose the main residence on the first one.
I don’t see the point in starting a business, and renting it to the business. You cannot rent to yourself, but you could possible claim a portion of the interest if you are using the place for business purposes. If you form a company or trust, then these could rent it and claim the rent, but the owner of the house would have to declare the rent as income.
Terryw
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Depending on the Size, ANZ could be pretty good. Same rates at normal variable loans, and you can get up to 0.70% discount.
Terryw
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I think there is actual legislation against installment contracts.
Terryw
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Rob, No established property. One recent client settled in Nov, and a reval done and increase submitted in Dec (the same year) and this increase has just settled.
Even during my recent refresher training with ANZ we were told that a re-value could be ordered one day after settlement. In fact, I am doing one now where I have done a revalue before settlement (with a 33% increase).BTW, brokers can just order the val themselves without going through the ANZ network.
Terryw
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I beleive you are correct.
Terryw
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1) Not really, but it may help. setting up a business name would have no effect. I think it would depend more on how you conduct your affairs, professionally in a business like manner. Which would be hard if you only had 2 or 3 properties. Usually you cannot claim travel for a property you don’t own, but if using a trust then maybe.
2) Its too late now. Maybe you could use a trust to acquire your next one. Insurance should cover you, but you never know.
ps I’m not an accountant.
Terryw
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