Hi

There is no real point in rolling all your loans together as the repayment over would be similar. It would be good to have an unencumbered property tho.

There is one way of selling and keeping at the same time. You can do this by setting up a trust, and selling to your trust. Stamp duty and CGT may apply, but you will be able to increase your loan as high as possible, and use the proceeds to pay down your PPOR loan. This converts deductible debt into non deductible. So hopefully you could wipe out your home loan completely and decrease the amount of tax you pay. However in your situation, this may not be all that much, so you will have to work out if it is worth the hassle and costs.

I would also make sure all IP loans are IO.

Terryw
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It is interesting to note Homeside has also relaunched their low doc loans. I haven’t had a good look, but beleive you can get them at normal rates.

Terryw
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Hi Alf

I haven’t heard of that one either and it sounds strange to me. If you are part of the professional package, then an account needs to be open, but not otherwise. However they do give a $100 discount off the app fee if you have payments direct debted from an ANZ.

If they keep arsing you around, just open an account (it should be fee free if you have a loan) and set it up, and hten close it once it ssttles.

Terryw
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Wouldn’t touch it!

Terryw
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try
http://www.mintgroup.com.au
http://www.businesslawyer.com.au
http://www.strategicwealthmanagement.com.au

all in Syd

Terryw
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Give family and friends gifts that you can deduct!!!

Terryw
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You can find out their name by doing a title search for about $10 online. Once you know their name, it still may be hard to find them though. I htink councils would be reluctant to give out that info. When I was in the police, they would give the owners postal addresses to us over the phone, but some councils were reluctant.

Terryw
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Tam

you had better talk to a solicitor about this. I beleive it would be possible to do. There are stamp duty and CGT implications, but if a trustee is changed (to your mum) and the beneficaries remained the same it would be possible to avoid these taxes. check out http://www.taxlawyer.com.au look for ‘resettlement of trusts’. BTW, you and your mum would both be beneficaries automatically in most trust deeds due to your family relationship.

Terryw
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Hi. P

your accountant is correct (sort of), the trust distributes the money to individuals who pay tax at the individual rates, so in effect the trust is paying tax at individual rates.

And don’t worry about trading history for the banks. They will accept a trust one day old, because they focus on the trustee not the trust. The trustee (or director of a trustee company) must give personal guarrantees.

Terryw
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Hi again. Your family trust wouldn’t be taxed at all. Only the beneficiaries are taxed, and usually any company that you have a share in is automatically a beneficiary, therefore you could distribute pre tax money to your company.

Terryw
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