Hi all, just after anyones thoughts on me deciding if i should sell my Town house in Upper coomera now to finance another closer to surfers that i like.My only other option is to lease out say,for 6 months or so and bridge finance to purchase the other.I know northern gold coast is booming but being a little closer to surfers would be closer to work etc… Views?? thanks.
If you like the property and it is your PPOR then there is no CGT if you sell it now or within the next 6 years so why not retain it borrow against it and purchase the new surfers paradise unit.
Guess only issue is if their is little loan against the property and it will mean that the interest on your new house will not be tax deductible then you may be better off to look at selling the Unt into a Trust with you as the Trustee . Borrow 100% of the purchase price and use these funds to purchase your new owner occupied property.
Richard Taylor | Australia's leading private lender
Qlds007 wrote:If you like the property and it is your PPOR then there is no CGT if you sell it now or within the next 6 years so why not retain it borrow against it and purchase the new surfers paradise unit.Guess only issue is if their is little loan against the property and it will mean that the interest on your new house will not be tax deductible then you may be better off to look at selling the Unt into a Trust with you as the Trustee . Borrow 100% of the purchase price and use these funds to purchase your new owner occupied property.
Hi Richard, can you (or anybody else!) advise me?
I operate my business under a trust. After reading these forums I recently asked my accountant whether I should buy an IP in the name of the trust. He advised me 'never'… my situation… PPOR Sydney value $650k, owe $185k (of which $30k is allocated for business development)… IP New Farm value $590k, owe $336, rent $450/week… I need to refinance my IP next month and am reviewing everything. I'd like to maximise my situation – can I use my trust to an advantage here?
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