Recent content by Nicksta

{deleted} In answer to the question - standard vendor obligation is to ensure the property and gardens etc is maintained until settlement. You are within your rights. Its not petty, petty is the vendor not providing you the property in appropriate condition. Withhold $500 and they will fix it...

Hi Terry Thanks for your constructive thoughts. An accountant gave me advice, a Lawyer set up the trust, and a conveyancer has advised me that I can buy the house in the trust name (and even if I signed a contract as 'and/or nominee' I would still have had to transfer the interest). The...

Well shouldn't be a problem as I will be guarantor of the loan. My mortgage broker who is setting up the loan doesn't see it will be a problem.

Thanks Alex for the info. As I mentioned I have cash savings (~$30k) + the $71k on the existing house = $101k. Take off some incidentals here and there and I have $100k for the new house. The $30k in renovations is not compulsory at this stage, I will be living there. I will however spend...

.. and existing property bank valuation is $550k (owe $369k)

Yeah well I didn't think about this then. I am an IT person not an accountant... and its not too late. Yes the 'kicker' as you call it is that I have already done a contract, but as I said I would have to pay stamp duty on the deposit and transfer the interests to the trust. This will be about...

Ok I think I am catching on. Thats why I am here. As the purchase price was $362k I will need $73k to gift to the trust to keep the loan <80% and not cross collateralize. I don't have this liquid cash (got about half this). So seems options are to borrow more than 80% on the new property...

I haven't set up a loan so far. Thanks for your continued helpful advice.

Its a discretionary trust. I am the designated beneficiary and appointer. Noone else is specified. Regarding the cross collateralisation, I'm assuming that as the loan for the new house will be to the trust, and the loan for the existing house is in my name, then the bank won't allow it...

I have the trust already and I am the only person in the trust. The trust was organised by an accountant after receiving specialist advice (created by a Lawyer). Re. cross collateralisation etc, perhaps some ideas? maybe I can only do 80% loan then? Re. stamp duty - I have to only pay stamp...

Hi, thanks to the few who gave some level of positive help.