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  1. Terryw

    Finance implications for no mortage PPOR?

    after paying cash for this how much extra cash would you have? probably still not good idea to pay cash for a property i think - even if very wealthy. i would gift the cash to a discretionary trust and borrow it back . the spouse least at risk should borrow and go on title.
  2. Terryw

    Signing the Contract

    Post usually
  3. Terryw

    Can I pay interest on IP loan weekly?

    Interst is calculated daily with most lenders. So paying daily will save u interst
  4. Terryw

    Reduce PPR loan With IP Line of Credit ?

    That is similar to the refinancing principal. Not sure if a trustee could borrow to make a distribution of capital and cLiam the interest though.
  5. Terryw

    Ute rental and fuel charge tax deduction ?

    you must be asking if you can claim these costs? how does the furniture relate to producing an income? if you are renting the house out furnished and charging extra for this then u may be able to claim those costs in full.
  6. Terryw

    Gifted share of prpoerty and tax

    unless your sister established it as her main residence and she is not counting another proerty as her main residence overseas then she will be up for cgt on market value. since she is a foreign resident the rate of tax is likely to be much higher than normal.
  7. Terryw

    Reduce PPR loan With IP Line of Credit ?

    heaps of tax issues. the main one being it won,t work
  8. Terryw

    Loan structure for IP when PPOR has 0 balance

    tax deductibility on a pi loan wont complicate things at all. you have no private debt so paying pi wouldnt be that much of an issue either. what interest rate u paying now?
  9. Terryw

    Loan structure for IP when PPOR has 0 balance

    since your loan balance is nil i think it generally ok to use redraw. just becareful to maintain deductibilty by avoiding the money passing thru other accounts. this is for the deposit part. for the main loan you could have pi or io, whatever u think best suited to your style. its probably...
  10. Terryw

    Q & A Contract for Vacant Land Sale

    you probably still bound. there is a recent wa case concerning a finance clause issue and it wasn't good for the purchaser. speak to your lawyer asap.
  11. Terryw

    2 contracts issued - can someone clarify?

    Thats about it. You should also get your finance fully approved during the cooling off period. Maybe try to negotiate this to 2 weeks - but this could work against you if the other potential buyer is offering 5 days, or even no cooling off.
  12. Terryw

    2 contracts issued - can someone clarify?

    A lot of agents talk about putting down a 'holding deposit' but this holds nothing and is meaningless other than it shows you have some interest. The standard contract has it that the full 10% contract is normally paid on the making of the contract (cl 2. something). But this is also...
  13. Terryw

    Private valuation prior to purchase..?

    Yes, you should really get a valuation, otherwise you won't know, really, if you are paying too much. You cannot rely of the bank's valuation either as this will be done after you have a contract in place and a known price. The trouble is timing though. If you do a valuation before exchange...
  14. Terryw

    2 contracts issued - can someone clarify?

    You are supposed to pay 10% on exchange (cl 2.2 of contract) , but this is negotiable.
  15. Terryw

    2 contracts issued - can someone clarify?

    Yes you could do that. You might want to argue over some conditions of the contract (ususally) and have it amended - but you have to weigh this up with the other party (if there is one) getting in first with a better offer. Once you have signed you are still at offer stage so you could withdraw...
  16. Terryw

    2 contracts issued - can someone clarify?

    In NSW each party signs a separate contract and these are exchanged. You can only enforce the contract if you have their signed contract and they can only enforce it if they have your signed. So what they have probably done is issue a contract to each interested purchaser and are waiting for...
  17. Terryw

    Vendor yet to sign contract- how long do I wait?

    melb i would say it is very common to negotiate and then at the end sign the contracts. i have bought and sold many properties in several states and have always done it this way. in nsw at least the cooling off period has been around a while
  18. Terryw

    Setting up IP $ properly

    Without knowing your full situation it is hard to be sure. But basically you will want to borrow as much as possible without using your cash or cross collateralising. So borrow as high an LVR as possible to buy the property. THen use your LOC for closing costs. If you have other equity...