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Once again thanks for the comments, it has been extremely helpful. This forum has been my first point of call for any property related queries, and this just reinforces it further. I will check this spousal sale suggestion.

Yup. Thanks all for clarifying the issue.

Hi Terryw, appreciate your comments. I see where you are coming from. I think the mistake was made early on. I should have took a loan to buy that property instead of paying it outright. That way I can trasfer the equity. Now I am left with either selling the property or accessing the...

Hi all, thanks so much for your comments and feedback. So if based on your resoning so far, I can do the following. Borrow funds (not refinance) from the bank and use the property I own outright as collateral, basically accessing its equity. I can rent this property out and claim its...

Hi All, I own a place outright, purchased in 2005. My intention is to refinance the home and to rent it out as an investment property and potentially get tax benefits as I will now have interest repayments to offset my income. I was told, or given some warnings that this is not legal, as...