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Seems like you've been following me well on these forums. I've answered your points below: 1. Yes 2. This has been clarified. A bank provided me with a resi loan only @ 60% LVR. Most other banks only referred me for a commercial loan. 3. I have been advised by my solicitor, tax agent and the...

Well, it's a law firm with many solicitors. I was advised that another solicitor will be on the case (the pricinipal of the firm) to draft the agreement. Also, the firm handles other matters including criminal and traffic offences, property law, family law, general litigations etc.

The earlier posts in this thread suggested that I would be able to borrow from parents so long as it isn't for tax avoidance purposes. Also, my 10% pa is justified and my parents will be reporting an income to the ATO in their tax filing on the margin they'll be making. Is there an issue in...

My parents have lent the money to us from the redraw on their PPOR. I'm ok with the 10% p.a. on the small sum lent to us to help cover the shortfall from the 60% LVR. At the end of the day, the money is being kept in the family and I'd prefer than over borrowing at say 8% p.a. and paying some...

Thanks Terry. I'll have to consider it since my conveyancer also quoted me $1k for it... didn't know the scope of work would be that much for the loan arrangement.

UPDATE: Settlement has taken place now and the property has been in my hands for a week. Any solicitor on here able to draft me up a loan agreement (as discussed in the thread)? The loan arrangement will be simple in structure (interest only) with a 500bp (5%pa) margin being charged on top of my...

The reason I ask is because my brother and I would end up with more dough form the government by way of tax return, and then we could "gift" the additional amount in tax my parents have to pay for the margin they charge. At the end of the day, we would have a surplus from this arrangement.

It's in my best interest to stay financially sound. Otherwise, I could face disciplinary action by the Institute of Actuaries of Australia which could mean that I would not be able to perform actuarial duties. So far, serviceability with no rental income seems strong between my brother and I so...

I really appreciate the feedback thus far I've just left a voice message with my broker to try Suncorp. Thankfully, I haven't paid a deposit just yet since I was a little wary about financing. So long as I have one bank able to provide me with some finance I am reasonably happy with, I will...

Yep I understand it's mixed use. Most banks only want to lend commercial but I've managed to negotiate myself a Resi loan with a big bank with the conditions I've mentioned in my OP (60% LVR and 25% limit on guarantor property). I am still interested in understanding the tax implications of...

Hi all, I've made an offer for a property and am currently in the process of arranging finance. The (BIG!) issue is that the property is 20% commercial and 80% resi. Every bank I've approached does not want to touch it with a 10ft pole. However, one bank is willing to lend to me @ 60% LVR. My...