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I agree. This is the problem with online questions. With his first house, he asked for my help and guidance and we looked together. We renovated with him. He knows how much we've done to help and appreciates it. He came to me last weekend with the idea of buying again. I'm doing some legwork...

In his defence, he was not prepared initially to ignore the loan, but with us clearly being prepared to call the loan either a "gift" or "repay when able" (I cannot recall exactly, but both scenarios were discussed), I guess he made the call. I believe now that we either signed something...

Banker was initially reluctant about leaving it off, said it should be put on, but acknowledged that if we did so, our son's borrowing capacity with the bank would be considerably reduced. I said we were happy to call it a "repay when able" loan, and he was comfortable with that. I don't recall...

We have the private loan documented, signed off by our son and myself and my brother (we control the trust). He makes regular repayments at a slightly higher rate than we are paying for our trust LOC (to ensure we don't fall foul of the FBT rules). The loan is documented and the information all...

Thinking more about your reply Paul, and do you mean that we should seek a ruling? Or that we see our accountant?

Thanks Paul. Who do we see to get that personal tax advice? I'm happy to get this right if we can.

Thanks Peter. My main concerns are that as large a loan as possible ends up being tax deductible for him. So you are saying it could be that if the valuation comes in at $600K he could borrow up to $480K on the current house? On his income, and with $550 rent coming in, would he have...

Our son is keen to know whether he can buy again. He currently has a bank loan $350K for a house value $600K. He has lived there for nearly twelve months, and his obligation regarding transfer duty is fulfilled. We had a bad time of getting the loan, and used family money to settle. Then...