Search results

Joanmc's story makes me realise we were very lucky for the bank to allow us to keep $200K of the sale proceeds and reduce our loans by the cost base of the house we sold, which was $100K. They could easily have asked for all the sale proceeds. We knew this was possible, and had it happened...

Yes, it is crossed. I'm not overly concerned because we have no plans of buying again. I don't think we could borrow. But it is something I plan on checking out so that if we sell one property we won't be forced to reduce our loans by the total sale proceeds. Edit - Just saw terry's post and...

We are x-coll and knew nothing about it before reading about it on SS. In our case, we were just lucky that when we sold an IP a couple of years ago, our bank was happy to take only $100K (cost base of the property being sold) out of the $300K sale proceeds. They could have insisted on paying...