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We will be buying but buying a PPOR. However we will also keep another IP...maybe can put that equity loan onto that??
I doubt it as we bought a new property using 90% LVR only in April.
with the purchase of the family home we can arrange it to be before or after settlement of sale of the IP because we are buying the house off my parents in a private sale. Which order do you recommend?
Hi Jess that is intriguing, I've not heard of using term deps that way. How does it work? We have no term deps set up now.
I guess I?m looking if there is a more financially savvy way. Because, as Terry said, so much is lost in the transaction. If they had had their home in a Discretionary trust, could they have just ?transferred? the house to us?
They could pass control of the trust to you. But under the social security Act there are 2 tests which would capture trust assets and deem them assets of the person - the source test (e.g tomato or BBQ) and the control test.