hi,
just have a question that i need help with.
i got 1 IP that i will be subdividing. My relative from overseas has offered to lend me funds to be able to build on the to be created lot. (have done calculations and it will make the whole IP positive geared)
questions:
1. will a simple written agreement (stating amount, interest rate and terms) be enough to make it deductible or do we need to get a solicitor to draft a contract formally.
2. if in the future my serviceability improves and i want to borrow from banks, will that personal loan need to be declared since it is unsecured loan (am not going to default on loan or anything just pointing out fact that its not secured by property)
just have a question that i need help with.
i got 1 IP that i will be subdividing. My relative from overseas has offered to lend me funds to be able to build on the to be created lot. (have done calculations and it will make the whole IP positive geared)
questions:
1. will a simple written agreement (stating amount, interest rate and terms) be enough to make it deductible or do we need to get a solicitor to draft a contract formally.
2. if in the future my serviceability improves and i want to borrow from banks, will that personal loan need to be declared since it is unsecured loan (am not going to default on loan or anything just pointing out fact that its not secured by property)