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Hiya
They will take the GF as security and lend against it.
I assume you have a fixed price build contract?
Do you have a loan against the main residence?
Cheers
Jamie
Loc isn't usually required for tax purposes if the rest of the deal is put together the right way
Ta
Rolf
Got any examples?
The loan I got now can redraw, but must be to my own transaction account. I can't think of anything else.
some tax advisers would argue yes, because most LOCs are transactional and therefore maximise nexus between spending and borrowing.
Also, for some the capitalisation of interest is worthwhile
ta
rolf
I am one of those tax advisors - the LOC can be converted to a IO once it is used so only temporarily higher rate.
6 years ago I said I wasn't a tax expert. Now I still don't regard myself as a tax expert but I am a lawyer who knows the deductibility of interest and I advise on this area. I certainly know more than you do.
Yeah of course you know more than me, I've done 0 study in that field.
http://somersoft.com/forums/showpost.php?p=1135997&postcount=2
So earlier this year you weren't an expert then either? When exactly did you become an expert then?
I am looking for LOC loan of about 200k for construction of a granny flat for investment. I don't have property to offer as security. Is there a bank that would accept 200k cash in term deposit with them as security?
Using a term deposit as security what does the bank actually take?
I.e. If a property is used they take the deed. What is to prevent someone taking a loan against a term deposit and then cashing in the term deposit before the end of the term?
Using a term deposit as security what does the bank actually take?
I.e. If a property is used they take the deed. What is to prevent someone taking a loan against a term deposit and then cashing in the term deposit before the end of the term?