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From: Funky Whuff
Hi all,
Just a newbie here, interested in the best structure from any old-timers (tee-hee, just kidding!) - no advice I understand, just opinions! My little sis is moving to Melbourne in January and we (the fam) are thinking of purchasing an IP for her to rent ... no law against renting to your family is there??! Nextly, my mother is going to be putting down the deposit and making up the difference in interest repayments as she is working and wants a good IP to store spare cash in (along with super). However, she is likely to retire in about five years (maybe a few more), and so I think the best structure would be to borrow the finance in mine and my partner's names so that my mum doesn't incur CGT when she sells the property to us (which she would do as any tax deductions would no longer be useful as she is no longer earning an income on retirement). Does anyone have any ideas on this/done this before and have any opinion on how the best way would be to go about it. It should be no trouble obtaining finance from our point of view as we have six months ago settled our owner-occupied townhouse which are currently paying triple the repayments on fortnightly. Thanks!
Liz
Hi all,
Just a newbie here, interested in the best structure from any old-timers (tee-hee, just kidding!) - no advice I understand, just opinions! My little sis is moving to Melbourne in January and we (the fam) are thinking of purchasing an IP for her to rent ... no law against renting to your family is there??! Nextly, my mother is going to be putting down the deposit and making up the difference in interest repayments as she is working and wants a good IP to store spare cash in (along with super). However, she is likely to retire in about five years (maybe a few more), and so I think the best structure would be to borrow the finance in mine and my partner's names so that my mum doesn't incur CGT when she sells the property to us (which she would do as any tax deductions would no longer be useful as she is no longer earning an income on retirement). Does anyone have any ideas on this/done this before and have any opinion on how the best way would be to go about it. It should be no trouble obtaining finance from our point of view as we have six months ago settled our owner-occupied townhouse which are currently paying triple the repayments on fortnightly. Thanks!
Liz
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