There must be a way to do this, where you do not bother family etc. So if you get a cash lump sum, and you want to invest, but you want to borrow 100% and costs, can anyone suggest a simple way. paying down home and re draw not ideal, home may become IP and already would only have 50% LVR in regard to deductible, no going for refinance either, that is def done for now. So how best to quickly do this ? Will any lender lend against deposits ? Any other suggestions ?
see Tax Tip 61: How to borrow 105% on your first purchase https://propertychat.com.au/communi...ow-to-borrow-105-on-your-first-purchase.4928/
@dabbler, Terry's tax tip above plus some more info in this thread: https://propertychat.com.au/community/threads/cash-secured-loan.4092/
I will have to see if any lenders will do this that I use, I would assume you have to meet servicing with them. I suppose cash could be used to do some capital improvement, which would allow draw down from a security, but that is slow and clunky and not without a fair bit of risk. With borrowing from others, would it pass the test if no interest was paid for an interim period of say a year, then you draw down from equity in same security later on to repay the loan I see potential complications, maybe in cash transactions, also the usual problems when doing things between family/friends & how a spouse may feel as well. I will do a lot more reading tonight, thanks guys !
see Legal Tip 38 Spousal and Related Party Loans https://propertychat.com.au/community/threads/legal-tip-38-spousal-and-related-party-loans.1872/