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  1. #21
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    Hi there, have you re-paid MIL for lending you the original deposit? If not, I would re-draw or refinance and pay her back, then sell your house to release the equity, so you would have hopefully no difficulty getting loan approval for your next purchase. If need be, you could take a short term rental in between selling and buying.

  2. #22
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    Quote Originally Posted by careermum View Post
    Hi Guys

    Just a quick one. In this scenario any interest against a loan used for a new home would definitely not be tax deductible. This is a common misconception, the deductibility of interest is based on what the loan is used for (the purpose). So even if the debt is secured against an investment property, it was used for a personal reason (a home) so the ATO will not offset that against rental income.

    Couldn't not clarify that because I see it all the time!!!!

    Ps I don't think I would be moving in with MIL if I were you either!!!
    yeah sorry, I wasn't thinking when I posted. careermum is correct, sorry for the oversight.

  3. #23
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    I wouldn't move in. She's 75, I would just wait for her to die. I know I'm horrible....

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  5. #24
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    I'm confused how you will save money if you own your house outright? Maybe utilities? but from the sounds of her she will make you pay 90% of that anyway.

    Sounds like she is lonely and controlling. Don't do it.

  6. #25
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    Quote Originally Posted by delirium View Post
    I'm confused how you will save money if you own your house outright? Maybe utilities? but from the sounds of her she will make you pay 90% of that anyway.

    Sounds like she is lonely and controlling. Don't do it.
    Maybe rent the house out and save the rental income?

    There's no way I would do it either.

  7. #26
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    Quote Originally Posted by Wise Enough View Post
    I wouldn't move in. She's 75, I would just wait for her to die. I know I'm horrible....
    oops, I laughed. I'm horrible too.

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  9. #27
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    If she wanted to help you out she would remove the caveat. This is a thinly veiled ploy to get you to move in for her own reasons.

    Do not do it.

    If you really need a bigger house and there is no way to get the caveat off you could rent your place out and rent a bigger one for your family until (I assume) when she dies the caveat will be removed.

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  11. #28
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    Quote Originally Posted by NoteToSelf View Post
    when she dies the caveat will be removed.
    I'm pretty sure that's not true. I'd recommend asking a lawyer about this. I'm pretty sure that when she dies, the caveat will stay on the property. A special application - to the Title Registrar or Court - may be required. Or, it may fall to the executor of the estate, and if there's family drama.. who wants to get into that. I'd recommend seeing a lawyer, and getting it sorted well before she's showing any signs of ill health if possible. Morbid, sorry, but may be something to keep in mind.

  12. #29
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    Quote Originally Posted by JustJaq View Post
    I'm pretty sure that's not true. I'd recommend asking a lawyer about this. I'm pretty sure that when she dies, the caveat will stay on the property. A special application - to the Title Registrar or Court - may be required. Or, it may fall to the executor of the estate, and if there's family drama.. who wants to get into that. I'd recommend seeing a lawyer, and getting it sorted well before she's showing any signs of ill health if possible. Morbid, sorry, but may be something to keep in mind.
    You forgot the bit when I said I assume

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  14. #30
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    Quote Originally Posted by NoteToSelf View Post
    You forgot the bit when I said I assume
    Sorry i didn't mean anything against you by my comment ☺ I'm sorry if it came across that way. I'm not 100% sure either, but didnt want OP to assume that this was the case.

    Oh, i wouldn't move in with MIL either ☺


 

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