I've had a look at the RevenueSA website and can't see anything obvious / new. I think I'll send them a request for specific info. There seem to be some exemptions in the event of marriage breakdown, disability or trasnfer from a smal super fund (SMSF?) to a PST (pooled super trust) but I don't think any of these are a practical alternative.
MK, something in the back of my mind tells me there can only be on loan against the asset i.e. second mortgages are out, but don't quote me, I'll need to check it out. Good thinking though. Both mortgages would need to be put on at time of purchase anyway, otherwise it would be giving a charge over the existing asset.
This brings me back to my earlier point: No reason why the member can't refinance the bank when the loans down to a few $K? Subject to appropriate docs, of course.
Effectively, the aim would be to rag out the last instalment by never paying it off until asset is sold. There is a requirement for a sunset on the loan but I'm sure a legal eagle could get around this somehow.
A simple option might be for the member to provide the loan, assuming they have separate security etc, which removes any requirements from a bank or other lender.
