Australian mortgage
Looking for a bit of advice. My son is married to australian girl and has a resident visa. They want to buy now and have been wondering if there is any benefit in having the mortgage in her name only. Any advice would be appreciated. Thanks.
|
Re: Australian mortgage
If they both work, then a joint application would give better chances of borrowing more money.
|
Re: Australian mortgage
Yes they both work and either one can afford the mortgage they want to borrow. Just wondering if ant tax benefits.
|
Re: Australian mortgage
Originally Posted by nic75
(Post 11033874)
Yes they both work and either one can afford the mortgage they want to borrow. Just wondering if ant tax benefits.
BB |
Re: Australian mortgage
Originally Posted by nic75
(Post 11033874)
Yes they both work and either one can afford the mortgage they want to borrow. Just wondering if ant tax benefits.
|
Re: Australian mortgage
Originally Posted by nic75
(Post 11033849)
Looking for a bit of advice. My son is married to australian girl and has a resident visa. They want to buy now and have been wondering if there is any benefit in having the mortgage in her name only. Any advice would be appreciated. Thanks.
|
Re: Australian mortgage
Good one Hino :) thanks for comments, that's what we thought but we're old enough to remember the good old days of MIDAS in uk when you were given tax relief against you mortgage and just wondered but thanks again.
|
Re: Australian mortgage
there may be advantages of an interest only mortgage with over payments.... financial adviser first port of call buddy.... good luck to them
|
Re: Australian mortgage
Originally Posted by nic75
(Post 11033849)
Looking for a bit of advice. My son is married to australian girl and has a resident visa. They want to buy now and have been wondering if there is any benefit in having the mortgage in her name only. Any advice would be appreciated. Thanks.
Asset protection if one party is running a business etc. Generally, unless clear evidence of income and gearing, you would just do it in 2 names. |
Re: Australian mortgage
Would she get the first time house buyers allowances? Would he qualify seperately for his own property at a later date
If it were solely in her name how would the property be divided if they split up? |
Re: Australian mortgage
Whilst we're on the subject of Australian mortgages, I'm selling 2 houses here, so will have $400k as a deposit. Will the bank lend me the other $450k that I need (so a LTV of 53%).
Do I need to be in full-time employment for 6 months first, or are contracts acceptable? What I'm trying to do is work here for long enough first to be able to buy a place before my wife and children join me. Thank you. |
Re: Australian mortgage
Originally Posted by eddie007
(Post 11037065)
Would she get the first time house buyers allowances? Would he qualify seperately for his own property at a later date
If it were solely in her name how would the property be divided if they split up? If purchased solely in own name, when split up the general rule is the law of equity would intervene with the principle of the constructive trust. The basic policy is each gets back what they put in. So if they went in 50/50, paid 50/50 on the mortgage etc then in theory would each split the profits on sale. That is, who actually is on the title of the property is largely irrelevant for divorce settlements. It gets complicated if kids are involved etc as then court needs to make an assessment of non-financial contributions to the relationship etc. |
Re: Australian mortgage
Originally Posted by nexsuperne
(Post 11037248)
Whilst we're on the subject of Australian mortgages, I'm selling 2 houses here, so will have $400k as a deposit. Will the bank lend me the other $450k that I need (so a LTV of 53%).
Do I need to be in full-time employment for 6 months first, or are contracts acceptable? What I'm trying to do is work here for long enough first to be able to buy a place before my wife and children join me. Thank you. |
Re: Australian mortgage
Originally Posted by nexsuperne
(Post 11037248)
Whilst we're on the subject of Australian mortgages, I'm selling 2 houses here, so will have $400k as a deposit. Will the bank lend me the other $450k that I need (so a LTV of 53%).
Do I need to be in full-time employment for 6 months first, or are contracts acceptable? What I'm trying to do is work here for long enough first to be able to buy a place before my wife and children join me. Thank you. Basically, with that size deposit - i really wouldnt think you would have too much trouble. We have helped many who have not even arrived in Australia yet with finance to buy based on their new Australian employment contract. |
Re: Australian mortgage
Originally Posted by Bermudashorts
(Post 11034202)
Nobody gets tax benefits for having a mortgage on their own property. :confused:
and live with their parents:ohmy: |
All times are GMT. The time now is 4:08 pm. |
Powered by vBulletin: ©2000 - 2024, Jelsoft Enterprises Ltd.
Copyright © 2024 MH Sub I, LLC dba Internet Brands. All rights reserved. Use of this site indicates your consent to the Terms of Use.