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Australian mortgage

Australian mortgage

Old Dec 17th 2013, 11:36 pm
  #16  
 
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Default Re: Australian mortgage

Some people can salary sacrifice mortgage payments like nurses or at least they used to be unsure if you can still do that. So if the mortgage was in joint then only 50% could be sacrificed.
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Old Dec 18th 2013, 4:34 am
  #17  
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Default Re: Australian mortgage

Originally Posted by Craig Vaughan
The only advantage really if they have plans of renting the property out, or for asset protection purposes. If they are going to rent the property out in the future then having in one name can have tax advantages (but requires some crystal balling as to who will be in the higher tax bracket and also whether the property would be negative or positively geared at the time they rent it out).

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.
I think that if the property is in both names and rented out, then both can claim costs on their tax return. If only one is working and paying tax, then only that one can claim costs of renting out that property. For the one not working, then the costs of renting out the property are added to any income received, further reducing any tax benefits. I think that any tax benefits accrued while that owner is not working can later be claimed when work is resumed, for a certain time anyway. If the property is in only one name, then it is probably more sensible to have it in the name of the person most likely to be working. Personally, I think that it is fairer to have the property in both names, certainly if both persons are contributing to the costs.
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Old Dec 19th 2013, 11:49 am
  #18  
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Default Re: Australian mortgage

How long will it be for a new entrant to access mortgage?
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Old Dec 20th 2013, 10:56 am
  #19  
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Default Re: Australian mortgage

Originally Posted by Elvis71
How long will it be for a new entrant to access mortgage?
I think that would depend on how much of a deposit you have and how long you have been with your employer. Less than 20% deposit and you need mortgage insurance, and some lenders want you to be with employer for at least a year. Some lenders will do less. If you have the 20% deposit, you don't need the insurance and it may be easier. I think minimum deposit is 5%. Don't forget there are other costs involved too
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Old Dec 20th 2013, 11:16 am
  #20  
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Default Re: Australian mortgage

Originally Posted by old.sparkles
I think that would depend on how much of a deposit you have and how long you have been with your employer. Less than 20% deposit and you need mortgage insurance, and some lenders want you to be with employer for at least a year. Some lenders will do less. If you have the 20% deposit, you don't need the insurance and it may be easier. I think minimum deposit is 5%. Don't forget there are other costs involved too
Thanks old.sparkles

Last edited by Alfresco; Dec 26th 2013 at 7:21 pm. Reason: Fix quote
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