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The bank won't add my name to the loan :(not_so_lucky [25 Posts]  Hi all Terryw [6654 Posts]  Most lenders would allow the name of a spouse to be on the loan even if they were not on title. Maybe you could try a different bank. Terryw   not_so_lucky [25 Posts] Really?! That's excellent :) Qlds007 [4379 Posts]  I am with Terry Not so lucky. It is very simple if you cannot be on the loan with your current lender look at going elsewhere. Your mortgage broker should be able to handle this sort of enquiry as it happens on a regular basis. Cheers Yours in Finance Terryw [6654 Posts] Spouse includes defacto as well as married Terryw Linar [280 Posts] I don't understand what the benefit is of having your name on the mortgage without being on the title. Wouldn't that mean that you were liable for the mortgage without having any equity in the property? I can understand this from the bank's perspective (another person to chase if the title holder can't pay the mortgage), but I don't see the benefit of being on the mortgage only. Maybe one of the mortgage brokers can clarify that for me. If you want to be registered on the title in any capacity, whether it is 1% tenants in common or 50% joint tenants, there will need to be a transfer out of your partner's name and into both your names. That will incur stamp duty fees. It will not be any cheqper if you only have 1% of the title. You will still pay stamp duty on the full amount of the property. There is no way around this. To my mind, having your name on the mortgage only without also being on the title will not change your situation. You will still not have any assets but will have substantially more liabilities in the form of the mortgage. I think the bank is talking bollocks when they claim they are just trying to protect you. They are just trying to protect themselves. The bank doesn't care about your relationship with your partner (and why should they?) There must be another reason they don't want to put your name on the mortgage. Speak to one of the brokers who replied to you. They all know what they are doing. They might have a way around your dilemma. But, to my mind, I don't see that having your name on the mortgage without also being on the title will make the bank any more likely to lend to you. Cheers K Linar [280 Posts] And something I forgot to put in my above post. Double check your information about the title being transferred into your name as well without paying any stamp duty once you have been together for three years. It may be a recent change to the legislation but I haven't heard of it before. The only ways I have ever heard of property being transferred into another person's name without having to pay stamp duty are in family law property settlements and when property is left in a will. But if I am wrong on that I am happy for someone to correct me. Cheers K Yossarian [86 Posts]  Linar wrote:
I don't understand what the benefit is of having your name on the mortgage without being on the title. Wouldn't that mean that you were liable for the mortgage without having any equity in the property? Which is why a prudent bank that didn't want to get in to bunfight with a regulator if things go pearshaped wouldn't want you on the loan. not_so_lucky [25 Posts] Thank you all for the replies. Qlds007 [4379 Posts] Not so lucky That says a lot if it is CBA. They are never the easiest to deal with in situations like that. Cheers Yours in Finance Hybrid2007 [48 Posts]  Hi not so lucky, I assumed most banks would allow this, after all there are a lot of investors who put titles in the name of for eg. the lower income earner or the higher one for negative gearing benefits or +ve cashflow tax reduduction. I have done this before (2 names on loan, 1 on title) and the only thing they asked (ING) is that we have signed declarations from an accountant and lawyer to say they explained the pros and cons to us. Maybe cba will consider this too? Qlds007 [4379 Posts] Hate to say Hybrid very unlikely CBA will accept that as they just dont like 3rd part y loans Cheers Yours in Finance Hybrid2007 [48 Posts] Hi Richard, are most of the banks like cba on this and have i been just lucky with ING? Qlds007 [4379 Posts] Yes a lot of them especially now just understand. It is easier to say NO than listen. Cheers Yours in Finance v8ghia [591 Posts]  If you are married or in a so called defacto relationship, if you want to use both incomes (for servicing / higher borrowing amount purposes) this is pretty standard stuff. Most lenders will encourage it. Maybe something has got 'lost in translation' somewhere along the line, as in a relationship technicly asset are joint anyway. If you cant get any sense out of a simple request like this to your lender, go somewhere else. (or see if there is someone more experienced with that lender to talk too instead) All the best. |
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