I am a mother of 2 young boys and working at home earning only $23,000 per annum before tax.
But since I am self-employed, it shows only $17,000 p.a. on papers.
I recently bought an IP in QLD with my own name.
I have another investment property which I own 1% and my husband own 99%. He’s paying the repayments. ( We don’t work together on IP.
Mainly because I’m good at saving and he is good at spending, so I get annoyed. )
Since my name is on the loan, I could not get any pre-approval to buy another IP.
My mortgage broker suggested to remove my name from the loan, but the lender refused to do it because my name is still on the title.
Now I’m considertig if I should remove my name from the title or go for Low-Doc loan.
Is there anythingelse I can do?The 1% to 99% split between husband and wife has always had me baffled. Regardless whether you or his name is on each other’s title, you still own half or more. While your name is on title, you will be liable for the debt on the property.
To get a low doc loan, you would need to lie about how much income you earn. The only other alternative is no doc loans which require in most cases a 35% deposit or more but you do not need to lie on the application regarding your income. You do not need to state any income figure.
TMA
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First Home Buyer WebsiteRobert is right. A lodoc loan means that the the lender normally does not require full verification of your income it does not give you broker cart blanche to make up a figure.
If on paper you are showing $17,000 i presume this is becasue your net taxable income is $17,000.
A lodoc loan may not be the way to go but a NO DOC loan may well be.
Without knowing the rest of the details of the loans it is difficult to provide an accurate summary and make constructive suggestions.
Cheers Richard
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