Hi all,
I am planning to help my brother-in-law in order to get a house. He has the deposit, but he doesn’t have a group certificate/tax documents, to show that he has income.
I have my house and willing to offer him a help, but the property has to be put on my name, to get the loan from the bank.
My question is, if we bought the house (for him)under my name, is it possible to change to his name in the future without incurring any cost such as stamp duty ??
Is there any other ideas so I can help him to get his first house ?
Thank’s..
Short answer is no. Any changes with the title will incur stamp duty. Best to consult with your solicitor/conveyancer now to discuss this as they may be able to structure it in such a way to include your brother on the title.
can you use the “and/or nominee” on the contract to get it into his name?
You need one of the mortgage brokers qld007, aperry etc to have a crack at this one I reckon.
More stuff on the voigtstr at http://users.bigpond.net.au/voigtstr
What price is the house and what is the deposit size.
Does he have income?
There may be some ideas I can suggest.
Cheers,
Simon Macks
Residential and Commercial Finance Broker[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
We haven’t search the property, because I just wanna get a picture whether or not it is possible for me to help him. I am pretty sure he can put 20% deposit.
He has income (guaranteed). Is that possible to have both name (me&him) (or maybe a trust) on the title and use a Low-Doc Loan, and use my PPOR as security, so we don’t need paperwork ?? Any other idea ?
hi cutegirl
For serviceability if you can drop the first 6 months on repayments in a bank account with the lender that you are taking the loan out with this usually answers any serviceability issues.
The better way is to pull the equity in the form of cash from your house get him to put his deposit down and you sink your money in a fixed term (12 months) with the lender to secure the loan the interest rates will be similar.
The lend will be in his name and the bank will have more then enough security.
and tell him he owes you a cup of coffee for helping him out.
A broker here or your state will be able to organise.
The above is not nor is it to be seen as financial advice.here to help
Hi Cutegirl,
my take on it is that you would be best off encouraging the brother in law to contact one of the mortgage brokers here, eg [email protected] and he could apply for a no-doc/low-doc loan on his own merits.On a similar theme, my partner and I will also be in a similar position regarding changing title as we will initially be buying in my name only and then changing the title to both names after 12 months.. Or is it enough to perhaps just have a binding legal agreement in place that says she has a half interest in the property without worrying about changing titles?
More stuff on the voigtstr at http://users.bigpond.net.au/voigtstr
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