All Topics / Finance / Different Property and Mortgage Holder?

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  • Profile photo of investhutinvesthut
    Member
    @investhut
    Join Date: 2007
    Post Count: 73
    November 4, 2007 - 11:49 pm

    Hi All,

    I did purchase my First home after all the help from here.

    my parents have migrated to australia and they dont have any income. Is it possible to have them buy a first home

    property on parents name
    mortgage on my name? I dont mind if they secure the property or will need some other guarantee.

    i earn 78 k a year.
    my mortgage is 175 k, property value/bought 218 k.
    but i have put 50k in offset account in the property.

    any help and possible ideas most welcome.

    thanks,

    Ihut

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213
    November 5, 2007 - 3:02 am

    It is generally not possible to have the mortgage in a different name to the title unless between spouses or company/director etc. I did one with a loan in the son's name and property in the mum's name, but had to go to a small private lender.

    But you parents would probably qualify for a No Doc loan at 70% LVR.

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

Viewing 2 posts - 1 through 2 (of 2 total)

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