All Topics / Legal & Accounting / 1 name on the title, 2 names on the loan?

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  • Profile photo of andrewj33andrewj33
    Participant
    @andrewj33
    Join Date: 2009
    Post Count: 1
    January 13, 2009 - 12:58 am

    Hi,

    My brother and I are looking at purchasing an existing property in Victoria. I'm still eligible for the FHOG but he already owns a property. Is it possible for us to put the loan for the property in both names, but the property solely in my name in order to gain the FHOG? The plan was to make this my PPOR for the first 6 months and then rent it out as an investment property for both of us after that. If his name is not on the title is he still eligible to claim deductions from the property?

    Cheers,
    Andrew

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213
    January 13, 2009 - 1:23 am

    Banks generally only do this for spouses – married or defacto. They will ask what benefit does your brother obtain from going on the loan with you.

    However, some banks may consider this under family assistance type loans – though this is usually parents.

    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

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