Hi everyone,
Just after some general property/home loan advice.
I want to start buying property again after being out of the market for the past 3 years. But the way my loans and property are structured make it difficult.
I have 3 properties in Sydney. All 3 properties are owned jointly with my parents which made sense at the time (because I had limited cash) but doesn't allow me to move forward because my parents are now retired and happy with what they have. Whereas I want to keep investing. 1 property has a good amount of equity while the other 2 are development properties and are expensive to hold.
As far as I know, the only way forward would be to either sell the properties, sell my half to my parents or buy my parents half. All of which will incur CGT, stamp duty etc. This may be unavoidable.
Also, once I clean up my structures, how best to move forward with a correct structure that will allow me to finance multiple properties over many years?
If anyone has any advice that would be much appreciated.
Marsmac
Hi Marsmac
Firstly welcome to the forum and I hope you enjoy your time with us here.
Yes what was obviously a good idea initially sounds like a real mess now given the changing circumstances of the parties involved.
Tell me where your parents actually on Title or did they merely provide their security as Guarantee.
If they are on Title and you wish to move forward then YES you will need to transfer the Title into your name.Remember any income they receive may effect their Pension entitlement anyway so might be an idea to do so.
Other issue you may have is that lenders generally are tightening up across the board so refinance the deals maybe harder than initially thought especially the development deals.
Easiest thing is to get your mortgage broker to have a general look and see what he suggests.
Once you have cleaned up the deals then moving forward should cause you less issues in the future.
Still a couple of lending options left for clients wanting cash out when they refinance.
Richard Taylor | Australia's leading private lender
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