Am purchasing an Owner Occupied house, and looking at names to put it in. My wife is German, and i have reviewed the FIRB website, and subsquently spoken to them about it, and we can have it in her name as long as she doesn't try and rent it out.
Now we are not sure what our plans are in the future, but there's a fair chance that we will move to somewhere else (possibly within Australia, possibly outside). Now the combinations of the best way to handle it depend on a large number of situations, ie: We're overseas, we're in australia, either working, both working, me contract working, employee, etc. So i guess i am looking for a flexible arrangement (aren't we all!) I am thinking Tenancy in Common with 1% me, 99% her. Can theses ratios be changed? Does it cost to change? Does the spouse transfer rules apply? (propert in Victoria)Thanks a heap.
Once you have settled on the property the ownership structure cannot be changed. I don't think you will be able to transfer it between spouses without stamp duty – think it only applies if you are adding one spouse to a property laready owned by the other spouse and only if that property is the main residence.
When did you check with the FIRB? The rules have recently changed – last month or so and are much more relaxed.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
We haven't settled yet, that comes Mid July. We are just sorting out our finance. Commbank renegged on the deal that offered our pre-approval on….
I checked with FIRB about 1 and a half months ago, so maybe it has changed a little. It doesn't really affect us at the moment, but who knows what it will be like in 5 years, and our position as well may be different.
From what i have put together, i have 2 real options (Given that with Joint Tenancy redistribution/allocation is not permissable). The 2 options being Tenancy in Common, or just outright Single Ownership (and possible Guarantor writings if the loan and house titles are held in different names)
I want to borrow some money as part of the loan package to buy shares as well, which probably complicates the matter as well. I currently have shares, and want sell them to finance the house (as it will be Owner Occ) and then look at buying into shares again to diversify, if you know what i mean.yeha, good idea about the shares. Look at using a discretionary trust to own them
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
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