I have recently found out about the shared ownership schemes in place in the UK and am wondering if there are similar options in Australia??
ie. that you can buy 25-75% of a property and rent the rest with a very low deposit and the oportunity to purchase more of the equity as you get more money. To be eligible you have to not be able to afford a mortgage in the area you would like to buy.
Thanks for any information!!!
Hi Jasmin, i'm setting up a business to assist people with shared ownership and we're currently looking for someone to work with. They would be able to buy a property of their choice & that they want to live in and i'll be the investor. Over time you will be able to buy more of the property until you own it 100%. Let me know if you're interested or if you have any thoughts on my idea, I'd love to hear some feedback. Thanks
Hi Chookstar81 I am very interested in the proposal you suggested and would like to learn more, please contact me!
We have offered a Shared Ownership scheme in Qld through our Company First Home Owners Group Pty Ltd 5 years before Rismark and Adelaide Bank ever introduced it.
Richard Taylor | Australia's leading private lender
Hi Loz77, tried to email you but the system wouldn't let me, feel free to drop me an email at [email protected] and we can chat if you like? I'm also organising an informal catch up maybe once a month basically to talk real estate and help us all out in regards to investing or buying our own homes. Hope to hear form you.
HI Richard, How does your shared equity scheme work?
I think what I am able to ask is a little different,
I have a purchased a house with my sister and its a 60/40 split,
we now want to sell or I buy her out but I dont want to do an injustice to myself and out lay too much in fees ie cap gains, stamp duty
should we sell or should I buy her out
please advise,My brother and i bought a property together and then seven years later i bought him out. As ai recall i did not have to pay any stamp duty etc. We got three valuations of the property and then i paid him his share. Bear in mind this was about eleven years ago so my recollection may be incorrect
I would suggest you check the stamp duty requirements in your state but if you are in WA and you buy her out you would generally have to pay stamp duty, you can apply for what is called "Nominal Stamp Duty (discounted rate)" which they will grant under some circumstances but from when i enquired it was generally applied to husbands/wives being removed from title in divorce circumstances.
I agree, three valuations as standard and then decide something fair & reasonable in between them. I think if you are wanting to keep the property, it's easier to buy her out if you go to open market you'll have to pay agents fees/settlement fees etc too. If you can keep the property i would def recommend it, long term r/e success is based on holding property for as long as you can and using it to borrow against the equity and buy more property.
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