Hi guys
I just purchased my first IP and am using our PPoR as security.
Our PPoR is in my wife maiden name, hence the bank has to change the title to have her new name on it.
My MB put it to me that at the same time we might want to add my name to the title.
I am the $ maker, wife is a stay at home mum.
I'm also a director of a pty ltd company.
Should we add my name to the title? What implications might there be in terms of liability, tax, cgt etc. etc.
My initial thought was no.
Why did your MB recommend that.
My house is in my wifes name and would never put it in my name for 101 reasons.
Unless you intend to rent the property out i cant see why you would need to.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
He didn't recommend it, he was giving me the option.
No we do not intend on renting the property, we don't intend on moving.
So I'm guessing that's a no
.Well if you are a Director of your own Company i cant see why you would expose yourself to further liability.
Some recommendations make me scratch my head……
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Thats exactly what I said.
Seems like common sense to limit liability wherever possible.
I wouldn't do it, there is no point just added risk. I would also try to avoid paying the loan on that property too – which might be a bit hard if your wife isn't working.
Otherwise if you pay the loan then it could be argued that the wife is trustee for you or at least half of it.
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
No, I didn't have my name added to the title.
Our PPoR was already paid off anyway…
.
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