I have a question regarding the setting up of my loan. I am going through the preapproval stage of my loan and wanted to know that if my wife’s name is on the loan, but not on the title of the property, can I still claim 100% of deductions under my name only and against my income?
From a lenders point of view, it's not normally an issue having husband and wife on the app but only having one on the title.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
So then from an accounting perspective, am i still able to claim the 100% deductions against the property and my income?
Yeah – the deductions are determined by ownership. If you own 100% of the property than your entitled to 100% of the deductions.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
As Jamie said however i am assuming you are also on the loan application?
If not it will be considered a 3rd party application and not acceptable.
I will assume you understand the implications of having your wife on the loan for potential future lending.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
dont put her on the loan if you can avoid it. you are doubling the risk and hurting borrowing capacity for the future.
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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