Hello Everybody My partner and I are wanting to purchase a property and want to apply for a loan. I am a Australian citizen and my partner is from overseas singapore, I was wondering even if she is not a citizen in Australia can she still apply with mortgage with me?? Will she be charged a higher interest or anything because she is overseas?? Can anyone tell me advantages and disadvantages of both applying for the loan, I know for one it is going increase our chances of LVR and borrowing more because we are both full time working but is there anything else I need to know which may put it in a bad position??? I am just curious as I always hear of couples saying " oh yea the loan is under my husbands name" …. etc
Thank You so Much
Yes it is fine to do so. She may require permission from FIRB (foreign investments review tribunal).
Interest rate will be the same.
Advice from a tax accountant & property lawyer would best be sought in regads to ownership and your future investment plans would need to be considered as well as incomes and whether the property is a PPOR or IP?
I would also recommend talking to a knowledgeable broker to run some numbers on serviceability.
Colin Rice | CDR Finance
http://cdrfinance.com.au/
Email Me | Phone MePerth Based Mortgage Broker - Investment Property Finance Specialist | E: [email protected]
Yes but depends on the lender. I would consider a CBA rather than a St George in this scenario.
You can go up to 95% LVR.
Consider Land Tax thresholds and genative gearing when deciding the name to have on the titles. I would personally prefer single names on the title but both on the loan in order to increase servicing.
TheFinanceShop | Elite Property Finance
http://www.elitepropertyfinance.com
Email Me | Phone MeResidential and Commercial Brokerage
Many Thanks to all your answers.
What would be the best way to title the PPOR ?? under my name or joint partners name?? Can my partner be titled in the property even though she is a overseas resident and will there be any disadvantages due to foreign taxes … etc
Whats the best way to own our first asset ????
Title in single name and loan in joint names. What visa does your partner have? Best to speak to an accountant about tax optimisation if she is a non resident.
TheFinanceShop | Elite Property Finance
http://www.elitepropertyfinance.com
Email Me | Phone MeResidential and Commercial Brokerage
FIRB. See the Foreigin incursions and takeovers Act for foreign purchasers. Or ring the FIRB.
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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