If two people own a property together, each person owns say 50% each, then one of them wants to use the equity of the existing property to purchase another property, can that person get another loan to access their 50% of the available equity. Or do both of them need to buy the next property together. Thanks.
Hi there
They would both have to sign off on the loan docs for the equity release (so are jointly responsible) but don't have to purchase the next property together.
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]
The lender may also require that both joint owners go to a solicitor to have the legal responsibility of this setup to be fully explained to you both. And to stamp your equity release paperwork with a solicitors stamp.
Both will have to sign off on the docs but as mentioned the use of funds after that point is up to you.
Is this a spousal arrangement, or two separate individuals?
Corey Batt | Precision Funding
http://www.precisionfunding.com.au
Email Me | Phone MeInvestment Focused Finance Strategist - servicing Australia-wide
You must be logged in to reply to this topic. If you don't have an account, you can register here.
