Joint Loan and Single Ownership

Viewing 4 posts - 1 through 4 (of 4 total)

raj
Participant
@aarontej1
Join Date: 2015
Post Count: 1
March 29, 2015 - 10:58 pm
Hi
Can someone assist me on the best way to structure a loan.
I am considering purchasing a investment property in my name only to receive the maximum benefits of negative gearing.
Should the loan be in just my name to keep things simple or can I take out a joint loan and still get the benefits.
I was going to use the existing investment which is in joint names (loan and ownership) as security.
Thanks
Richard Taylor
Participant
@qlds007
Join Date: 2003
Post Count: 12,024
March 30, 2015 - 4:41 pm
Raj Title ownership dictates the Tax deductibility so if the property is in your sole name then irrespective of the loan split you will be the one who gets the deductions.
Only put it in joint names if you need the serviceability now or in the future.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Jamie Moore
Participant
@jamie-m
Join Date: 2010
Post Count: 5,069
March 30, 2015 - 8:56 pm
Hi Raj
You can take out a loan under joint names with a spouse (so for instance – have you as both applicants on the loan application) but just yourself on the title of the property and therefore the person claiming 100% of the deductions. Is that what you meant?
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
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Mortgage Broker assisting clients Australia wide Email: [email protected]
Terryw
Participant
@terryw
Join Date: 2001
Post Count: 16,213
March 30, 2015 - 10:07 pm
Best to avoid a joint loan if possible, for 3 main reasons
1. Unnessarily exposes the non owner to risk
2. hurts the serviceability of the non owner, and
3. Offers no benefits at all
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
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Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au