Help needed on this please!
Can I have my name only in the title and the loan is in both myself and my wife’s name. (for the loan serviceability requirements). I am a New Zealand citizen and my wife is in a temporary 461 visa. This is our first home and I am eligible for the FHBG and the stamp duty reduction, but my wife isn’t.( we live in Victoria). Can we do this legally?
Thanks in advance..
Hi Kate, Thanks for the advice..Richard TaylorParticipant@qlds007Join Date: 2003Post Count: 12,024
Sorry I am not as bullish as Kate appears to be.
Depending on the loan to valuation ratio this may or may not be acceptable to a mortgage insurer.
As far as the FHOG the OSR site states:
Checking your eligibility is your first step in the FHOG application process.
Your answers to seven checklist questions on the Application for First Home Owner Grant (FHOG-Form-02) will determine your eligibility to receive the $10,000.
You are NOT entitled to the FHOG if you (or your spouse/partner) have previously:
Received a first-home owner grant in Australia,
Owned a home in Australia, either jointly or separately, prior to 1 July 2000,
Occupied, for a continuous period of at least six months, a home in which either of you acquired a relevant interest on or after 1 July 2000 in Australia
Additionally, to receive the FHOG at least one applicant must:
Intend to live in the home as their principal place of residence (PPR) for at least 12 continuous months, commencing within 12 months of settlement or completion of construction,
Be aged 18 or over (discretionary),
Be an Australian citizen or permanent resident
New Zealanders holding a special category visa under s32 of the Migration Act 1958 and anyone holding a permanent visa under s30(1) are considered to be a permanent resident for these purposes.
Yours in Finance
0-40 Properties in a decade. Ask me how.