- Mehmet.HasanParticipant@mehmet-hasanJoin Date: 2021Post Count: 0
First home buyer here, currently looking at purchasing a unit or house around the 300k-350k mark here in Melbourne with my partner
My partner and i are not married, never lived together and have no kids.
We currently are very close to obtaining the 20% deposit for a 400k home, but do not wish to purchase for such a price as I’m sure we would be in some discomfort of affording repayments.
Currently I am on a gross total remuneration of $ 64,605 (Full time)
Base Salary of $59,000
Super at $5,605
Fortnightly at $1797
My partner works casual and part time in Pathology & Retail and makes $2,100 per fortnight after tax
so roughly bringing in $7,700 per month
I have a 2k HECS debt & so does she, but we also have no other existing debt.
I recently got a credit report from equifax, and all my credit debts were always paid on time, never missed a payment and paid it all back
I am in the process of speaking to a broker(s) and my accountant & obtaining professional advice.
Im reading Steve’s book (From 0 to 130 properties in 3.5 years) and i’ve currently finished chapter 9 (The truth about structuring)
My question is, is it even possible to put our home under my partners name in this day and age, considering she is not full time if i do guarantee the loan?
Would myself making $64,605 be likely to get another loan ? (following the family trust structure) for our investment properties?
If it is possible, would the likelihood of repayments & interest rates be higher. As well as offering more collateral?
I am not scared to make repayments, as my position is very strong. Its my partner in the back of my mind being knocked back by every lender.
Thank you all,
MehmetTerrywParticipant@terrywJoin Date: 2001Post Count: 16,213
Yes it is possible for both spouses to be on the loan but one on title. It is not easy these days because of a change in the Code of Banking practice 2 years ago, but it is still possible. Easier for investment properties though.Mehmet.HasanParticipant@mehmet-hasanJoin Date: 2021Post Count: 0
Gday Terry, great to hear that it is possible. any further recommendations from yourself as me and my partner begin to venture out?
Having the house under her name (taking in the considerations above including myself) , just as Steve mentions has stuck with me.TerrywParticipant@terrywJoin Date: 2001Post Count: 16,213
I would suggest legal advice as well, especially if you won’t be an owner as lots of issues to consider, especially around estate planning.Clark Finance GroupParticipant@vaughanclarkJoin Date: 2021Post Count: 0
If you are lived in Victoria then I would suggest you go for Clark Finance Group. you can also call 1300 366 670 on this number or email at [email protected] to get assistance regarding your issue. and I assure you that you will definitely get the best solution. Thank you