All Topics / Finance / Buying primary residence

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  • Profile photo of barkwoolbarkwool
    Join Date: 2012
    Post Count: 2

    Hello looking for a brains trust here.

    I’m 58 years old, recently separated. I received a small amount in financial settlement (via Courts) $125,000. I have only $145,000 in Super. I don’t need any feedback on the injustice of this, it is what it is and is out of my control.

    A friend and I would like to jointly buy a house that we would turn into a dual occupancy and then subdivide (I’ve checked with local Council looks like it ticks all the boxes). It is in a sought after area in Adelaide and the property will likely sell for around $950K. I need to be in this area to remain near my child who is in a very tricky situation living with his father.

    Can anyone think how I might qualify to get funding for my share of the house, given my age. My credit rating is clean. I’ve just started a new full-time job on 74K pa after having been a homemaker for many years. I don’t mind having a mortgage for the rest of my years as I figure the alternative is to rent and pay a lot and have no home security.

    Thanks for any help offered.


    • This topic was modified 3 months, 2 weeks ago by Profile photo of barkwool barkwool.
    Profile photo of JasonJason
    Join Date: 2018
    Post Count: 1

    I am not a mortgage broker, but Chris Berry is and he might be in a better position to help you understand what is, and what is not possible with loans.
    I would suggest for your consideration a few items to review:

    • undertake due diligence about the purchase and subdivision before proceeding incase you are not able to do what you think can be done. A pre-application meeting with council on the subdivision aspect and confirmation in writing from the council would be a must for me.
    • Legal advise on the purchase with another person to ensure any issues, or if something was to happen to either parties involved in the purchase and what is the best entity to purchase in to avoid double up costs.


    Profile photo of TerrywTerryw
    Join Date: 2001
    Post Count: 16,213

    If the house is being used as security it would require a joint loan with both of you as borrowers, or 2 loans with each guaranteeing the other’s loan. Your income isn’t mentioned, but together you might be able to qualify.

    Best to seek legal advice before purchase and consider entering into a deed of partition so the titles can be transferred without triggering CGT or stamp duty once subdivision happens, but at that point you would need to qualify for the loan on your own.

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide)

Viewing 3 posts - 1 through 3 (of 3 total)

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