Hi there,
I'm just waiting for my broker to come back to me about the possibility of doing this but wanted to post it up here for discussion and see if anyone else has expirence in this... wondering if the following scenario is possible:
Have an existing property that was purchased together with a partner 5 years ago or so. The property is in our own names (i.e. not in a trust) Now because we have a single loan against the property in both our names, each of us is liable for the entire loan, therefore limiting our individual servicability for future loans.
Now question is, can we restructure this so that we effectively get one loan each for 50% of the property, therefore each partner only being liable for their own loan. I know this is possible in a trust structure situation where you have a trust each, and each takes out a loan for 50% of the property value and buys units in a "mother" trust, which in turn buys the property.
So would love to hear from anyone who has expirence with a similar situation or brokers out there that have done this before for clients.
Cheers
Seb.
I'm just waiting for my broker to come back to me about the possibility of doing this but wanted to post it up here for discussion and see if anyone else has expirence in this... wondering if the following scenario is possible:
Have an existing property that was purchased together with a partner 5 years ago or so. The property is in our own names (i.e. not in a trust) Now because we have a single loan against the property in both our names, each of us is liable for the entire loan, therefore limiting our individual servicability for future loans.
Now question is, can we restructure this so that we effectively get one loan each for 50% of the property, therefore each partner only being liable for their own loan. I know this is possible in a trust structure situation where you have a trust each, and each takes out a loan for 50% of the property value and buys units in a "mother" trust, which in turn buys the property.
So would love to hear from anyone who has expirence with a similar situation or brokers out there that have done this before for clients.
Cheers
Seb.