I'd like to seek some help please.
I am buying a property (owner occupied) that will be under my and my partner's names. She has no income and no assets at the moment.
I need to get a loan for about 20% of the purchase price (I got the rest in cash). I intend to apply for the loan under my own name
I had conflicting information regarding the loan application. I was first told that I can not apply the loan myself as the property will be in both our names. Then I was told it’s ok, as long as she can be a guarantor of some sort – but I was like: if she has no income and no assets, how can she be a guarantor? Why has she need to be in the loan application anyway?
Anyone can shed some lights?
Also, this may sound ridiculous, but IF I get this house at the upcoming auction, both my partner and I will be in overseas at the settlement date!!(planned already), I am abit unsure how can I actually settle it if I am not pyscially here to sign the dotted line. Someone suggested an attorney—i.e. your lawyer, good idea, no?
Thanks very much in advance!
I am buying a property (owner occupied) that will be under my and my partner's names. She has no income and no assets at the moment.
I need to get a loan for about 20% of the purchase price (I got the rest in cash). I intend to apply for the loan under my own name
I had conflicting information regarding the loan application. I was first told that I can not apply the loan myself as the property will be in both our names. Then I was told it’s ok, as long as she can be a guarantor of some sort – but I was like: if she has no income and no assets, how can she be a guarantor? Why has she need to be in the loan application anyway?
Anyone can shed some lights?
Also, this may sound ridiculous, but IF I get this house at the upcoming auction, both my partner and I will be in overseas at the settlement date!!(planned already), I am abit unsure how can I actually settle it if I am not pyscially here to sign the dotted line. Someone suggested an attorney—i.e. your lawyer, good idea, no?
Thanks very much in advance!