I am in the middle of a restructure. There are loans in single name that require mutual guarantor (i.e. I am guarantor on my wife's loan and vice versa because the 2 securities are in single name). I am wondering if there are any drawback on such setup other than needing to get solicitor and financial advisor sign-off on loan docs?
Any drawback on guarantor's loan?
- Thread starter kennyboi
- Start date
How severely does it affect serviceability?
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There's no way you can get each to service seperately? That's quite surprising if that's the case.
As a spouse you should be able to refinance with you as a supplementary applicant, not an official guarantor - less muck about.
As a spouse you should be able to refinance with you as a supplementary applicant, not an official guarantor - less muck about.
Do you mean put the new loan at Bank B on joint name? Is that ok if the current loan with Bank A is single name?
A couple building separate portfolios does not make sense from a purely serivceability perspective. There are potentially benefits in estate planning asset protection and other considerations, but a couple building a portfolio together as co borrowers can potentially borrow roughly $400k more than two individuals.
When LMI is involved, you can also restrict your ability to top up loans if you've done things as individuals.
When LMI is involved, you can also restrict your ability to top up loans if you've done things as individuals.
Generally the same as if you took the loan.
