Another question for the experts.
In about 6 months I will be buying my brother out of his share of our 50/50 PPOR.
Unless the market falls the sale price is going to be under market value. I estimate value around 520k based on comparable market sales and my purchase price is going to be 460k. Given I already own half then I will need to pay him 230k.
When all is said and done I will need to borrow a total of 400k including my current loan. Now I am aware I cannot avoid paying stamp duty but are there any other considerations I need to be aware of? How will a valuer and lender see this? Given my estimate values I will be under 80% LVR.
Or is this a fairly straightforward scenario?
In about 6 months I will be buying my brother out of his share of our 50/50 PPOR.
Unless the market falls the sale price is going to be under market value. I estimate value around 520k based on comparable market sales and my purchase price is going to be 460k. Given I already own half then I will need to pay him 230k.
When all is said and done I will need to borrow a total of 400k including my current loan. Now I am aware I cannot avoid paying stamp duty but are there any other considerations I need to be aware of? How will a valuer and lender see this? Given my estimate values I will be under 80% LVR.
Or is this a fairly straightforward scenario?