Can you put both names on contract but one name loan app?

Gday people.

We want to put the loan for a new purchase through in my wifes name only . Just using her work , savings and what have you only, but both names on the ownership .

So would her loan app be ok based soly on her info alone even though I'd be part owner too or will lenders then want all of my financial details and earnigns on app too .
She has plenty to cover it alone so that side of things wouldn't be an issue.

Cheers
 
Why do you want your name on title?
The short answer is no, most lenders will only want the same people on the loan as the title. They are worried if you decide you want to sell, what happens to their mortgage? Some might let you be guarantor for your wifes loan, and therefore have both names on title, but that would most likely defeat your purpose of leaving your name off the loan, as it is treated as a liability for any future borrowings.
 
Thanks Tobe.

The reason is both the others are in my name, but this one will be better as equity because it's in a much better area than the other two.
And , we expect to be buying another place next yr and that finance will be in my name. So the equity in this new one now will be simpler to use against my next loan, if this property is also in part my name .

At least that's my thinking . Otherwise we would actually rather just have this new one now , in her name alone for various reasons to be honest.

Cheers
 
so you want to pull the equity out of this one dwon the track and use it for another? You dont have to have your name on the title to do that, just get your other half to pull it out and give/lend it to you. If your on title, your on the loan. If your on the loan, your borrowing capacity is reduced. If one will do to purchase this one, then leave it at one, and keep your powder dry for the next one.
 
so you want to pull the equity out of this one dwon the track and use it for another? You dont have to have your name on the title to do that, just get your other half to pull it out and give/lend it to you. If your on title, your on the loan. If your on the loan, your borrowing capacity is reduced. If one will do to purchase this one, then leave it at one, and keep your powder dry for the next one.


Thanks tobe , you nailed it . This was all exactly my thinking so we've tried to mix it up & separate things a bit a long the way. I've thought it might leave a few more doors open individually
I don't really want to go on this title anyway, I was just worried about complicating it's equity use later but that sounds great so will leave separate .

Cheers
 
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