Hi Investors,
I have been reading all your advice on here the last couple of years, big fan of The Y Man! And last Monday i made the leap and bought my first property
Heres my situation...
I am 22yo and had saved up a large deposit, although because i am still studying and not working full time i have been unable to get approval for a loan. The way i have worked around this is by getting a joint loan with my Mum, but i am the only one contributing financially because i still want this to be my baby
The bank said that my mum must have minimum 20% on the title to use her income to acquire the loan. So my property will be 80 my name, 20 my mums. The arrangement i have with mum is she will not pay a cent, and has just done this so i can get in the market now. I will rent it out for a few years and when i can afford to do so, i'll move into it and get her off the loan and title.
Has anybody has a similar experience? I just want to know about the process of getting the 20% in my name down the track. I heard today that i will have to pay stamp duty on 20% of the value of the unit aswell as transfer fees
Thanks guys
I have been reading all your advice on here the last couple of years, big fan of The Y Man! And last Monday i made the leap and bought my first property
Heres my situation...
I am 22yo and had saved up a large deposit, although because i am still studying and not working full time i have been unable to get approval for a loan. The way i have worked around this is by getting a joint loan with my Mum, but i am the only one contributing financially because i still want this to be my baby
The bank said that my mum must have minimum 20% on the title to use her income to acquire the loan. So my property will be 80 my name, 20 my mums. The arrangement i have with mum is she will not pay a cent, and has just done this so i can get in the market now. I will rent it out for a few years and when i can afford to do so, i'll move into it and get her off the loan and title.
Has anybody has a similar experience? I just want to know about the process of getting the 20% in my name down the track. I heard today that i will have to pay stamp duty on 20% of the value of the unit aswell as transfer fees
Thanks guys