Hi All,
I am looking at buying a place with my girlfriend, she is a first home buyer, I am not. Obviously if we buy together (both on the title deed) then she loses the FHOG and the stamp duty savings. Also considering house prices in WA at the moment, she would not have sufficent income to afford a $350K loan on her own.
What I am investigating doing is for both of us to take out the loan but for only her name to be on the title deed, therefore allowing her to get the FHOG and stamp duty savings.
My first question is, will banks allow this? Will they allow the security to only be in one persons name?
Secondly, on the FHOG application there is a question on how many people have "relevent interest" in the property. Looking up the definition of this term it is defined as the person who's name is on the title deed. However when I called the office of state revenue up they said that my girlfriend would not be eligable for the FHOG because if I will be on the loan and hence would have "relevent interest" in the property, even if my name is not on the title deed.
Does anyone have any expirence with this? Or comments?
Cheers
Seb
I am looking at buying a place with my girlfriend, she is a first home buyer, I am not. Obviously if we buy together (both on the title deed) then she loses the FHOG and the stamp duty savings. Also considering house prices in WA at the moment, she would not have sufficent income to afford a $350K loan on her own.
What I am investigating doing is for both of us to take out the loan but for only her name to be on the title deed, therefore allowing her to get the FHOG and stamp duty savings.
My first question is, will banks allow this? Will they allow the security to only be in one persons name?
Secondly, on the FHOG application there is a question on how many people have "relevent interest" in the property. Looking up the definition of this term it is defined as the person who's name is on the title deed. However when I called the office of state revenue up they said that my girlfriend would not be eligable for the FHOG because if I will be on the loan and hence would have "relevent interest" in the property, even if my name is not on the title deed.
Does anyone have any expirence with this? Or comments?
Cheers
Seb