First Home - Who's name?

[seano87]

Hi all,

Looking at buying a first home with my fiancé. We're currently 25, and are thinking of buying with the intention to turn it into an IP after 4 years.
Looking at 2 bedroom units, and setting up an IO loan with a 100% offset account to hold the principal and any extra cash.

What I'm unsure of is how we go about getting my name on the title. I'll be earning more than her, and she's likely to take several years off when we decide to have kids (around 30). I'd like to maximise the negative gearing for when we do start renting out this place.

Do I have to get the loan in my name? We've just gotten pre-approval from NAB homeside, but that was based on both of our incomes. If I have to get the loan in just my name in order for me to own the property, is there a way in which I could say: She owns 20%, I own 80%, and come tax time, I could claim 80% of the losses on the property.

I hope what I've said makes sense to someone

Appreciate any help.

Thanks
Sean

 

[Aaron_C]

If she ever appears on title (even 1% ownership) then she has to be a borrower. So no, if you are the only owner you can't turn around later and say you only own 80%.

 

[Shahin_Afarin]

So whats the issue with just purchasing in your name only? Does your partner want to jump onto the title as well?

 

[Rolf Latham]

If she ever appears on title (even 1% ownership) then she has to be a borrower. .

or guarantor............but who wants to go down that mess : (

ta
rolf

 

[Rolf Latham]

Hi all,

Looking at buying a first home with my fiancé. We're currently 25, and are thinking of buying with the intention to turn it into an IP after 4 years.
Looking at 2 bedroom units, and setting up an IO loan with a 100% offset account to hold the principal and any extra cash.

What I'm unsure of is how we go about getting my name on the title. I'll be earning more than her, and she's likely to take several years off when we decide to have kids (around 30). I'd like to maximise the negative gearing for when we do start renting out this place.

Do I have to get the loan in my name? We've just gotten pre-approval from NAB homeside, but that was based on both of our incomes. If I have to get the loan in just my name in order for me to own the property, is there a way in which I could say: She owns 20%, I own 80%, and come tax time, I could claim 80% of the losses on the property.

I hope what I've said makes sense to someone

Appreciate any help.

Thanks
Sean

the loan can be in both names, even where the asset is just in one.......spousal income is usually acceptable that way, and this wont affect the tax deductability.

2 things to consider which may chance some things

1. Are you planning a few IPs over your lending life ?
2. In vic, u can transfer ownership tp spouse without huge stamps( though check with your accountant /conveyancer)


ta
rolf

 

[seano87]

Thanks for the help guys, I'll be purchasing the property just under my name.

Cheers

 

[DEVIL]

Thanks for the help guys, I'll be purchasing the property just under my name.

Cheers

few of my mates bought their houses recently and I told them to buy under their name only because they are on big $$$...

when I asked them later did they do it 2 of them said NO because missus was screaming and fighting and wants to be on title ! ( didnt want to listen to reasons why she shouldn't be there for TAX reasons - their wifes are housewifes with 0 income !)

I pretty sure a lot of people did the same because they dont have confidence and trust in their relationship with their partners and think that their name on title will save their relationship/ marriage