My sister/family is considering buying an inner-city Sydney apartment, this would be her first home.
Her income is relatively low and on servicability alone would cover only around half the value of the apartment. She has over 5% of genuine savings already.
Me and my parents have around 60% of the value of the property in spare cash that we are planning to tip-in.
My preferred plan is to take out an 80% LVR loan (20% up front, no LMI) and tip in another 40% or so into an offset account attached to the loan. The main idea is to lower non-tax deductible interest to as low as possible and also retain flexibility in the future with an offset.
I'm prepared to add my own high income to the loan as a guarantor if necessary.
The trick is that I'd prefer that the title of the property stays completely in my sisters name. So it doesn't affect FHOG and simplifies things in the future.
Does this sound feasible at all ?
On another note, is the Westpac 85% no LMI deal still available ?
Thanks,
Thrawn
Her income is relatively low and on servicability alone would cover only around half the value of the apartment. She has over 5% of genuine savings already.
Me and my parents have around 60% of the value of the property in spare cash that we are planning to tip-in.
My preferred plan is to take out an 80% LVR loan (20% up front, no LMI) and tip in another 40% or so into an offset account attached to the loan. The main idea is to lower non-tax deductible interest to as low as possible and also retain flexibility in the future with an offset.
I'm prepared to add my own high income to the loan as a guarantor if necessary.
The trick is that I'd prefer that the title of the property stays completely in my sisters name. So it doesn't affect FHOG and simplifies things in the future.
Does this sound feasible at all ?
On another note, is the Westpac 85% no LMI deal still available ?
Thanks,
Thrawn