My brother and I both earn over $100K in salary annually. He is in Melbourne and about to move into an apartment his girlfriend recently bought on her own and is currently renovating. He is not in the market but wants to get in. He has a $100K deposit ready in the bank and only a $10K HECS debt.
I live in Brisbane and have recently transferred two properties into my name after divorcing from my wife. The money I paid out to her pretty much means I am back to square one with my property equity. I have about $15K in the bank and no debts other than the mortgages. The rent I can get from both properties falls short of my mortgage repayments by about $1200 a month (in total).
I was looking at renting an apartment in New Farm (inner city) but with rent so dear, I thought it would be wiser to buy, and am thinking of using my brother's deposit as a sure way to purchase without paying LMI. We are looking at about the $500K mark.
He is keen on the idea of buying in that area with a view of me living in it but is naturally concerned about the huge difference in our available cash and what will be fair to him. I want the deal to be 100% fair to both of us. He likes the idea of sharing a mortgage and not taking on a whole one on his own.
With me buying a second property in QLD, do I/we avoid paying so much in stamp duty fees?
Any advice on how we can make this happen would be greatly appreciated.
I live in Brisbane and have recently transferred two properties into my name after divorcing from my wife. The money I paid out to her pretty much means I am back to square one with my property equity. I have about $15K in the bank and no debts other than the mortgages. The rent I can get from both properties falls short of my mortgage repayments by about $1200 a month (in total).
I was looking at renting an apartment in New Farm (inner city) but with rent so dear, I thought it would be wiser to buy, and am thinking of using my brother's deposit as a sure way to purchase without paying LMI. We are looking at about the $500K mark.
He is keen on the idea of buying in that area with a view of me living in it but is naturally concerned about the huge difference in our available cash and what will be fair to him. I want the deal to be 100% fair to both of us. He likes the idea of sharing a mortgage and not taking on a whole one on his own.
With me buying a second property in QLD, do I/we avoid paying so much in stamp duty fees?
Any advice on how we can make this happen would be greatly appreciated.