From: Felicity W.
Hi all
Asking this question on behalf of some friends.
Basically, before they got together she bought a unit which she lives in and is paying off. Currently they are looking at buying an IP.
They want to keep the current unit in her name and live in it after they get married (will probably buy a house down the track and use this as a 2nd IP), and they want to buy the new IP in his name.
They've been told that if they hold the mortgage in joint names, her name has to be on the title of the new IP. Is this correct? I can't say I've heard this, but that doesn't mean anything!!
The suggestion has been to hold the new IP 99% in his name and 1% in hers, but how would that work? How could you prove it? Why would you do it if it's not necessary for the mortgage?
Keep smiling
Felicity
Hi all
Asking this question on behalf of some friends.
Basically, before they got together she bought a unit which she lives in and is paying off. Currently they are looking at buying an IP.
They want to keep the current unit in her name and live in it after they get married (will probably buy a house down the track and use this as a 2nd IP), and they want to buy the new IP in his name.
They've been told that if they hold the mortgage in joint names, her name has to be on the title of the new IP. Is this correct? I can't say I've heard this, but that doesn't mean anything!!
The suggestion has been to hold the new IP 99% in his name and 1% in hers, but how would that work? How could you prove it? Why would you do it if it's not necessary for the mortgage?
Keep smiling
Felicity
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