Is it possible to get 2 person on a loan and only one name on the title? Reason im asking is because I'm looking to purchase a ppor (NSW) with a friend but my friend has already owned property previously and therefore will make me ineligble for FHOG. Does anyone know which lender will do these type of loans and if so, how will it affect my eligibility for the FHOG and stamp duty exception?
Is it possible to do this?
- Thread starter jlee_23
- Start date
I wouldn't be on a loan but not on title.
He could end up holding the baby if you sell and bolt.
Why do you need him on loan? Do you need his deposit or his wage? Or is it just that you want to invest together? There are other ways around some issues and a good broker might be able to make some suggestions.
If you bought this together and rented it then you still can get the FHOG when you do buy a home later.
Yea we are aware of the risk involved should one of us do a runner but we will be organising with our solicitor to draw up a caveat beforehand.
So is it possible to get both names on the loan but only one of the name on the title? we will be looking to add the other name on the title in about a year time when we use it for investment purposes but for now we only want it as a ppor.
So is it possible to get both names on the loan but only one of the name on the title? we will be looking to add the other name on the title in about a year time when we use it for investment purposes but for now we only want it as a ppor.
Bet you are a couple right?
I am not overly experienced with this but see to recall that none of my conventional type of lenders would touch this outside of a family situation when I looked into it a year or so ago for a client.
I think the answer is no but you should do your research.
It sounds messy.
One way (from my non legal non advisory background) may be to get that other person as a guarantor to your loan. But that exposes that person to a lot of risk.
Another way may be to enter into a joint venture agreement.
I'm not sure about caveats. I've dealt with them as a buyer (and as a seller). They can be a good tool. They may not have the strength you need. They will only help to stop one selling if the other does not. They may not help, if , for instance, two people want to keep but with different conditions.
Get GOOD legal advice. With a property savvy lawyer. If you're asking us these questions, there is a possibility that your legal advice is not good.
One way (from my non legal non advisory background) may be to get that other person as a guarantor to your loan. But that exposes that person to a lot of risk.
Another way may be to enter into a joint venture agreement.
I'm not sure about caveats. I've dealt with them as a buyer (and as a seller). They can be a good tool. They may not have the strength you need. They will only help to stop one selling if the other does not. They may not help, if , for instance, two people want to keep but with different conditions.
Get GOOD legal advice. With a property savvy lawyer. If you're asking us these questions, there is a possibility that your legal advice is not good.
jlee_23 its my understanding that when you put your friend on the title anyway in a years time you will end up with a stamp duty bill again. So if you want him off the title now just to ensure you get the FHOG then there's no real point because you'll end up gaining nothing.
There is a website and you could run it past FHOG.
http://www.firsthome.gov.au/
There is a website and you could run it past FHOG.
http://www.firsthome.gov.au/
