Hi everyone,
Most of the previous threads on this are quite old so I thought I'd get a refresher.
Due to our employment circumstances, our bank required my wife and I to apply for a loan in both of our names. We were hoping to offset the IP expenses and losses against my salary as much as possible. In previous threads, the advice seems to be that even with both names on the loan application, the property can still be registered in one person's name, and the name on the title is all that the ATO cares about (i.e. not whose names are on the loan).
I've mentioned that to our broker, but she insists that this is not possible in our case, and the best we can do is register as tenants in common with a 99%/1% split in my favour. Does this sound correct?
On a related note, does anyone have a good recommendation for an accountant in Melbourne that specialises in investment properties? Our normal guy only does tax returns and wasn't able to help with my questions on this.
Thanks in advance!
Most of the previous threads on this are quite old so I thought I'd get a refresher.
Due to our employment circumstances, our bank required my wife and I to apply for a loan in both of our names. We were hoping to offset the IP expenses and losses against my salary as much as possible. In previous threads, the advice seems to be that even with both names on the loan application, the property can still be registered in one person's name, and the name on the title is all that the ATO cares about (i.e. not whose names are on the loan).
I've mentioned that to our broker, but she insists that this is not possible in our case, and the best we can do is register as tenants in common with a 99%/1% split in my favour. Does this sound correct?
On a related note, does anyone have a good recommendation for an accountant in Melbourne that specialises in investment properties? Our normal guy only does tax returns and wasn't able to help with my questions on this.
Thanks in advance!