Loan under two names title holder one take 2

[Chromium]

Folks,
I have asked this before...and I thought I had all the answers...
once again seeking answers from beloved SS community..

Background.....

1. We have found an IP and we have applied for loan under two names to get max possible loan...(serviceability criteria...)
IP purchase...however...will be under Hubby's name since he is a higher tax payer......but now the bank is getting jittery since they perceive this as me (wife) having no beneficial interest in the property...now how do we tackle this..??

2. I have told the bank that this will be 90 % under hubby and 10 % under wife name...is that enough to convince the bank..??

3. Our accountant tells us to keep this 90/10 (instead of 99/1 as some here suggest..)...does anyone know why so...??

4. He also mentioned about having two names on title..thereby we may be crossing over land tax threshold in one go...rather than separately for each subsequent property....is there such a land tax threshold for each IP investor...regardless of number of actual owners..??

5. I am in this game for long term...so will buy another IP in the near future too (once I go back to work)..... would it be feasible to set up a trust at start..?? Or can it be re-jigged later..??

 

[Raddles]

HI there
http://www.somersoft.com/forums/showpost.php?p=356454&postcount=32
is a link where the land tax implications are discussed - is the property in NSW?

to keep the bank happy you can have the tenants in common split either 99/1 or 90/10 - maybe your accountant has a better idea of your income situation
the other option is to still have the property in your husband's name but then have a guarantee from you
if you are thinking of having this property for the long term - you may also want to consider having it jointly held - as your respective financial position may change in the future - and you may be able to take advantage of the otherwise deductible rule and salary sacrifice arrangements to allow your husband to have a greater claim at this stage.
If you are buying in NSW - consider the recent threads on trusts and land tax and the implications - it may even be better off starting off in individual names and transferring later to a trust when the property has positive cashflow.
thanks