Hi all,
My existing IP that has the title in my name only but is funded with a 80% LVR loan that is in joint names (my name and my partners name) as this is the structure that was recommended to me by my broker who also is my tax accountant and pseudo financial planner.
I have just found out the same broker who has now arranged my new 80% LVR loan for my new IP (which maybe a PPOR at some stage) and will also have the title in my name only has had the loan structured differently being that the new loan is created in my name only with my partner as a guarantor only and not listed on the loan offer.
I am no expert in these matters so when I made the application for the new loan with the broker I requested it be the same as the existing loan as nothing has changed for me but for some reason that is not what I have ended up with and now settlement is fast approaching. I only worked it out when lodging the final paperwork at the branch today and as my partner had to sign heaps of paperwork too I assumed it was all good and didn't get the old loan docs out to do a comparison (lesson learnt).
Can someone who is more knowledgeable in this area please indicate what may be any of the long or short term impacts, if any, of this difference for me?
I have already found that it makes future account and loan management difficult for my partner to do plus a few other account issues.
Tried to call the broker this afternoon but was too late so just trying to get some early information before I speak to him on Monday.
Cheers.
David
My existing IP that has the title in my name only but is funded with a 80% LVR loan that is in joint names (my name and my partners name) as this is the structure that was recommended to me by my broker who also is my tax accountant and pseudo financial planner.
I have just found out the same broker who has now arranged my new 80% LVR loan for my new IP (which maybe a PPOR at some stage) and will also have the title in my name only has had the loan structured differently being that the new loan is created in my name only with my partner as a guarantor only and not listed on the loan offer.
I am no expert in these matters so when I made the application for the new loan with the broker I requested it be the same as the existing loan as nothing has changed for me but for some reason that is not what I have ended up with and now settlement is fast approaching. I only worked it out when lodging the final paperwork at the branch today and as my partner had to sign heaps of paperwork too I assumed it was all good and didn't get the old loan docs out to do a comparison (lesson learnt).
Can someone who is more knowledgeable in this area please indicate what may be any of the long or short term impacts, if any, of this difference for me?
I have already found that it makes future account and loan management difficult for my partner to do plus a few other account issues.
Tried to call the broker this afternoon but was too late so just trying to get some early information before I speak to him on Monday.
Cheers.
David