% ownership



From: Matthew Lamberth

I'm about to buy my first IP. I want to put the IP 99% in my name and 1% in my wife's name as she is working, but not paying tax ( she is working for the Air Force Resveres, so it is legal, in case anyone is wondering). My problem is we have to get the loan in both names to be able to get enough money, but where do I put in the % ownership status???? I hope I have explained my self well enough. Hope to hear from anyone who knows.
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Reply: 1
From: Debra L


When the banks draw up their loans they will put it in both names, and assume that the liability for the loan is 50/50, regardless of the actual ownership percentages that will be listed on the title, as Tenants in Common.

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Reply: 2
From: Michael Yardney

In the transfer of land, a document your solicitor prepares for you, you put whether you are tenants in common or joint tenants and in what proportions you own the property.
The banks will almost certainly want you to be jointly and severally liable for the loan. In other words if one party defaults, the other will assume full responsibility.
Michael Yardney
Metropole Properties
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Reply: 2.1
From: Paul Zagoridis

And also Matthew you should talk to your accountant about setting the investment up within a discretionary trust (aka family trust).

There are pros and cons to this. It really depends on how many properties you want to own and how long you want to hold them for.

Hmmm 1% in your wifes name when she is the low income earner? I assume it is negatively geared and you subscribe to the "never ever sell" school. What if your situation changes?

Oz Film Biz is at
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