We have recently purchased a property and initially signed the contract in both names.....
My wife works limited hours and I am the primary income earner so for this reason I thought maybe to put in my name as it is negative gearing and I will get all the decuctions. Obviously I will have to pay all the CG if we sell - however unlikely we will. I also thought about trusts but not worth it yet as it is not generating returns being in inner west, it is the growth mainly that will hopefully see this investment through.
Are there any problems putting it in just one name if we would like to gain a loan? I am now thinking it may be better to put in my name as long as we can get funds.
In addition, if we purchase say as tenants in common it is my understanding we will both be up for 100% of the value of the land according to the OSR, is this correct? ie say if my wife has other property in her name this will add onto the value and therefore may be a better idea to put in my name?
Any feedback would be much appreciated.
Thanks
My wife works limited hours and I am the primary income earner so for this reason I thought maybe to put in my name as it is negative gearing and I will get all the decuctions. Obviously I will have to pay all the CG if we sell - however unlikely we will. I also thought about trusts but not worth it yet as it is not generating returns being in inner west, it is the growth mainly that will hopefully see this investment through.
Are there any problems putting it in just one name if we would like to gain a loan? I am now thinking it may be better to put in my name as long as we can get funds.
In addition, if we purchase say as tenants in common it is my understanding we will both be up for 100% of the value of the land according to the OSR, is this correct? ie say if my wife has other property in her name this will add onto the value and therefore may be a better idea to put in my name?
Any feedback would be much appreciated.
Thanks