Property purchase with brother - different ownership %

hello, my brother and I wish to purchase a property together. He would own 60%, I would own 40%.
How do you get this to happen? On the contract of sale do I write 40% next to my name and 60% next to his. Is there anything else like do you need some document from a lawyer saying this is the ownership share when it was purchased?

Also are the banks okay with doing this type of thing? Any problems that anyone can forsee from a bank perspective?

Thankyou
Ben
 
Tennants in Common with unequal shares box then 60/100 and 40/100


2 things,and Imsure TerryW will add a few more sensible ones


1. Joint and Several Liability. Except for a couple of lenders, you willboth be assessed as having the full loan and only your portion of the rent if you apply for more finance separately.

2. Invariably such arrangements need to be re-arranged in the middle to long term for various reasons related to life changes

ta

rolf
 
Yes you need to onsider whether this is a good idea or not And what alternative there are. Read my newsletters for some discussion.

It would bespecified o the transfer and front page of the contract in nsw
 
I did this for my first property (60% mine 40% my wife). It is executed on the contract as Rolf said, however I personally wouldn't do it again.

When that property became an IP the LOC used for capitalisation was also logically split 60/40 for deductability which causes a mess for any investments not in the same ratio - as a result I have one LOC that can be used only for that property and no other investments.
 
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