Hi all, I've been wanting to get a property for awhile now but my income has always been an issue (about $40k/pa after taxes). My sibling, who is living in NZ and is a resident there, is thinking of giving me a helping hand.
The idea was to put the loan and property solely under her name although we would be sharing, while I lived in one room and rented out another. I'm reluctant to put my own name down as I have a FirstHome Saver account which would not mature till next financial year.
Is this a good idea?
Has anyone come across a similar scenario? It sounds like it might be fraught with complications but i can't see any other way to get ahead.
Furthermore, my sibling isn't a citizen nor resident of Australia, only I am.
I am not sure if there are any Foreign Investment Board restrictions. Please advise. Thanks.
The idea was to put the loan and property solely under her name although we would be sharing, while I lived in one room and rented out another. I'm reluctant to put my own name down as I have a FirstHome Saver account which would not mature till next financial year.
Is this a good idea?
Has anyone come across a similar scenario? It sounds like it might be fraught with complications but i can't see any other way to get ahead.
Furthermore, my sibling isn't a citizen nor resident of Australia, only I am.
I am not sure if there are any Foreign Investment Board restrictions. Please advise. Thanks.