Tricky question

[Erin Woods]

I own an investment property near Byron Bay NSW with my mother (as joint tenants) valued at $1m.

I took out a loan of $500k in my name only to fund my purchase off her last year. The property was uncumbered prior to that.

Is it possible for me to access the equity remaining in the property- borrowing in my name only? Mum is happy to sign off on any loan I take out - but I want the loan in my name only.

Plan is to use the funds to purchase another investment property.

 

[Rolf Latham]

I own an investment property near Byron Bay NSW with my mother (as joint tenants) valued at $1m.

I took out a loan of $500k in my name only to fund my purchase off her last year. The property was uncumbered prior to that.

Is it possible for me to access the equity remaining in the property- borrowing in my name only? Mum is happy to sign off on any loan I take out - but I want the loan in my name only.

Plan is to use the funds to purchase another investment property.

yes.

but

Mum would need to be guarantor, so that she provides permission for your loan

ta

rolf