2 Borrowers 1 on Title

Discussion in 'Loans & Mortgage Brokers' started by Sheep112, 5th May, 2019.

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  1. Sheep112

    Sheep112 Well-Known Member

    Joined:
    26th May, 2017
    Posts:
    58
    Location:
    Sydney
    Hello Experts

    I just need to clarify some things.
    If I recently exchanged on a contract, and only my name is on the sales contract. Can myself and the wife apply for a loan as a joint loan? Or does she need to be the guarantor. I don’t believe my servicibility would be enough alone. If no would a guarantor improve my servicibility? Do most of the major lender approve 2 borrowers 1 title for husband and wife?

    Second part of the questions is with regard to stamp duty. Someone was saying if 2 borrowers 1 title. The second borrower would still need to pay their share of the stamp duty even though they are not on the title. Is this true? Second borrower is not a citizen hence the concern.

    Thanks
     
    Sheep112, 5th May, 2019
    #1
  2. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

    Joined:
    18th Jun, 2015
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    Australia wide
    Should be ok with most lenders.

    Re stamp duty that advice obviously wasn't from a lawyer. Depends on the state and whether you are acting as trustee for them. Get legal advice
     
    Terry_w, 5th May, 2019
    #2