Advice please on a loan with my sister!!!!

I am looking at buying a house with my sister, I am entitled to the first home buyers grant and stamp duty savings as she has already used hers.

Can only my name be on the title and have two people on the loan to avoid paying stamp duty?
Can a sizeable loan be given to me by my sister, with a letter saying I don't have to repay it "back"?

Would it be better for her to own the entire house and then I "rent" it off her within the market price, therefore theoretically we are both paying it off?
Any advice would be greatly appreciated

 

Sorry but the way you describe it, your sister will have an interest in the property. She's already received the FHB benefits so you wouldn't get them if you buy a home with her.

Also siblings can't be joint on a loan with only one person on the title. That's reserved for spouses only (de facto or married).

To get the stamp duty waiver you will have to buy the house in your name and you're the only one on the loan. You need to move in and live there for 12 months. Your sister could rent a room from you though, but that's not going to be included in the loan application.

 

Don't do it.

Mixing money and family often causes rifts and other problems. It's not worth it.

Don't let that put you off buying your own place...but just make sure that you run your own race.

 

Cheers for the replies.
Understand mixing money with family can be an issue.

So to make it tax beneficial, make her buy it and then rent it off her, so we can then claim negative gearing while "both paying off the house"?

Is there any other ways?

 

Many. This is something you should seek specific advice on.

If she owns it and you are renting it from her she is paying off the house, not you. That has various consequences in tax, land tax, estate planning, asset protection, family law etc