First home buyer, solo mortgage and boyfriend

Your mates can't mow it either!

 

Haven't we done the lawn mowing thread?

 

Gosh there is lots more to it than I thought. He's definitely legally recorded as my defacto because I added him to my private health insurance and noted him as spouse on tax return (and on census for the privacy conspiracy theorists). and I am just romantic enough to want him to live with me.

Thanks for the advice so far. Sounds like a BFA is a good idea even if its not that legally binding and would be tested in court, it would at least show intention at a set point in time. I think by having a written record acknowledged by both parties of the assets going into the relationship (all mine including house deposit) and my bank records of mortgage payments it should be pretty clear cut.

To de-link any financial contributions he makes from the mortgage is it worth having a residential tenancies agreement or that again just window dressing? He currently contributes $215 a week to my rent, I pay the balance and all bills and groceries given the income differential so I was expecting this to stay the same from a dollars perspective. The $215 isn't a dent in a mortgage payment of >$1100 a week but that's the bit I'm worried about, would that end up being a claim to 20% of the house if things got ugly in 10 years. My son is a teenager so there is unlikely to be any argument he's contributed to childcare or house keeping above his own share as someone living there.

 

@LouiseJ I would be looking to put a set amount each into a joint account - the joint account would pay joint bills, as mention above (food, utilities, etc) NOT THE HOME LOAN. Would have a separate account for the loan repayments to come from that only you contribute to. That way making it very clear where the money is going, again not 100% but pretty clear.

 

If cashflow allows, would another strategy be to start accumulating assets in a trust with yourself and your son as beneficiaries?

 

Trusts are a vehicle I haven't started looking into yet. I've been given advice that I should consider at least a testamentary trust for my sons inheritance of my assets but I've never had reason to engage a lawyer so haven't explored it.