Joining a loan query - Brokers please help

Hi all,

I will give a bit of context. I am currently tied down with one construction loan and another home loan which I will do a duplex on soon.
There is a land (with an old home on it) that might be willing to sell lets call this home X i.e. 730 sqm
X is literally next to a little strip of land that I own lets call that Y i.e. 220 sqm
My goal has always been to buy X in the future so I can combine it with Y and do a big development there i.e. 950 sqm with 20 frontage allowing me to easily subdivide which I have done before.

I cant buy X right now but I don't want anyone else to have it either.

Where I need help:

1. If my mate was to buy X now and hold that for lets say 5 years then I come in , can I join the loan?
i.e. each party wants 475 sqm (950/2) each meaning I need to buy 255 sqm from my mate as I will have 220 sqm already. But I cant just buy 255sqm of the land from him as it needs its own title.

Why does my mate need me? The development will need stormwater easement as it slopes away from a main road and I happen to own land at back too which can grant this easement.

Anyone with similar experience like this before, I would really appreciate any help.

Please let me know if you need more context.

 

Only owners or spouses can be on a loan where the property is being used as security

 

sorry, do you mean that only his future wife can join that loan?

 

You can't just JOIN the loan, but you can buy it and it will be treated like a purchase.

 

thanks, if he owns the 730 sqm land, can i purchase 255sqm of it even though the 730 sqm has one address?

 

No. If the owner gets a spouse, they could be in the loan, whether wife, husband, or defacto

 

You could if it was partitioned or subdivided. If separate titles then you still couldn't be on the loan together though. But this would trigger stamp duty and possibly CGT