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Joint ownership with brother

Discussion in 'Property Finance' started by Cream&Co., 30th Mar, 2016.

  1. Cream&Co.

    Cream&Co. Member

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    Hi guys

    I currently have 1 property in my own name and 2 in joint ownership (50/50) with my brother.

    I'd like to buy another property by myself, but am wondering which lenders would look at my joint ownership properties and take them as half debt and not full.

    Any help would be great.
     
  2. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

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    AMP and St G are 2.
     
  3. Cream&Co.

    Cream&Co. Member

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    Cheers Terrryw. Would you happen to know if they accept letters of employment to confirm salary or would they need payslips?
     
  4. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

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    I just did one with St G for a client and they wanted a payslip from the other non borrower to show they had some income coming in - but no serviceability checks
     
  5. Cream&Co.

    Cream&Co. Member

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    Can anyone else share their general experiences with either amp or st George as a lender. Eg good or bad for serviceability, equity drawdown etc

    I guess I'm just trying to ascertain which lender may be a better match for my situation.
     
  6. York

    York Finance Broker Business Member

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    Was that for TIC or JT?
     
  7. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

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    Both are pretty good. I use St George more than AMP,
     
  8. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

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    I am not even sure - 50% ownership is what we went on.

    Let me explain further.

    X and Y jointly owned another property and were joint borrowers, say $500,000 loan at $500 pw rent for that property

    X then wanted another property purchase without Y. X was taken to have a debt of $250,000 for that loan above and receive $250 pw rent. Most lenders would take the debt at $500,000 and $250 per week rent.

    Where they were unequal owners I beleive the ownership percentage can be use, but I can't say I have ever had one of these.
     
  9. York

    York Finance Broker Business Member

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    OK, so shouldn't matter if it's either position assuming TIC is 50/50. Lenders view both as the same for the this purpose.
     
  10. Azazel

    Azazel Well-Known Member

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    We were with St George, changed after a year so not much feedback to give.
    They did say no fees - and then charged us a fee for the privilege of not having any fees.