Joint Tenants or Solely

Discussion in 'Legal Issues' started by Czechia, 11th May, 2018.

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  1. Czechia

    Czechia Well-Known Member

    Joined:
    23rd Nov, 2017
    Posts:
    52
    Location:
    NSW
    Hello,

    hope someone can help. we r just about to buy our IP and not sure about joint tenants or holding it solely.

    The story:

    - both of us living in our PPOR, we paid the debt. The title is solely in Mrs name.
    - we using our PPOR as a security for purchase, so the loan amount is 100% + fees = title for PPOR is back at the bank and we will be getting the IP title.
    - we do have savings and could swap the titles but that would burnt all the savings
    - P&I for IP

    Future:
    - Mrs might be working part-time
    - keeping IP #1
    - swapping our PPOR to IP #2
    - buying/building new PPOR

    So the question is, should we do joint title or solely under my name as I have higher income + will keep working full time ?

    Thanks
     
    Czechia, 11th May, 2018
    #1
  2. Terry_w

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

    Joined:
    18th Jun, 2015
    Posts:
    41,943
    Location:
    Australia wide
    See my tax and legal tips where I have covered most of the issues.

    Consider tenants in common as well.
     
    Terry_w, 11th May, 2018
    #2
  3. Czechia

    Czechia Well-Known Member

    Joined:
    23rd Nov, 2017
    Posts:
    52
    Location:
    NSW
    thanks, will do
     
    Czechia, 11th May, 2018
    #3