Joint venture with family member

Discussion in 'Investment Strategy' started by QB12, 30th Apr, 2020.

Join Australia's most dynamic and respected property investment community
  1. QB12

    QB12 Member

    Joined:
    19th Jan, 2020
    Posts:
    9
    Location:
    Gold Coast
    Hey guys - just after a bit more information on a JV.
    Are these only used as a short term option or can you use one for long term purposes too? Say - to buy your next PPOR.. with plans to keep it for 10 years or so? Both servicing the mortgage, both going halves with deposit/ using our properties equity. And then we we sell / parting ways/ splitting down the middle / or option to buy out drawn up in the contract ?
     
    QB12, 30th Apr, 2020
    #1
  2. Terry_w

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

    Joined:
    18th Jun, 2015
    Posts:
    41,932
    Location:
    Australia wide
    A 'joint venture' is a pretty vague term used with many different meanings. Sounds like joint ownership is what you are talking about.
     
    Terry_w, 30th Apr, 2020
    #2
  3. QB12

    QB12 Member

    Joined:
    19th Jan, 2020
    Posts:
    9
    Location:
    Gold Coast
    That is a thing in terms of lending criteria? Joint ownership application?
     
    QB12, 30th Apr, 2020
    #3
  4. Terry_w

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

    Joined:
    18th Jun, 2015
    Posts:
    41,932
    Location:
    Australia wide
    Usually all owners will need to be on the loan, either as a borrower or a guarantor
     
    Terry_w, 30th Apr, 2020
    #4
Build Passive Income WITHOUT Buyers Agents!

Build Passive Income WITHOUT Dropping $15K On Buyers Agents Each Time! Helping People Achieve PASSIVE INCOME Using Our Unique Data-Driven System, So You Can Confidently Buy Top 5% Growth & Cashflow Property, Anywhere In Australia