Whose name to put on Contract of Sale?

A question for Mortgage Brokers.
A couple wants to buy a house. Only the husband's name will be on the mortgage application because the wife has been in her casual job for less than 6 months.
So on the Contract of Sale, the husband and wife have both put their names down as purchasers and have both signed it as well.
Won't this be a problem with the bank since only the husband's income is being used for servicing the mortgage?

 

you need credit advice as well as legal advice. Who is on the contract doesn't have to be the eventual owner of the property.

You also seem to be implying a non-working spouse cannot be on the loan, when this is not the case.

You should work this out before entering a contract, although in VIC it can be easily changed.

 

Thanks Terry, the problem is the spouse is working as a casual but the bank will only use her income for servicing if she has been working for at least 6 months, which she hasn't.

How can she be added to the loan? Do you mean as a guarantor?

 

She could still be a borrower even if her income is not being used. But it would need to service on the husbands income alone.

 

Wow, I did not know this, thank you. It's with ANZ so I need to find out how to do so? Thanks again Terry