Whose name

Discussion in 'Loans & Mortgage Brokers' started by Valentino, 23rd Aug, 2016.

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  1. Valentino

    Valentino Well-Known Member

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    buying a PPOR.

    Whose name.
    My partner earns more than I do, but for PPOR tax deductions not even relevant.

    Any reason why we would NOT buy in joint names?
     
    Valentino, 23rd Aug, 2016
    #1
  2. Terry_w

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

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    Yes plenty.

    See my tip in the tax section on this
     
    Terry_w, 23rd Aug, 2016
    #2
  3. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    Yep

    The are many borrowing models for clients that want to build larger portfolios where they may be better off to initially exhaust the borrow cap of each partner separately.

    Ta

    Rolf
     
    Rolf Latham, 23rd Aug, 2016
    #3
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  4. JacM

    JacM VIC Buyer's Agent - Melbourne, Geelong, Ballarat Business Member

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    Sometimes if one person is in a professional where likelihood of litigation is high, the choice might be made to put assets in the name of the other person.
     
    JacM, 23rd Aug, 2016
    #4
  5. Terry_w

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

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    This can be a good idea but those assets are Not necessarily safe from creditors.
     
    Terry_w, 23rd Aug, 2016
    #5
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  6. JacM

    JacM VIC Buyer's Agent - Melbourne, Geelong, Ballarat Business Member

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    Indeed. Terry's tax tips are a place to start reading about such things.
     
    JacM, 23rd Aug, 2016
    #6
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  7. Terry_w

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

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    Terry_w, 24th Aug, 2016
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  8. S0805

    S0805 Well-Known Member

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    It comes down to servicability and your future plans as well. your broker can confirm the servicability part. In similar situation looking to buy ppor and contemplating the idea of having both spouses on loan and high income earner on title. so at least in this case if ppor becomes IP down the track or on further investment equity release... max gearing benefits are extracted by high income earner being on title.
     
    S0805, 24th Aug, 2016
    #8
  9. Terry_w

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

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    Terry_w, 24th Aug, 2016
    #9
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