Just wondering whether marital status can determine whether either spouse can apply for finance as a single applicant for a home that both want to purchase?? One earns enough in salary (taxable income), and the other is a student on a scholarship (non-tax income). Does maritial status determine whether either spouse can apply for finance as a single applicant??
Hi
Not sure exactly what you are getting at, but if the couple are married/defacto then the title can be in one name and the loan in 2. If 2 names are on title, then both have to be on the loan as well.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Hi Terry,
I meant, if the couple are married, can one apply for the loan??Can you also tell me. Does every lender require you provide PAYG payment summaries alongside with payslips for proof of income when applying for finance??
hi J
Of course you can still apply for loans separately even if you are married (if your wife lets you). You are still individuals not a combined unit so it is possible, for example, for 1 person of a marriage to go bankrupt with the other still solvent.
Aparently this is different in some countries. I hear this is the case in japan, though I haven't looked into it. One partner can be held responsible for the debts of the other.
I can't think of any lender that will go on payslips alone these days. Actually I think Westpac may be ok as Idid a few loans with them last year where summaries weren't supplied
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Just bear in mind that whilst you can apply for the loan in your sole name you will still be considered as married when it comes to your living expenses liability.
This can be offset if the deal is tight but normally only when we can show the spouse can support herself and does not rely on your income.
Couple of lenders that will not require PAYG summaries as long as the computerised payslips show year to date income.
Just a matter of horses for courses.
Richard Taylor | Australia's leading private lender
You must be logged in to reply to this topic. If you don't have an account, you can register here.
