All Topics / Finance / Names on Land Title vs Names on Bank Loan

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  • Profile photo of bfchongbfchong
    Participant
    @bfchong
    Join Date: 2010
    Post Count: 1
    January 6, 2011 - 5:28 am

    Hi there, I'm new to this forum but am hoping to seek advise.
    Intend to purchase an investment property with both my wife & my name on the land title.
    For the bank loan, we intend to borrow only under my name (negative gearing purpose) with my wife as guarantor (bank's condition). Is this option viable? Will it create any issue with ATO? 

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213
    January 7, 2011 - 12:49 am
    bfchong wrote:
    Hi there, I'm new to this forum but am hoping to seek advise.
    Intend to purchase an investment property with both my wife & my name on the land title.
    For the bank loan, we intend to borrow only under my name (negative gearing purpose) with my wife as guarantor (bank's condition). Is this option viable? Will it create any issue with ATO? 

    Why?

    You may as well have the wife as a borrower.

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

    Profile photo of Jamie MooreJamie Moore
    Participant
    @jamie-m
    Join Date: 2010
    Post Count: 5,069
    January 7, 2011 - 7:48 am

    You can have your wife as a borrower on the application but have the ownership split as tenants in common.

    Jamie Moore | Pass Go Home Loans Pty Ltd
    http://www.passgo.com.au
    Email Me | Phone Me

    Mortgage Broker assisting clients Australia wide Email: [email protected]

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