We live in my wifes house,(new wife) and we are looking to refinance. Long story short, my ex wife can be unpleasant at times, so to protect my wife, we are wanting to have both names on the bank loan, but only her name on the mortgage documents.
Is this possible and which bank might help us?
We have already tried two of the big four and they didn’t want to come to the party.Any help would be greatly appreciated.
Yes it is. Firstly what was the reason for the 2 banks rejecting your application and secondly please don't keep applying if you are not 100% sure of a successfully approval. All you will be doing is killing your credit file.
Regards
Shahin
TheFinanceShop | Elite Property Finance
http://www.elitepropertyfinance.com
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As a spouse, you can sign on as a co-borrower even though the title is only in your wife's name.
However as Shahin mentioned, what are the reasons behind being knocked back twice already? Need to ascertain what is wrong.
Cheers
Tom
Hi Matty
Firstly welcome to the forum and I hope you enjoy your time with us.
I am not sure whether i have read your post correctly but you cannot have the loan in 2 names and the mortgage documents iin one name whichever you go to. The loan and mortgage documents will be in the same name.
There is however no reason why the Title cannot be in 1 name and the loan / mortgage documents in 2 names.
Would need a little more information to give you a more accurate assessment of which lenders would be suitable.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
ok, thanks guys. We popped in and spoke with two local bank managers and they were the ones who said we couldn't do it.
The reason we need to do this is my ex wife (who I have one child to, and pay monthly maintenance) took me for everything years ago and is very vindictive woman. My wife has owned this house on her own for a number of years prior to our marriage and we are trying to protect her asset.
We want to make sure that if for any reason I should pass, my ex cant have any opportunity to claim on this house.
Richard, please excuse my ignorance, but what it the difference between mortgage documents and the title?
The mortgage document is a legal and binding contract between you and the bank. The mortgage documents reflect the loan itself and many other things. Therefore, the loan and the mortgage documents are always the same and cannot be different.
Your question may be geared towards asset protection more than the finance side. You may want to get legal advise as to the best set up for asset protection.
From a finance perspective there should be no issues with the loan in both names.
Regards
Shahin
TheFinanceShop | Elite Property Finance
http://www.elitepropertyfinance.com
Email Me | Phone MeResidential and Commercial Brokerage
Hi Matty
Sounds like some legal advice is in order. Where are you located? If Sydney, I'd be contacting Terry W on this forum for some advice.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Ditto what Jamie said
Especially if you are look at the succession side of things, that is an area that Terry W is right into.
D
RPI | Certus Legal Group / PRO Town Planners
http://www.certuslegal.com.au
Email Me | Phone MeProperty Lawyer & Town Planner
thanks everyone, this has helped a lot and will follow up with some legal advice today.
Thank you
The title says who owns the place, regardless of whether there is a mortgage on it. It lists the name(s) and address(es) of the owner. The title document will also mention the name of any bank that has a mortgage over it. This means you cannot suddenly sell the property and go on a spending spree with the proceeds without first repaying the bank what you owe them. The bank's listing on your title document is called a Caveat and it means that bank has to be notified when a sale event triggers. From that moment on they are well and truly involved with all the solicitors that are acting on behalf of the sale. Anyone else that considers to be owed money by you is entitled to have their solicitor slap a caveat on your property as well. Once again, so they get what you owe them out of the property in the event that you sold the property. Of course, they would remove the caveat if you repaid whatever you owed them.
The mortgage documents indicate who owes which bank money for the loan on the place… and it of course they lists all the relevant terms and conditions of the loan as well.
Your legal representative should be able to make it nice and clear for you.
Jacqui Middleton | Middleton Buyers Advocates
http://www.middletonbuyersadvocates.com.au
Email Me | Phone MeVIC Buyers' Agents for investors, home buyers & SMSFs.
Matty_r wrote:ok, thanks guys. We popped in and spoke with two local bank managers and they were the ones who said we couldn't do it.The reason we need to do this is my ex wife (who I have one child to, and pay monthly maintenance) took me for everything years ago and is very vindictive woman. My wife has owned this house on her own for a number of years prior to our marriage and we are trying to protect her asset.
We want to make sure that if for any reason I should pass, my ex cant have any opportunity to claim on this house.
Richard, please excuse my ignorance, but what it the difference between mortgage documents and the title?
Any connection to NSW? NSW has some pretty extensive family provision laws. Ex wives can make claims on estates of their dead ex husbands (or even lesbian partners). This can include notional estate orders covering assets that you do not even own.
Then you have the family law side of things and the law of equity to deal with.
Loan documents are the least of your problems
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
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