Sole ownership vs Joint ownership in 1st Property

Viewing 4 posts - 1 through 4 (of 4 total)

glengary
Participant
@jamesbi
Join Date: 2014
Post Count: 45
June 6, 2014 - 9:02 am
Hello everyone out there, I want to ask what are the pros and cons of purchasing our 1st property under sole ownership or joint. Its for me and my partner and we hope to live in there for awhile and than eventually turn it into an investment property later down the track. Does it make a difference whether I own it or we both own it for future records or is there other factors involved? Thanks
Terryw
Participant
@terryw
Join Date: 2001
Post Count: 16,213
June 6, 2014 - 7:37 pm
Consider
1. taxation, now and future, including CGT
2. asset protection
3. estate planning
4. control
5. family law
6. incapacity
7. death
8. serviceability
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
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Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
sciencesurf
Participant
@sciencesurf
Join Date: 2012
Post Count: 63
June 7, 2014 - 7:57 am
Depends where you buy. We considered buying in our own names initially to take advantage of First Home Buyers incentives. Not much of them around these days though unless you want to buy new.
There’s nothing like both signing the docs on your first loan together though.
sciencesurf
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Catalyst
Participant
@catalyst
Join Date: 2008
Post Count: 1,404
June 7, 2014 - 10:53 pm
Yes of course it makes a difference. As Terry said you need to consider your future and decide what is best.
Everyone’s situation is different. Is it negatively geared? Are you looking to save tax? When you sell who’s name it is in will make a difference. If in the name of the high income earner, you’ll pay more CGT. LOTS of things to consider and you can’t get N answer here as no one knows your circumstances.