Do I need to add my Partners name to the Property in order to get a joint loan.

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ronnie01
Participant
@ronnie01
Join Date: 2013
Post Count: 54
May 2, 2016 - 5:56 pm
Hi Guys,
I hope every one is well, just have a quick question for the brokers?
My partner and I have purchased an off the plan apartment which will be settled around August. I will be looking for finance very soon but property is only under my name so does that mean I will need to add my partners name to the property in order for both of us to apply for the loan?
Thank you
Terryw
Participant
@terryw
Join Date: 2001
Post Count: 16,213
May 3, 2016 - 9:46 am
No it doesn’t if by ‘partner’ you mean spouse. If not a spouse then you would not find a lender I think.
Not all banks allow this either BTW – AMP recently insisted that they would only lend to my clients if they purchased at least 90/10 together but not if just 1 was on title. All the majors should be fine.
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
Jamie Moore
Participant
@jamie-m
Join Date: 2010
Post Count: 5,069
May 3, 2016 - 12:58 pm
Hi Ronnie
Generally not an issue.
However – if the property is only in your name (and if the loan services in your name) then might be worthwhile leaving your partner of the application (mention that you have a partner to the lender though). It might save your partner a credit file hit/additional liability.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
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Mortgage Broker assisting clients Australia wide Email: [email protected]