Forum Replies Created
Thank you for your advice Corey, Terry and Andrew.
I just spoke to our accountant and he’s advising we lend our son the deposit and try and get him the
loan that way (as you’ve all said). Plan B could be to have my name on the title with our son, so
less profit is made if it is later sold as my income is a lot less than my husband’s. If he then needs
to refinance and have the unit transferred into his name, he is apparently only up for half the stamp
duty, and capital gains on his income.G
Thank you Terry and Andrew.
As my son doesn’t have a deposit saved and has only been in his current job a few months, I was thinking
he wouldn’t qualify for a loan. I had read that lenders require proof of savings for the deposit and a certain
length of time in your current job.However he has a good history of being steadily employed and able to repay/save for other big ticket items. We would
be able to lend him the deposit just as his Gran is lending him the reno money. The unit will be cashflow neutral or
even slightly positive when rented and as mentioned, my son is living at home so has minimal commitments – no car
loans etc.I will definately explore your suggestions!
G
Thanks Terry.
Yes we had thought of that, but were a bit worried that it might impede our future lending over the next couple of
years, if he takes that long to save and repay/refinance. I don’t think it would make any difference with the
capital gain and stamp duty either would it, unless we bought it totally in his name? I don’t think we can do that
as it would remove our safeguards in the case of him not doing the right thing!G
