CharlieX wrote:

<div class=”d4p-bbt-quote-title”>Richard Taylor wrote:</div>
Regretfully ‘solely relying on information provided by the client’ is insufficient in the eyes of ASIC when it involves Mortgage Broking.

You cannot merely say oh the client never told me so I didn’t ask questions.

Cheers

Yours in Finance

I thought there are sets of questions to ask during the assessment stage?
if it sounds too good to be true, then it probably is?

You must make reasonable enquiries – see the NCCP and regulations.

Maybe best to keep it in a high interest account for a bit and try to qualify for a loan.

Best not to mingle her money with yours either as you may be able to lend to each other down the track – tax strategies.

Lenders need security (in the legal sense) for their money.

Look at bridging loans – some banks will take into account the end debt – ie assume your home and loan are gone. Generally you must sell within 12 months of getting the new loan.

Also consider that there is a chance your purchaser may not settle so seek legal advice.

Still not sure what you are getting at.

Adding a spouse to title is easy to do, but it has wide ranging consequences in terms of death, control, borrowing and banktruptcy etc. This would be the same for most countries.

Dont understand what you are getting at?

So many potentially dangerous issues – you need some proper advice.

If your mum’s husband dies first make sure she gets legal advice – she could easily claim the house.

In most cases the tenants will move out when required. Don’t worry. Its rare that they don’t. I have seen it happen just once.

Your lawyer would be the best person to talk to as this is a legal matter with far reachin consequences involving estate planning, asset protection, family law and property law etc.

I generally favour ownership in one name, usually the spouse least at risk of being sued. This not ony provides greater asset protection on any future bankruptcy (or the non owner) but also preserves borrowing capacity and reduces risk of having both on the loan.

In Vic there is no stamp duty on transfers between spouses, so if equity builds up and you do move out A could sell it to B for full market value with no duty or CGT and deductible loans thereby increased.

But not having your name on title creates other issues – you cannot leave the property in your will for example. But this may be covered by each buying separate properties

That is not correct. tell your accountant to look at s118-145. Initial period it can’t be your main residece, but once you had lived in it you could still claim it as the main residence for up to a 6 year absence.