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No loans existing at all. We are both renting seperate properties too.
I’m not saying I would do it, I’m just asking how do they determine what a partner is? To me if you were living with someone either married or in a defacto then that’s a partner. But they can’t consider a girlfriend that you don’t even live with as a partner? Or do they?
@ Brian..she only just got the money as her settlement, in fact it’s still In trust so she doesn’t have it yet.
She will have to declare it when it’s in her bank account and she has her next centrelink appointment. And from what I’ve read centrelink only adjust your payments based on the interest you earn. And they give you two years to buy a property before they look at the lump sum payment. Otherwise all these single mothers who get divorced and get a settlement would never be able to buy a house if centrelink stopped their payments as soon as they received their settlement. They would have to spend it on living costs and it wouldn’t last long.
So no fraud going on at all.
But we don’t live together. She’s just my girlfriend. We’ve actually broken up before for a few months. Hypothetically Say I was to break up with her then buy a PPOR using FHOG and then We get back together a few months later and she moves in? Surely a partner is defend as either living together or a defacto relationship?
But if I brought the PPOR in my name how would they know she even exists. We’re not married or anything. Then a year down the track we would put her name on the title as well.
Thank you both for the replies. As far as the loans go we dont need to borrow for this property. Originally we were looking at borrowing $100k and getting something around $400-$450k. And this is where it gets complicated……the settlement money is hers, But my partner cannot get a loan whilst unemployed and on Newstart, and she hasn’t found a job yet. I work and could put my name on the loan but it’s her settlement and things get complicated. My name is on a loan for a property that has Her name on the title.
Until we actually get married we thought it better to keep things seperate.Another option we considered was she buys the investment property in her name and I buy our PPOR in my name as I am eligible for FHOG. Then years down tbe track when we’re married etc we worry about addng each other to the titles of the other house etc.
BTW I’m 46 and she is 50.
So that would overwrite everything else such as family law etc?
What about contracts and pre-nups all that sort of thing? Surely they would protect us both?
It’s not so much that I have doubts. Despite our problems we’ve been together almost 4.5 years and have always said we would get married and move in together. We can’t at the moment as she can’t move out of the area she’s in until her daughter finishes school.
We’re both keen to purchase an investment property together but we both just want to protect our own interests just in case.
Is there a way we can do this as a sort of joint venture setup?
So like if she puts in $350k plus another $50k from our joint $100k loan, and I put in the other $50k from our joint $100k loan then if we ever need to sell we get that % back? Obviously I would need to pay off my $50k of the $100k loan each month where as the rent will cover her share. Or say 89% of the rental return is hers and the other 11% is mine. We both put in 50% each of the mortgage repayments and 50% each of the costs. If things go pear shaped and we sell she gets 89% of the profit after costs and I get 11%. Is there a way a contract can be drawn up that’s would cover us both?
She gets newstart and child support which covers her living expenses, but why does her income need to cover the investment when the rental returns will more than cover them?
So what are her options then? I suppose to buy a property outright with what she has for her settlement without borrowing any money?
So a couple of ways of going ahead from here
A) Buy a place outright that doesn’t need a loan
I’ve tried to convince her to do this. But she was convinced she should borrow and buy a better property.B) Get a job / start a business to have income that can be used for loans
She’s been looking for and applying for jobs for the past 12 months now. Did a phlebotomy course too, But there just isn’t anything around. And she’s almost 50 which doesn’t help.C) Put it in your name as well (I assume you’re employed or have a business).
Im full time employed earning $80k. But that’s where our other problem starts. Her ex husband and his new wife recently had problems after 7 months of marriage and she wanted to take a fair % of his assets as settlement. They sorted things out but now my partner is worried that if things go pear shaped with us I will try and take part of her settlement. We’re not living together both renting seperate houses.
Likewise I don’t want to be paying off a loan for an investment property that’s in her name and if things go south a year later Im responsible for an I vestment property I her name.
