Hi,
I am thinking of buying a house in NSW with my Ex wife.
She is going to live in it, I will rent elsewhere.
She will pay 75% of the loan, I will service 25%. (I will get to use it some weekends and holidays etc – it is by the beach)
I am thinking it may be better to consider it as an investment property. (Maybe she could pay me 25% of the rental value, and I can claim tax benefits.)
Can I do this legally? OR does anyone have any better suggestions.
I have lived in the house for 8 months and I am very happy with it. The owner is selling it at the price they got it for 7 years ago. I think it will appreciate well.
Thanks in advance.
Hi forsen
Firstly welcome to the forum and I hope you enjoy your time with us.
I wont go down the tracking f asking why you would buy a property with your Ex wife as that is a seperate consideration.
If you buy the property as Tenants in Common with the share split as you indicated above you will not be able to claim a Tax deduction as she will be occupying the property.
If this is the main purpose you would be better off to buy the property solely in your name and she rent it off you otherwise it will be treated as her PPOR.
There are other considerations so speak to your mortgage broker first before rushing in.
Richard Taylor | Australia's leading private lender
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