FHOG with gaurantoir aspect?

Viewing 5 posts - 1 through 5 (of 5 total)

Lachlan McDonald II
Member
@lachlan-mcdonald-ii
Join Date: 2008
Post Count: 1
February 2, 2009 - 2:44 am
Hi Guys just wnated some information on the following scenario if you could
Friend and I are looking to purchase our first Investment property. Since i am eligable for the FHOG we want to put my name on the title but since i need his help in servicing ext we will look at using him as gaurantor. Is this possible or will lenders see through our blantant attempt at scaming the man??
Any thoughts would be appreciated
Cheers
Locky
WJ Hooker
Participant
@wj-hooker
Join Date: 2007
Post Count: 272
February 2, 2009 - 3:46 am
Lachlan,
Doesn't sound like a good idea to me. Why would your friend want your name on his half of the house? Are you going to marry your friend? And if you decide not to pay the bills then your friend will have to pay the lot !
freelance
Member
@freelance
Join Date: 2008
Post Count: 93
February 2, 2009 - 3:46 am
I'd imagine it would be ok. The FHOG should only apply to whoever has their name on the title not who services or guarantors the loan.
It would be best to confirm with someone else though.
freelance
Member
@freelance
Join Date: 2008
Post Count: 93
February 2, 2009 - 3:50 am
WJ Hooker wrote:
Lachlan,
Doesn't sound like a good idea to me. Why would your friend want your name on his half of the house? Are you going to marry your friend? And if you decide not to pay the bills then your friend will have to pay the lot !
Agreed. That's an awful lot of trust this friend has in you Lachlan
Terryw
Participant
@terryw
Join Date: 2001
Post Count: 16,213
February 2, 2009 - 1:10 pm
I think you can still qualify for the FHOG, but you will be unlikely to find a lender willing to lend for that type of scenario.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
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