Hi
Purchasing a property. I have recently been through a separation/divorce and basically been left with no property or assets and very little super, one can debate the fairness and justice of the Australian Family Law, but there are many other forums for that.
The one thing I still have is a good earning capacity over $130 000pa, I do pay hefty child support over $2500pm for my 4 children and have been left with significant legal fees over $40 000. I also have the children for 3-4 days per fortnight so I have had significant reestablishment costs and other costs when the children are over.
I am 46 years old and want to get back into the property market and do not want to be left renting. The complication I have is the ex wife is still living in the house that I am the mortagagee $380 000 as she cannot get a loan because of her poor credit rating thus it will take a year for her to clear her credit rating and take the mortgage over.
Are there any who have creative ideas that I can get back in the property market in some sort of structured deal where you make a margin, and I use my earning capacity to get back into the property market?
OZ
Hi Oz
Sorry to hear about your position with the Ex. Never been there but cant imagine it is pretty.
If the existing property is in your name and you are servicing the loan why not refinance and use the equity to pull out a deposit for your new home.
Then take a new standalone loan against the new property.
Structured correctly and subject to equity you would be able to minimise your costs as well as finding something that you can call yours rather than renting.
Richard Taylor | Australia's leading private lender
My guess is the ex would probably have lodged a caveat against Oz's property which would prevent him dealing with it further. Maybe she would agree to let Oz extract some equity, but this would be complex if she is on title too.
I think Oz may need to come up with a 5% deposit or look at a vendor finance type deal>
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Thanks there is a caveat, but the issue is there is little equity in the property. The mortage and title is in my name only but there is no chance of me getting any equity out if I want the adversity to subside and continue seeing my children.
How would I go about finding a vendor fianance type deal. Is there somewhere I can search are there or companies that specialise in those sorts of deals and can find vendors.
Regards
OZHi Oz
Ok thought it might have been amicable …..
Problem even with Vendor Finance is that as you wont qualify for the FHOG most investors (I now i would for sure) would want a decent deposit to wrap a property to you.
Then of course you have the stamp duty and other acqusition costs.
Richard Taylor | Australia's leading private lender
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