hi, my hubby and i are selling our house. his parents have offered us a some land for us to build on for free, but there is already 2 houses on the property. our council has no issues with us building as long as no one objects, the problem is that the bank will not lend us the money unless they go guarantor. we also need to have our names put on the land title. is there any other way this can be done without them going guarantor and what about stamp duty we have been told we have to pay this if we are on the property title. any help with this will be much appreciated
As long as the Title is in your name then you would be able to borrow against the land.
i can only assume they require the Guarantee because of serviceability although in saying that a normal Guarantee unless it was froma Spouse would not increase borrowing power.
Richard Taylor | Australia's leading private lender
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