Hi everyone,
I’ve got somewhat of a confusing situation that I hope someone will be able to help me with. I’m moving to another city in QLD in a few months and am looking to buy a property with my mother. For her it will be investment and for me it will be my PPOR. I’ll be paying a set amount towards the mortgage and my mum will cover the rest and we will most likely share any other expenses. I know I won’t be able to claim the FHOG or any stamp duty concessions for it. My question is will the tax implications be any different for my mum because I’m related and living in the property? I just want to make sure she can still claim everything she would be entitled to with a negatively geared property. Thanks for any replies.
Nathan
Hi Nathan
Hate to say if the Title is in Joint names and you are occupying the property she wont be able to claim much.
Why wouldnt you have the property in your sole name and you claim the FHOG / SD Concession (Decent saving in Qld for your First Home) and have the loan in Joint names.
Alternatively she could lend you funds as deposit and you pay her interest which she would declare as income.
Your mortgage broker should be able to come up with some lending options armed with the full facts.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Thanks for that Richard. I would like to have the property in my name only but as I don’t yet have a job where I am moving to my broker has told me the bank will not approve a loan despite otherwise qualifying for it. Hence why my mother and I were hoping that she may be able to co-sign on the loan with me and be provided with the negative gearing benefits. I will talk to my broker about other options and see what he says. Thanks for your help.
Regards
Nathan
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