- My sister currently owns a property in Perth and paying off her mortgage in the next 15 years, and since I have a steady income now I would like to help her out by adding my name as a joint owner to that property and also start to chip in to the mortgage. Is this possible? if so, how do I go about it?Also, by doing this, does this mean I will lose my first home owner's grant?
I think you will have to get a loan to buy half of what the value is today. I don't think the FHOG is available for this. I might be wrong. Maybe someone more knowledgable can give you better info.
What is FHOG?
First home owners grant
1) ask some solicitors about adding the name to the title and see if you are qualify for FHOG.
2) also talk to some mortgage brokers and bank to see how you can get a loan to buy half of the property from your sister.
i would strongly suggest to actually contact the state goverment. Their contact details would be on the state gov't webpage.. they're very helpful with questions about the first home owners benefits
Hi Fly
Yes hate to say you would lose your entitlement to the FHOG as the current Title is in your sisters name.
Secondly whilst i appreciate you are wishing to do the right thing by your sister why dont you look at buying your own place.
You only have to satisfy the terms of the Grant in regards to the occupancy period and then you could move out and let the property.Structure it carefully and you should reap the longer term rewards.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
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