Situation: ex husband and I separated 5 years ago. Court order for me to have the house. I couldn’t refinance into my name because I have had small children and have not been working full time. Ex husband has forced us out of the property and for me to put it on the market because I couldnt get it into my name. To rent it out it would be positively geared ( $180 week mortgage to $230 week rent). To sell I make $26,000. However if I can save this house and start a portfolio of investment properties I would much rather that than selling it. Who has advice on this for me please? I have a buyer wanting it and a contract has turned up for me to sign today!!! I picked up Steves book and flicked through it after having read it years ago and I was prompted to see what else I can do. Obviously this situation is urgent and could have a big bearing on my financial future. Thanks.
Which state is the property in ? If it is in Vic you might be eligible to do a spousal transfer….
Jacqui Middleton | Middleton Buyers Advocates
http://www.middletonbuyersadvocates.com.au
Email Me | Phone MeVIC Buyers' Agents for investors, home buyers & SMSFs.
Depending on your serviceability and equity available, you may be able to remove your partner off the tile – though from the information you’ve provided it may be tight. Best bet is to chat with a broker who can review your situation and let you know if there is *any* avenue available for removing your ex off the title and loan.
Corey Batt | Precision Funding
http://www.precisionfunding.com.au
Email Me | Phone MeInvestment Focused Finance Strategist - servicing Australia-wide
Which state is the property in ? If it is in Vic you might be eligible to do a spousal transfer….
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Jac – should be exempt from duty in all states due to marriage breakdown.
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
Well there you go – Terry’s the man in the know on the topic :)
Jacqui Middleton | Middleton Buyers Advocates
http://www.middletonbuyersadvocates.com.au
Email Me | Phone MeVIC Buyers' Agents for investors, home buyers & SMSFs.
Transferring the asset to your name is one thing showing you can support the loan repayments is another.
As Corey mentioned a broker can work the numbers for you and provide suitable credit advice.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
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