Hi
For my first investment should i apply loan on my name or should i apply with my husband as joint just to increase the borrowing power?
We both are contractors.
Pls advice
Thanks
AkhillaHi Aki,
Based on the “How long is a piece of string” nature of your question, I would suggest you find a good Mortgage Broker to get your WHOLE financial situation looked at, and arrive at a conclusion after that.Your question is way too broad to be able to provide any other answer. Your (and your husband’s) goals should come into this whole scenario too. Find a MB on here whose posts seem to “fit” with you, and make contact with them.
Benny
Hi Akhilla
Your borrowing capacity will not necessarily increase dramatically merely by buying in 1 name or another.
Lenders will in the main assess you jointly and severally responsible for any joint loans i.e your PPOR, credit cards etc and will certainly assess your living allowance accordingly.
The questions should be more based around your investment strategy and what you are wanting to achieve.
If you are looking at building a long term portfolio i would be buying in joint names (assuming your incomes are similar) as you will have more flexibility going forward.
As always choose your lender carefully.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Hi Akhilla,
You have issues of both asset protection and servicing to consider when making this sort of decision. As was mentioned earlier it will not necessarily greatly alter your borrowing capacity to have only one of you. Having said this, you really need advice specific to your current situation and goals. Sorry I can’t be of more immediate assistance.
Regards
Very much dependent on the specific borrowers financials and scenario. Long term having the partner on loans will assist as it will significantly reduce the living expense calculations – however depending on their income/debts it could also lead to a dramatic increase/decrease.
Corey Batt | Precision Funding
http://www.precisionfunding.com.au
Email Me | Phone MeInvestment Focused Finance Strategist - servicing Australia-wide
For asset protection reasons you wouldn’t want to be liable for someone else’s loan, even a spouses, unless it is absolutely necessary.
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
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