I'm buying a property with my mother. It will be my home, she won't live there & I'll be responsible for payments. She's simply co applying as she has the long term income, I don't (single parent). I'll refinance once I've held my job long enough or have full time employment.
I don't need opinions on this thanks.
I am a first home buyer, she is not. In our state there is no FHOG, but there is first home buyers rate of stamp duty - which is 0.
I know the rules are if you or your spouse have ever held ownership of a property, I also read something about residence requirements.
Just checking this applies to us as well. I plan for the title to be in my name & my name will be on the loan, but I'm assuming with it being a joint loan I won't be eligible.
2 Replies
That is correct - your not eligible. Have you considered the loan yourself but mum as guarantor? That would make you eligible, and no need to refinance in future.
Or mum get loan, you pay her rent (like rent to buy) that way you can also claim rental assistance (this would mean mum would have to declare income at tax time)
OR if you have 20% deposit you won't get charged the insurance on top of the loan - this is irrespective of who's name the loan is in.
Goodluck with it and hope your house becomes a home :)
I have a family member who is a broker. I've done my best with them as guarantor, but because I only work casual I need to have held my job for 2 years. Where I am only a limited number of houses become available to suit my family, at this time, this way he can guarantee me the loan.
I don't want to rent from them. I want this to be mine. My name on the title etc. there are a million reasons for me wanting it this way & im not letting that option go.
It's only a saving of $2000, but I was just checking to be sure.