Browse Forums Home Finance 1 Nov 20, 2008 11:39 am Mum & Dad are going through a divorce settlement and so fair its been over 18 months. Well Mum had a great idea last night and I think it has alot of merit.
Mum & Dad own 2 properties - their 6x2 house on the beach worth about $500k at the moment and a factory unit worth about $320k. The settlement wasn't in Mum's favour so she will get about $400k when everything is done but the biggest issue was they need to sell the family home which isn't on the market even (long story) Anyway last night she proposed that she takes the house as part of her settlement and gets a mortgage for the balance. My sister will move into my unit, pay ernt of $180/week and I can live with Mum as we get along fine and the 2 places are only 10 mins apart. So all happy with that Well this morning she has asked if I wanted to go joint owners in the property with her so she doesn't have to get a mortgage and has spare cash to pay everything out, holidays etc. I jumped at the chance as it would be great. So here's the issue. I need to get a mortgage to cover all my debts, the stamp duty fees, conveyancing fees etc. Is it possible for both Mum's & my name to be on the title with it saying we are tenants in common (I think thats what its called) at 50% each but only me to have the mortgage only in my name for like $235k or something like that so I don't have to pay the HUGE mortgage insurance fees or take out a guarantee on Mum's 50% to avoid them altogether? Trying to make it mine! Re: Calling anyone involved in mortgages! 2Nov 20, 2008 2:24 pm You should be able to borrow against your portion however your Mum will need to go as a guarantor - as she is part owner of the property as well. The Bank would value the home as a whole then apply the shares on their value. They will then only lend you against your portion. Not sure whether you would be able to borrow more then 80% however of your share - from memory Mortgage Insurance companies don't tend to like guarantor situations - so the final say would be with them should you require more then 80% of your half. sydney Home loan advice 3Nov 21, 2008 12:02 am What you are suggesting is done well by CBA, they are comfortable with the types of guarantee you are suggesting.
But I couldn't help you with more detail. Sorry but; DOCEP wouldnt be happy about non WA licenced brokers giving advice to WA residents. Have you tried to speaking to a Certified Mortgage Consultant in WA? Re: Calling anyone involved in mortgages! 5Nov 21, 2008 10:58 am Sassy_Bud Funny you should say that Thlo as my mortgage advisor for my first property in WA is actually NSW based! Your mortage advisor in NSW, if not licenced in WA, is breaking the law. WA legislation is very clear about consumer protection (i.e. your protection) and licencing requirements placed on brokers. Re: Calling anyone involved in mortgages! 6Nov 25, 2008 3:54 pm I don't know if he is licensed in WA but they were registered in NSW
Anyway it doesn't matter as my relationship manager at the ANZ got it all sorted, O&A has been signed and finance has been approved subject to valuation Trying to make it mine! Wish you all the best. Once you signed the contract, they will find millions excuses to charge you. And have seen their sites unfinished for a long time. 4 24824 As title suggests, looking at using the interlocking Pentablock stacked stone products to replace failing timber retaining… 0 17864 I am building in claymore NSW and this is shown in the building envelope plan. … 0 10034 |