Browse Forums Home Finance Re: Home loan for brother 2Feb 13, 2014 4:30 am http://camdenbuild.blogspot.com.au/ by invite only please pm me Re: Home loan for brother 6Feb 15, 2014 1:07 am Hi everyone Thanks heaps for your replies. We have decided to go down a different track. We have decided to buy the house ourselves for him. We have a large amount of cash that we can offset against the loan so we only pay interest on like 20K on a interest only loan. We are going to do this for two years while he goes nuts saving. No paying rent etc. Just save save save. He gets to pick the house he wants, we cover it and when he has done his savings we sell the house to him for what we paid. Seems to be the easiest way. He is looking at a beautiful house by the pictures tomorrow and if all goes to plan we will put in a offer subject to the normal conditions. He is so excited. Caz Re: Home loan for brother 7Feb 15, 2014 12:43 pm Just a suggestion (and I'm not saying your brother is untrustworthy) To get him used to paying a mortgage of the house, why don't you get him to pay into your account the equivalent of what he would be paying in mortgage payments? This takes away the option of being able to dip into the savings (or give them to another woman) at the drop of a hat. After 2 years (or whatever arbitrary time you feel) you give him back the money he's paid to you. He's a winner in two ways: He's learned to budget for the mortgage payments and he's got secure lump-sum. Re: Home loan for brother 8Feb 20, 2014 10:00 pm shackonthehill Hi everyone Thanks heaps for your replies. We have decided to go down a different track. We have decided to buy the house ourselves for him. We have a large amount of cash that we can offset against the loan so we only pay interest on like 20K on a interest only loan. We are going to do this for two years while he goes nuts saving. No paying rent etc. Just save save save. He gets to pick the house he wants, we cover it and when he has done his savings we sell the house to him for what we paid. Seems to be the easiest way. He is looking at a beautiful house by the pictures tomorrow and if all goes to plan we will put in a offer subject to the normal conditions. He is so excited. Caz ^ That's a very very expensive exercise.. 1. You may be liability for CG tax 2. Your brother has to pay stamp duty again Regarding his borrowing capacity, on a 63k income and with no major liabilities and no financial dependents- he should be able to afford a $300,000 loan easily and with a 20% deposit/gift he doesn't need to show genuine savings etc... Michael Chan | Australia wide Mortgage Broker Michael@ShapeHomeLoans.com.au | 1300 74 5626 | Fax: 02 8212 8909 http://www.ShapeHomeLoans.com.au Re: Home loan for brother 9Feb 20, 2014 11:25 pm oncewerefurriers Just a suggestion (and I'm not saying your brother is untrustworthy) To get him used to paying a mortgage of the house, why don't you get him to pay into your account the equivalent of what he would be paying in mortgage payments? This takes away the option of being able to dip into the savings (or give them to another woman) at the drop of a hat. After 2 years (or whatever arbitrary time you feel) you give him back the money he's paid to you. He's a winner in two ways: He's learned to budget for the mortgage payments and he's got secure lump-sum. I agree. This is wise advice. Hi there, I hope someone can give me some insight into a (very lucky) situation I'm dealing with. My Mum was gifted property by my grandfather after he passed. My… 0 5544 We already paid for somfy motors for the blinds. The quote above was purely for “pre-wiring” so the blinds company can install the motors and blinds. That’s why we… 5 43220 Hi Mrboh Just wondering if you have any BAL or flame zone issues on your block, as getting compliance with BAL requirements whilst doing bearers and joists is tough. Not… 1 23012 |