Need an Expert Advise for a New Loan for a Vacant Land

accessdenied on 03/10/2020 - 10:16
Last edited 03/10/2020 - 11:30

I am an Australian Citizen. My partner is not. She is on bridging visa waiting for the approval of her Subclass 820 application.

I am buying a land in my name as she is considered as a 'Foreign Purchaser' and would have to pay a stamp duty surcharge.

Can I still add her as a co-borrower in the home loan application?

Before you make any assumptions,

I am not a mortgage Broker. I did make an inquiry about becoming one but I am not one yet.

I am upgrading to a bigger house but would like to keep the current apartment that I own.

If you can not help, do not mock. Some of us have real life problems to deal with.

Thank you for your assistance.

Financial

Comments

  • [Deactivated] on 03/10/2020 - 10:22
    +1

    Nope.

    There is nothing stopping someone with a partner co signing and disappearing, making half the loan unsecured.

    You're borrowing with the asset being purchased also used as security. Your partner has zero security as the asset is not under her name.

  • avoidfullprice on 03/10/2020 - 10:23

    Why are you adding her as coborrower? If her name is not in the title, then what benefits does she have?

    It is not that you can't, but there is consequence with proceeding ahead.

    NOT ADVICE HERE

    Edit: is this your circumstance or one of your client's?

    • accessdenied on 03/10/2020 - 11:31

      I would like her name on the title too but she is considered as a Foreign purchaser hence she suggested I can take her name off so we can save on $20k of excess stamp duty.

      • avoidfullprice on 03/10/2020 - 19:22

        In this case it seems it is an either or situation - cant avoid excess stamp duty and have her on the loan without her name on the title. Good luck.

  • websterp on 03/10/2020 - 10:43
    +10

    LOL. Mortgage Broker asking this question! Good luck to the clients he is supposed to be giving lending advice…

    • Muzeeb on 03/10/2020 - 10:52
      -1

      Lol

    • netjock on 03/10/2020 - 10:53

      Isn't a very good financial accountant then. CPA Qualified accountants working for medium to big companies are on minimum $95k if not $100k. Don't need to fork out a lot of money to buy a franchise so you can make the same kind of money zero risk.

      I think they are under pressure from their partner to get their name onto something. I believe the immigration department wants to see bills and all kinds of assets under joint names to demonstrate the relationship is legit.

    • accessdenied on 03/10/2020 - 11:20
      +1

      I'm not a mortgage broker yet bro. I was planning to study towards it. Hence asking for an opinion. If you cant help, dont mock.

      • websterp on 03/10/2020 - 11:37
        +3

        No worries Bro. Say hello to our Ma if you happen to see her…

  • Ughhh on 03/10/2020 - 10:52
    +3

    Oh boy, I would expect a professional in the home lending business to be able to answer these questions, or at least be able to research and find out through reliable sources ie. Not forums. You had one job.

    • accessdenied on 03/10/2020 - 11:25

      I am not not a mortgage broker. I do not become one by making an inquiry. I wouldnt be asking it here if I was one myself.

  • lvagg59 on 03/10/2020 - 11:49
    +1

    As the Subclass 820 Partner Visa is only temporary I don't believe a lender would allow a loan in both names. Can you service the loan on your own? If so do the loan in just your name and when or if your partner is granted permanent residency then you can refinance into joint names or have the loan and title of the property changed at a cost.

    • accessdenied on 03/10/2020 - 11:50

      Unfortunately I cant. I already have a loan on my name and do not have the borrowing capacity to take on another one in FULL.

      • lvagg59 on 03/10/2020 - 11:53

        Check with a broker but I am sure this is still the case. You may have to wait to purchase the land until she is granted permanent residency and in steady employment.

    • miwahni on 03/10/2020 - 21:46

      This ^. I know Genworth won't accept 820 Visa, not until it's upgraded to 801, and I do believe most banks are the same. Someone with a temporary visa may never get a permanent visa and may be deported. You need to afford the loan in your own right.

  • Nutrino on 03/10/2020 - 14:12

    Acessdenied. Sorry.

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