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  1. #11
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    Default Rent or buy

    Interesting way to do it cocktailbubba.. Great you found a way to get your loan by doing that.

    Banks really aren't into babies it seems?

  2. #12
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    Quote Originally Posted by CocktailBubba View Post
    We bought in SE Melbourne this time last year with a 4yo an almost 1yo. I wasn't working and still am not with no plans to anytime soon. To do this we had to purchase in DP's name only with no dependants, even though we can easily make the repayments.
    We are doing this so we can get two lots of first home buyers

  3. #13
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    Default Rent or buy

    Quote Originally Posted by monnie24 View Post
    We are doing this so we can get two lots of first home buyers
    It is good in theory but there are legalities involved that will stop you being able to do this. You may have a slight chance if you lie about where you live and never have anything documented as your partners partner, but it is a lot of effort long term for $7k.

  4. #14
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    Default Rent or buy

    Quote Originally Posted by CocktailBubba View Post
    We bought in SE Melbourne this time last year with a 4yo an almost 1yo. I wasn't working and still am not with no plans to anytime soon. To do this we had to purchase in DP's name only with no dependants, even though we can easily make the repayments.
    We have been looking at doing it this way too in a year or so!

    I don't want to offend or be negative, but people who are thinking of doing have to remember that it if you and you partner break up, you will not be entitled to the house (or it won't be sold and split 50/50 etc) (Our broker was explaining this to us... Lol a "risk" I'm willing to take!)

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    Quote Originally Posted by monnie24 View Post
    We are doing this so we can get two lots of first home buyers
    You can't do that if you are in a relationship, unless you lie that you are in a relationship and are buying 2 houses, in which case you are still defrauding the government. Its a big risk you are taking for a small amount of money.

    Quote Originally Posted by perthmumm View Post
    We have been looking at doing it this way too in a year or so!

    I don't want to offend or be negative, but people who are thinking of doing have to remember that it if you and you partner break up, you will not be entitled to the house (or it won't be sold and split 50/50 etc) (Our broker was explaining this to us... Lol a "risk" I'm willing to take!)
    Anyhting you purchase while in a relationship you are entitled to, regardless if your name is on the title. Secondly you can easily add your name to the title later, its called a gift or something like that, it doesn't cost anything. We've done it.

  6. #16
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    Default Rent or buy

    We bought when dd1 was 27mths and dd2 5mths whilst I was on mat leave.

    It is such a hoopla getting a loan when I was on mat leave!!!! We couldn't get mortgage insurance in the required time of contract so ended up putting the full 20% deposit (80k) down.

    I'm heading back to work in 2 wks which I'm not overtly happy with. The only big thing is that the loan is based on my DHs FT wage and my PT wage but with careful budgeting we could manage on one if it wasn't for our investment property that isn't doing so good ATM.

    Point is that you can do it but you need to watch your pennies. Also when you get a loan approved on 1.2 or a 1.5 wage it's easier to take time off for more babies as you already know how to budget.

    A friend just bought a house on 2 incomes and due to a surprise pregnancy will have to head back to work when bubba is 4mths old to pay the mortgage.

    So work backwards - how much can you afford a week payments plus slush fund for repairs etc to what you can afford to buy.

  7. #17
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    Default Rent or buy

    Sorry I don't know how to multi-quote from my phone so I just thought I'd reply rather than just quote one person and post my reply in that..

    We went through a broker who offered to do this for us. Banks really don't like kids lol, even though we can afford out mortgage it was impossible to get a loan straight through a bank.
    We haven't done it this way to claim the FHOG twice though - I'm too paranoid to do so and I'd worry that I'd get caught, like someone else said, the few thousand isn't worth the risk.

    Also once you've been in a relationship with a person for a certain amount of time the law does recognise de facto relationships so 'if' we were to separate everything would still be split fairly, not that I think we would, or that he would try shaft me lol.

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    Default Rent or buy

    I thought I'd also add that we came across many, many brokers who would get us a mortgage - by doing up false payslips for me and what not - for a under the table fee of 1-1.5% of the loan amount. We just by luck came across a really nice lady who just did it the way I explained above.

  9. #19
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    Quote Originally Posted by monnie24 View Post
    We are doing this so we can get two lots of first home buyers
    I highly recommend you don't do this, seriously.


    We bought our first house whilst i was pregnant with my second child, having said that I saved heaps before having kids so we had a deposit ready which obviously helps a lot. We also bought a cheaper house but that has worked as a great stepping stone for us as we sold that and bought a much better house years later (while pregnant with my third). We are not high income at all, not even close.
    it can be done, not as easily perhaps but can be done.

  10. #20
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    With my XDP we were advised to do it only in his name for his first home buyers etc to make the most of it.

    When my DP & I just saw our mortgage broker he advised us on this too when I questioned him. He said if one person purchases a house then when your ready to buy your next investment to do it in my name. Maybe someone could show me some links on how it is illegal and why I would have to say i'm single? I am finding this confusing as we weren't advised this. Thanks!


 

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