Lovely knowledgable ladies on bub hun, just needing some advice as i have no clue on this.
My family own 3 investment properties, ill call them A, B & C.
In total the loan for these 3 properties combined is $1 million.
If A and B sells at $400,000 each then the total loan left over is $200,000.
My hubby and I may look into living in property C which is valued at around $400,000.
We aren't sure if its best if we take over the mortgage repayments on $200,000 which will still be under my families names.
Should we purchase the property and if this is the case, how is it treated from a tax and bank perspective, for example, do we just apply for a loan for the $200,000 and then pay that to my family, even though the house is valued more than double the amount remaining?
Thanks in advance ladies :-)