Last edited by VicPark; 17-06-2016 at 22:31.
Sounds messy. Like Vicpark suggested, could you move out and rent it out for a little while? I can understand why your ex does not want to sign for more debt, I wouldnt do that either.
Good luck, hopefully you can sort something out.
So many questions. @baby beeno, my sister feels her ex is more likely to be aware of and claim money if we sold the house. As for my ex, yes I know that he is entitled to money - I am the one that's been trying to convince him to take his share of the money after we sell, tho he insists he wants no part of it, that he only went in to help us out.
My sister's name is on the title. The renos should cost us $30-$40K, but we have around $15K already. It is not a huge job really, as the space is already there. It effectively needs three tiny walls put in, a small bathroom and a kitchenette.
Also, we've built up equity over time, tho I'm not sure what role this plays in it all. Our current lender has said we can only get my ex off the title once we have done the renos, and are getting income from it. Neither of us are able to work at the moment due to our circumstances and our main babysitter being overseas.
I'm paying the mortgage as I live here. In the current state the house is in I have to rely on tenants to rent rooms to help me pay it, but this is not always an easy thing to do. I could move out but it's so disheartening as I live in one of the most expensive areas in Australia (Byron Bay).
It's just silly that they only look at your income to see if you can pay off the loan when we have always used money from tenants to pay off the mortgage, not our own personal money (unless we are living in it too). The self contained space alone should bring in up to $300 pw, the other area (a six-bedroom home) up to $500 pw.
Both of your ex
Both of the exs can come after the money at anytime unless you have a formal settlement. Your ex would be out of his mind to re finance as he isn't profiting and carrying all the risk.
I doubt a bank will lend you money.
Personally I would sell pay everyone out and buy something small for you and the kids.
Sounds like this could go south quickly.
Also understand that rental income is seen as income and can effect Centrelink payments.
Look up property prices in the Byron Shire. Not half as straight forward as it may seem 😕
Just curious: have you factored tax into your rental income stream and sums re paying off the mortgage? Also, like PP said, it is likely to affect Centrelink too.
In surprised no one comments on the fact that your sister is trying to financially deceive her future ex husband.
If gender were reversed and a husband was trying to hide money away from future ex wife everyone would be arms up in the air 😕
In your situation I would move out and rent the place. Surely it would be positively geared? Some banks would loan you money against the rental income.
Best talking to a broker.
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