Sorry for all this on my first post. Was advised to come here...
I have two questions.
I own my own home outright on the Gold Coast QLD.
Met a great women 48yrs old 2 years ago. I'm 52.
Decided to buy an investment property close by ($400k), in joint names (for our future etc).
She had no deposit/collateral/security/ Had no savings but had Car/CC debt of $25k. Always lived at home with her parents, never paid any rent (spent her money on hotels/traveling/new cars, jewelry, etc) - (I know, I know...)
We got a St George Portfolio loan - based on our joint incomes (her $67k me $44k), and my place as security (St George now hold the title deed to my home worth approx $450).
The port loan was for $500k.
Port loan was for house $375k+ (costs/ stamp duty etc taking it close to $400k), and segmented $25k (for her debts). With the remainder for 'whatever'.
We consolidated her car loan $22k @ 12% and $3k CC @ 20% to the port loan @ 4.9%
House was purchased in May 14. She moved in with me full time (my house), in Sept 14. She has paid equal amounts to the investment home $150pw, and paid half rates/water/insurance.
She never paid rent whilst living with me in the house (which is held as security for the port loan). We paid half the costs, food etc.
We have unfortunately decided to split. And tonight she has added up all her payments to the investment house, and wants it all back, $7300.
She also wants her name removed from the Port loan - effectively making me to reapply again or we sell the house - I don't know what the options are... I'm here asking.
As it was all my 'risk' and her bringing nothing to the table when buying the investment property, what is my standing with not paying her as much as she wants as she didn't pay any rent and is even saving $50pw on interest payments that included her car and CC?
She said that she's quite happy to get another loan at 12% for the remaining $17k!
1) Basically, I'm asking if my risk is/was worth anything to what I have to pay her?
2) Does a name change (assuming St George allows me to have a port loan of the investment value - now $378k outstanding with my sole wage income I fear losing the investment home and having to sell it at probably zero $ gain), involve another hit of stamp duty etc and what other costs will I get hit with?
I apologise for a 'rude' first post question. I'm a member of WP of many years and a high post count - I also am a member of other forums with good counts. But they don't allow questions (financial), like this.
Thanks.
I have two questions.
I own my own home outright on the Gold Coast QLD.
Met a great women 48yrs old 2 years ago. I'm 52.
Decided to buy an investment property close by ($400k), in joint names (for our future etc).
She had no deposit/collateral/security/ Had no savings but had Car/CC debt of $25k. Always lived at home with her parents, never paid any rent (spent her money on hotels/traveling/new cars, jewelry, etc) - (I know, I know...)
We got a St George Portfolio loan - based on our joint incomes (her $67k me $44k), and my place as security (St George now hold the title deed to my home worth approx $450).
The port loan was for $500k.
Port loan was for house $375k+ (costs/ stamp duty etc taking it close to $400k), and segmented $25k (for her debts). With the remainder for 'whatever'.
We consolidated her car loan $22k @ 12% and $3k CC @ 20% to the port loan @ 4.9%
House was purchased in May 14. She moved in with me full time (my house), in Sept 14. She has paid equal amounts to the investment home $150pw, and paid half rates/water/insurance.
She never paid rent whilst living with me in the house (which is held as security for the port loan). We paid half the costs, food etc.
We have unfortunately decided to split. And tonight she has added up all her payments to the investment house, and wants it all back, $7300.
She also wants her name removed from the Port loan - effectively making me to reapply again or we sell the house - I don't know what the options are... I'm here asking.
As it was all my 'risk' and her bringing nothing to the table when buying the investment property, what is my standing with not paying her as much as she wants as she didn't pay any rent and is even saving $50pw on interest payments that included her car and CC?
She said that she's quite happy to get another loan at 12% for the remaining $17k!
1) Basically, I'm asking if my risk is/was worth anything to what I have to pay her?
2) Does a name change (assuming St George allows me to have a port loan of the investment value - now $378k outstanding with my sole wage income I fear losing the investment home and having to sell it at probably zero $ gain), involve another hit of stamp duty etc and what other costs will I get hit with?
I apologise for a 'rude' first post question. I'm a member of WP of many years and a high post count - I also am a member of other forums with good counts. But they don't allow questions (financial), like this.
Thanks.