We have a family business and the accountant has it set up that my income is $40k more than my wife’s. We are looking to buy an investment property and also been advised to buy the property in my wife’s name. Does this sound like good advice and can we get a loan if the loan by using my wife’s name and will they look at both our income and the business profits?
From a lending perspective, you can both be on the loan even if only your wife is on the title. You have to show how the property can provide a benefit for the non-titled borrower
Speak with your broker and accountant together if you can
Scott news sounds good to me. Perhaps the reason why she is the only one on the title is that you are the only Director?
Maybe this was a risk minimisation strategy. As for proving you are getting a benefit from the investment property even though you are not on title my require a creative broker. ;)
You should be able to get the loan using the combined incomes/business income to qualify your serviceability. Part for the Broker.
Depending on the incomes being identified and business structure, your accountant will undoubtedly be looking to provide asset protection for the property from the business. A wise strategy!
I agree with Scott above - have your accountant and finance broker/bank manager work together to make this happen (always easier when your professionals are able to work together for you).