Buying a home - should I leave my partner off the S&P?

[curiousaboutworship]

@flashhog Why not have her use the FHG in this property it's 10k if you both apply. Why wait for her to maybe get her 5k later.

 

[flashhog]

@curiousaboutworship She's not eligible yet, waiting for another few years of contributions. It's not just about the grant but also the first home partner and first home loan too.

 

[superduck]

@flashhog I think it's a smart move op and if you can do separately and then do it again later in her name why not. Good thinking

 

[vesper1977]

@flashhog Completely joint finances sounds like you both contribute which is not the case. The benefits of her name on the house is she is protected from eviction if something happens to you. She is also entitled to part ownership if you break up.

 

[flashhog]

@vesper1977 I believe she is entitled to part ownership regardless of the name on the title.

Could I not add a clause to protect her in the event of my death?

 

[vesper1977]

@flashhog You could give her the house in your will.

 

[donaldjamesperry]

@flashhog Ianal but I don’t think she’d be able to have fhb benefits later on since you already said the house will be a joint property.

 

[tessy40]

@donaldjamesperry Ianal either but I had the impression the opposite was the case. If she isn't on the title she'll have FHB benefits later on.

 

[flashhog]

@tessy40 Yea, this is my understanding too. The house would be considered relationship property regardless of the name on the title as it was obtained during our relationship. If we split, she would be entitled to it even if it was just my name.

However, if she left her name off the title then she legally doesn't "own" the property and could apply for a FHB grant as an individual.

 

[donaldjamesperry]

@flashhog Hmmm maybe talk to an actual lawyer or post it in the legal advice nz sub. Make sure that you are right about this.

 

[jedilily]

@flashhog No benefits for you having both names on it right now, the benefit in the future would be if they started to earning and your lending needed to be reassessed. They would technically be eligible for fhb benefits, but they would have to commit to the terms of the schemes, one of the main ones being they intend to live at the property they are purchasing for at least xxx amount of time.

 

[melvin1]

@flashhog Yes she is a FHB later if you don’t add her on title. And yes you are correct it is relationship property anyway. You don’t need to purchase another property you can add her later to THIS property as a FHB and get eligible grants and KiwiSaver withdrawal. It will cost you legal transaction fees of course as you are selling the house from you… to you and her. Good luck.

 

[auvrey]

@flashhog I was told to put my name only on our rental property, which ended up being the worse thing ever, mainly because everything had to be authorized by myself not my wife.

 

[shaggyman]

@flashhog OP - Just bought a house, modest 600k mortgage taken, medium sized dep (150k), combined income 240k, mine is 150k PA. Both perfect credit, no CCs, no loans, no debt except a small student loan and 1 car under my company name - didn't matter, that car made us really work for that approval in the end (it's a nice car lol, still 65k owing on it, only 1.1k a month though). Our broker was confident, took a lot of back and forwards to get us there: but we made it. TLDR; Get the approval first, at the bank.