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OK, the situation.
House 1: I have recently been pre-approved for a home loan for house 1. This is a private agreement, so house is sold to me under value using gifting etc to me alone.
House 2: An opportunity has also arisen where I can co-purchase with a family member, but the requirements, it has to be first home loan.
What I would like to do, is put my name forward for House 2 as I currently am still a first home purchaser. And if I get accepted from that, I accept both mortgages and then rent out house 1.
Already have renters lined up for house 1. And Me and Co-Owner will be paying for House 2.
Are there any issues I may come across?
House 1: I have recently been pre-approved for a home loan for house 1. This is a private agreement, so house is sold to me under value using gifting etc to me alone.
House 2: An opportunity has also arisen where I can co-purchase with a family member, but the requirements, it has to be first home loan.
What I would like to do, is put my name forward for House 2 as I currently am still a first home purchaser. And if I get accepted from that, I accept both mortgages and then rent out house 1.
Already have renters lined up for house 1. And Me and Co-Owner will be paying for House 2.
Are there any issues I may come across?