Australia's #1 for Law

Join 150,000 Australians every month. Ask a question, respond to a question and better understand the law today!

QLD Partner Filed for Bankruptcy - Can I Buy My Own Home?

Discussion in 'Debt and Bankruptcy Law Forum' started by Futureplanner, 12 March 2018.

  1. Futureplanner

    Futureplanner Member

    12 March 2018
    Likes Received:
    Basically. My partner has filed for bankruptcy. I would like to purchase my first home sometime this year. I work full time. I am also capable of making mortgage repayments on my own. A family member has guaranteed myself to use their home as collateral to use as a deposit for my first home.

    Their home has no debt owing.

    Being that I am of de facto relationship, and my collateral is somebody's else property, how can I ensure that my family member's property is safe from my de facto in terms of a separation? We have separate incomes. No joint accounts or debt accumulated together.

    How can I successfully guarantee that if we separate, my partner can not take something he has no legal tie to?

    Do I just ensure there is no money transferred between us before purchase of said home? Do I have to get a solicitor to draw the paperwork up "similar to a pre-nup"?

    I am not mentioned on my partner's bankruptcy paperwork.

    In all honesty, if there is no guaranteed way of making sure my family member's property Is safe, I will not be going ahead with the collateral.
  2. Cairnsdad

    Cairnsdad Well-Known Member

    10 January 2016
    Likes Received:
    You definitely need legal advice before making any financial purchases the way you have described above and they will likely then refer you to professional financial advice as well.

    I am pretty sure this won't come as a revelation to you.

    Good luck

Share This Page