Thankyou for your thankyous lol. Our reward will you being OK & I'm sure you WILL be great!
Yeah I hear you about the house - a tricky one.... I can see your Rational thinking pumping hard - well done!
House: This is where legal advice becomes INVALUABLE.
I "got the house" but I sure did push every point in Family Law that applied to our case - we were in Courts. YUCK. Avoid at all costs, don't ask how much lol.
Via Family Lawyers only (not Courts) you can settle in the cheapest way if you seek Mediation through a service like Relationships Australia first. And it's deemed 'appropriate' that you attend it.
Then with a bit of tooing & froing you come to an Agreement & do "Settlement". Get it all signed off by 2 separate lawyers.
You could think of an 'interim plan' (like I did lol and it worked out BRILLIANTLY)..my name for it, not a legal term.
I went all out to buy exH out.
Similar to the way YOU are thinking... paying off all debts etc. to raise my borrowing capacity.
Increased work JUST before I applied for my loan to carry it over.
Collected scrap metal, seriously ALL OUT.
TBH I would pay parents back out of joint accounts now. You can ask a lawyer about this.
We were in a low market too, as you are now. This can work brilliantly to your advantage.
The Valuation will be lower... (good for pay out..).
The Valuation (not merely an Appraisal by any ole agent) is what Settlement goes off.
I thought IF ONLY I could get over the line to get the house 100% then if I CAN'T manage financially afterwards, I'll sell when the market improves.
I didn't have to sell, magic happened. House Value almost doubled after Valuation. OMG insane.
This year my mortgage was reduced.
I don't have a leech lol.
I offered more of my Super, less cash. He took it.
You may or may not be up for this, but you could advertise rooms for rent to help pay the mortgage.
Ask for a Working With Children's Check lol.
I had students for 6 months living downstairs (no tax implications)- that was plenty.
IF you can get over the line, buy W out and hold on until the market improves then the profit is yours.
Or simply keep it.
TBH think about YOUR best advantage here.
I think the kids would LOVE to go "home" to dad's especially when you get in the role of organizing BBQs with their friend's parents and friends to swim in the pool. Stuff like that. Change it up!
I changed most 'family traditions'. The kids love it.
What's your thinking?