Applying for the Loan
Spent a couple of hours filling out home loan application forms. There are some complexities that tripped me up here. I was counting on using some of our business income to get the loans but because we've been in operation only about a year the banks won't accept it. This means the loan will all be done on my wage, which means the title of the new house/land will have to be in mine and my wifes name. Originally we had intended that the titles would be in her name alone as she earns less money and there would be tax benefits. The upshot of this is that we may end up paying an extra 5-10% tax on any profit we make, as half the profit will be taxed at my marginal rate, which is 50.7%. Ouch.