Question: Rua is working but has been unable to save sufficient deposit for the purchase of her first home. Her parents, George and Ngaire, wish to

Rua is working but has been unable to save sufficient deposit for the purchase of her first home. Her parents, George and Ngaire, wish to support her by way of offering their own home as collateral. Based on this scenario, which of these statements about family loans is correct? Select all that apply. Independent legal advice is inappropriate for family transactions of this nature. A loan approval can be considered even if George and Ngaire have their own mortgage in place. The optimum loan structure would be one loan in the name of Rua and a second loan in all three names. Rua should be able to service the loan requirement for the new property herself

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Law Questions!