If the ppty going to be in persoral names, the following shold be taken into consideration:
The actual ownership of the property should be tenancy in common with a showing owning 60 percent and b 40 percent.
In addition a separate agreement should be drawn up signed by both parties to confirm a have contributed the initial 20 percent. In this agreement you should also have details of arrangement of how much each party is contributing and how the income will be split between the parties. Given the purchase of a property is a significant life event while the intention of both parties may be a align at this point in time, but you also need to address what will happen should one party want to sell and the other dont or for whatever reason 1 party can no longer afford the loan. The more transparent in his agreement the less trouble for down the track if there is a disagreement
I would establish 2 loans in equal amount and in individual name ratter then in joint names.
