Hi,
Has anyone had experience with regard to Gifting property to family members?
I would like to know what process I need to follow, and whom i need to see.I look forward to hearing from someone who can help.
Thanks
RobYou will need to convey the title into the new owners name. So you will need a coneyancer or solicitor to do this.
You may also want to consider the tax consequences, if any -maybe also pension consequences.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Hi Everyone
Does anyone know how many personal loans an individual an obtain? I am trying to see if it would be possible to raise a deposit for IP via several unsecured personal loans. Looking forward to your feedback. Cheers MM
micheled
Very unlikely you will find a lender that will offer you a big enough unsecured loan to act as deposit.
Those lenders that do not ask for evidence of where the deposit has come from and do not require evidence of genuine savings normally limit their LVR to 90% of the purchase price (there is 1 exception).
On a $300K purchase price this means you would need around $45K deposit inclusive of costs.
Richard Taylor | Australia's leading private lender
ghoulie1 wrote:Hi,Has anyone had experience with regard to Gifting property to family members?
I would like to know what process I need to follow, and whom i need to see.I look forward to hearing from someone who can help.
Thanks
RobYou have to make a will to gift your property to your relative. There are some legal work to done. I would also suggest you to take help of a solicitor.
Sorry Max this is clearly not true
You have to make a will to gift your property to your relative.
You can do it merely by way of a simple Transfer form although as Terry has correctly mentioned the gifting may affect them when it comes to Pension entitlements.
Richard Taylor | Australia's leading private lender
I have actually done this. In Victoria (can't comment on other states), unless the property is being 'gifted' between a husband and wife then you will have to pay stamp duty. If you are ok with this, then a solicitor will be able to help you out without too much hassle.
A will a only for gifting after you die.
Transfering property while alive means paying stamp duty at market value – no matter if you give it or sell it for even $1.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
You must be logged in to reply to this topic. If you don't have an account, you can register here.
