Hi Guys,
My girlfriend currently own a property titled under her name only. We are planning to refinance and have me added into the title as well, we will also be taking out the new loan under both our names. Will we need to pay the stamp duty? I am in Victoria if that helps.Regards,
ZeableAre you married?
If so you may be able to tranfer for NIL stamps in VIC. Rather than a dollar amount on the transfer it states “in love and affection”
Also, keep in mind you don’t need to both be on title to get a loan in both names – if one person is on title the other can be on the loan as a second applicant however needs to have a financial interest in the tranaction. Being married or defacto will cover the financal interest part…
Banker
Marriage is not really necessary (nor is any love or affection required) – if they are in a spousal relationship that would be enough to obtain the exemption in Vic. (assuming the property is in vic)
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
Any particular reason why you are doing this? Why don't you purchase a second place under your name only?
Jacqui Middleton | Middleton Buyers Advocates
http://www.middletonbuyersadvocates.com.au
Email Me | Phone MeVIC Buyers' Agents for investors, home buyers & SMSFs.
Thanks guys,
No, we are not yet married, just de facto relationship.JacM,
Reason why we are doing this because I have 2 property listed under my name and I wanted to bring my partner's property over from wespac to commonwealth bank, so we can benefit from the wealth package. It would reduce interest rate on all three of our loans.Thanks everyone for imput
Thats not really a good reason to change title! You should be able to get the discount without that.
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 Terry,
The bank told me that they cannot link my partner's account to mine and was told that the only way is to have me also listed into the title as well.Even if I've agreed to sign the new loan under both our names, we will not have the additional discounts on all loans from the wealth package, unless the title had been changed with both names. There is currently a push to change this policy but it is not yet available, so i was told.
Regards,
ZeableTell them you are changing banks and see what happens. Ask for a pay out figure on all loans because you are changing to NAB.
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
Thanks for the tip Terry,
I'll definitely give that one a go! hahaRegards,
Zeable
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