All Topics / Help Needed! / Can you transfer a mortgage from your PPOR to an IP?

Viewing 9 posts - 1 through 9 (of 9 total)
  • Profile photo of Want2investWant2invest
    Participant
    @want2invest
    Join Date: 2009
    Post Count: 9
    January 12, 2011 - 1:33 am

    Hi All,

    Just wondering if someone can answer this for me.

    Is it possible to transfer your mortgage from your PPOR to an IP?

    Situation is we have a mortgage on our PPOR and the IP is fully paid off. Is it possible to pay this out somehow and transfer the loan to the IP? The title of the properties are under different names – PPOR under my name and IP under wife's maiden name.
     
    Thanks in advance.

    Jim.

    Profile photo of EPI_DenEPI_Den
    Member
    @epi_den
    Join Date: 2010
    Post Count: 71
    January 12, 2011 - 5:46 am

    As far as I know, this isn't possible. I'm sure your accountant would be able to let you know all of your options.

    Good luck!
    Den

    Profile photo of Scott No MatesScott No Mates
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    @scott-no-mates
    Join Date: 2005
    Post Count: 3,856
    January 12, 2011 - 8:39 am

    you can do whatever you like with the mortgages. Unfortunately, it will remain non-deductible as the purpose of the loan has not changed.

    Profile photo of Want2investWant2invest
    Participant
    @want2invest
    Join Date: 2009
    Post Count: 9
    January 13, 2011 - 1:30 am

    Hi Den / Scott..

    Thanks for your replies on this. I'll have a chat to my accountant.

    Jim.

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024
    January 13, 2011 - 6:02 pm

    As SNM said you can certainly take a mortgage out on the property but the interest wont be deductible.

    The other option is to look to sell the property to yourself either using a Unit Trust / spouse, borrow 100% of the purchase price and the entire loan would be deductible as the purpose of the funds would be investment.

    You might have Stamp duty to consider but if the numbers are right well worth looking at.

    A good independant mortgage brokker should be able to assist you with the financing and structure.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of minichickminichick
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    @minichick
    Join Date: 2009
    Post Count: 54
    January 13, 2011 - 7:39 pm

    selling the property to a trust maybe the way to go as richard has suggested

    Profile photo of Want2investWant2invest
    Participant
    @want2invest
    Join Date: 2009
    Post Count: 9
    January 14, 2011 - 4:27 am

    Thanks Richard!

    Do you know of any good brokers? If so could you please send me a PM?

    Thanks minichick!

    Profile photo of Jacqui MiddletonJacqui Middleton
    Participant
    @jacm
    Join Date: 2009
    Post Count: 2,539
    January 14, 2011 - 5:14 am

    Hi Want2Invest….

    Richard himself is a mortgage broker… and is held in very high regard

    Jacqui Middleton | Middleton Buyers Advocates
    http://www.middletonbuyersadvocates.com.au
    Email Me | Phone Me

    VIC Buyers' Agents for investors, home buyers & SMSFs.

    Profile photo of Jamie MooreJamie Moore
    Participant
    @jamie-m
    Join Date: 2010
    Post Count: 5,069
    January 14, 2011 - 7:03 am
    Want2invest wrote:
    Thanks Richard!

    Do you know of any good brokers? If so could you please send me a PM?

    Thanks minichick!

    Richard is an excellent broker – you should contact him directly. He'll sort it out for you.

    Jamie Moore | Pass Go Home Loans Pty Ltd
    http://www.passgo.com.au
    Email Me | Phone Me

    Mortgage Broker assisting clients Australia wide Email: [email protected]

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