All Topics / Help Needed! / Changing title, fees and Refinancing

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  • Profile photo of sizzling_ducksizzling_duck
    Member
    @sizzling_duck
    Join Date: 2004
    Post Count: 129
    March 24, 2004 - 9:38 am

    I currently have a loan that I am paying off by myself, the original loan and title deed to the land are also in my name.

    My partner and I are now considering refinancing the current loan with another lender or another product through the same lender. We have been told to do this the details of the deed will need to be changed to reflect both of us being in the loan documents now.

    I would like to know what fees would I be looking at to do something like this? I know about and how to calculate the Refinance Mortgage Duty so I am more looking into the respects of changing the title and other charges pertaining to refinance that the Queensland Government will hit me with?

    Then hopefully after a couple years of hitting the loan hard I can then move onto gathering investment properties and building a healthy portfolio for the future,

    thanks
    Scott

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213
    March 25, 2004 - 2:38 am

    Hi Scott

    There is no reason you have to change title just to refinance. It is up to you as a personal decision.

    Changing title means you a actually selling half of the house to your partner. SO you may need a solicitor, and will have to pay stamp duty on the value of the share transferred. If it is not your main residence, then you may also have to pay CGT. So it could be costly to do this.

    Terryw
    Discover Home Loans
    North Sydney
    [email protected]

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

    Profile photo of fostonfoston
    Member
    @foston
    Join Date: 2003
    Post Count: 111
    March 25, 2004 - 11:58 am

    G’Day Scott,
    The title to our house is in my wife’s name only at the moment, we enquired about refinancing with our current lender and they want both names on the title if they take both incomes into consideration.The costs to us would have been solicitors fees of $385, this would vary of course depending on your solicitor, and stamp duty on half of the current valuation of the property.
    Cheers
    Foston

    Profile photo of sizzling_ducksizzling_duck
    Member
    @sizzling_duck
    Join Date: 2004
    Post Count: 129
    March 25, 2004 - 1:06 pm

    Its pretty much what I have expected, I just wasn’t certain and I wanted assistance before going to a solicitor to change the details.

    That leaves me with a few options:

    a) utilise the current loan but have my partner transfer her funds from a savings account from the same bank (inefficient and clumsy but low on costs)

    b) go ahead and change the details, then all I have to do try to ensure I get the best loan for myself and my partner.

    Thanks for the advice so far.

Viewing 4 posts - 1 through 4 (of 4 total)

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