Hi guys. Hoping for some assistance here. My partner curecently looking to buy me out of property. Current Val approx 360k and owing is 205k. .we have a line of credit attached to property of 50k (unused and funds still there ). She was looking to buy my share of property after expenses for 75k by using the 50k line of credit and 25k in cash and also changing the name on the existing loan to her name only. In doing this would she have to be assessed for an approval by the for the whole loan even though she is technically not borrowing any new funds just using funds that are there and changing to her name ?
Thanks in advance guys
Yes. Ownership is changing so new loans are needed. Discharge of mortgage and new mortgage. Seek legal and tax advice too as many issues.
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
The current loans will need to be refinanced and conveyancer/solicitor engaged to handle the transfer of your portion. Depending on the situation, stamp duty may be liable.
Corey Batt | Precision Funding
http://www.precisionfunding.com.au
Email Me | Phone MeInvestment Focused Finance Strategist - servicing Australia-wide
You must be logged in to reply to this topic. If you don't have an account, you can register here.
