All Topics / Legal & Accounting / Transfer Debt

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  • Profile photo of TraceyTracey
    Participant
    @tracey01
    Join Date: 2015
    Post Count: 3

    Hi,

    I purchased a house which my partner and I are going to move into. We currently own our house (under my name) which will be rented out. I want to be able to transfer the debt over to the investment property. The best way to do this would be to transfer to my partner however I still need to have the investment property in my name.

    Is it possible to sell the home to my spouse then sell it back to me say a week or month later?

    It seems like a messy process to do all this but the benefit will be having deductible debt. Ideally the best process with regards to organising the loan with the bank would be the following:
    1. Partner buys house from me for $500k
    2. I buy house back for $500k
    3. Refinance current loan so i have the debt on my new purchase of $500k without my partner having to organise a loan.

    Is this possible or am i just hopeful?

    Thanks

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213

    Yes, possible.

    Change of owner means new loan applications.

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

    Lawyer, Mortgage Broker and Tax Advisor (Aust wide) http://propertytaxbook.com.au/

    Profile photo of TraceyTracey
    Participant
    @tracey01
    Join Date: 2015
    Post Count: 3

    Thanks for your reply Terry.

    Do you know if it is possible to transfer titles between your spouse numerous times without triggering stamp duty?

    Thanks.

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213

    In Vict it is possible. s44 Duties act from memory. Not in other states.

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

    Lawyer, Mortgage Broker and Tax Advisor (Aust wide) http://propertytaxbook.com.au/

    Profile photo of TraceyTracey
    Participant
    @tracey01
    Join Date: 2015
    Post Count: 3

    Thanks Terryw.

    Good thing I am in Vic.

Viewing 5 posts - 1 through 5 (of 5 total)

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