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  • Profile photo of lee88lee88
    Participant
    @lee88
    Join Date: 2019
    Post Count: 4

    My mum and sister are joint on the house title.
    My sister,mother and myself all live in this house and my sister is moving out and wants me to pay the outstanding loan of 70k but wants the loan to stay in her name .
    I need security so i asked to be on the title.
    My mum is on disability pension and i am on single mothers pension.
    What would be the stamp duty cost or any cost for me being put on the title?
    And will i be excempt from stamp duty if i am on a pension?
    The house value is around $600,000
    The property is my main residence and my mums.
    Will me going on the title effect her pension or mine?
    Or what would i have to pay if they both stay on the title and i am added.??

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,190

    any change in title will require a release of the mortgage. This means the loan will need to be paid out or a new loan applied for.

    Stamp duty will apply on the value transferred, unless there is an exemption. none available for pensioners as far as I know but depending on the circumstances you might be able to argue a trust relationship.

    Going off title will effect the pension.

    Seek legal advice.

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

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

    Profile photo of lee88lee88
    Participant
    @lee88
    Join Date: 2019
    Post Count: 4

    I have seen pensioners can get excempt.
    Do you know the process for just adding a person to the title but not the loan? And if stamp duty will have to be paid on the full amoubt of the house

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,190

    first get permission from the mortgagee – they won’t give it.
    Then speak to your conveyancing lawyer about whether a contract is needed, enter contracts and sign transfer and settle.
    Duty will be payable on the value transferred.

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

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

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