Example: Adding a long term partner to your property
John and Ling have been dating for 3 years and are ready to move in together. Ling already has a property in Dee Why, Sydney worth $750,000 while John lives with his parents. The agreement is that John will move into Ling’s property and start making 50% towards the monthly repayments.
Ling has paid $50,000 worth of repayments and provided a $100,000 deposit. She now owns $150,000 worth of the property, which means she owns 20% of the property.
Ling and John first approach the lender to see if they can get approval to get a joint loan. After reviewing their finances, the lender consents to adding John’s name to the title and mortgage. The lender also works with a third party legal service to obtain all the legal documents and a draw up a "tenants in common" agreement. This allows them to specify how much each person will own.
They decide that Ling will own 60% of the property (including the portion she already owns) and John will own 40%. After Ling and John fill in the appropriate paperwork and pay the transfer fee of $350, the house is now under both of their names.
I brought 2 homes for investment. ( 2016 and 2022) I would like to add my husband name on both properties. We married since 2005. What the process and how much for the all cost? thank you
Hello Ratchawan,
The fees depend on which state you live in. You’ll also need to contact your lender if you have mortgages on these properties because you’ll need their approval.
There should be no stamp duty costs if you’re adding a partner. I suggest talking to your lender first and possibly contacting a conveyancer.
I had a fire at my home finally got paid by insurance company and knocked burnt house down and now rebuilding.
My son is going on loan as I can’t now afford on my own to rebuild.
I will be putting him on my title he is 21 first home buyers do we have to pay stamp duty in NSW.
He is on the mortgage principle place of residence once built.
Hi Kim, in this scenario your son will likely have to pay transfer duty. Here’s the NSW government guide to how that works. Hope that helps!
Hi, I have lived with my wife for 15 years in our current residence and we are legally married. I have paid off the mortgage on my house and I want to put my wife in joint ownership of my title. Is the valuation of the house included in the documents required?
Hi Lee, Usually, you won’t need the valuation for your property to change the title – the key requirements are the property title, evidence the property has been paid off and the relevant forms for your state. Depending on your circumstances, you might want to seek professional advice to ensure the change of title doesn’t have any impact on any current or future pension payments. Hope this helps.
My son and his partner have brokered the idea that – if we gift them $100k towards a deposit for the purchase or a dual living house for myself and mother move into and we both contribute to the mortgage – they can get the loan in their names as we can not..
we would right up a property title agreement [ if thats the correct term ] for all of us to be on the title and with an agreed percentage between all parties.
look for advice ?
Hi Andrew,
You require personal financial and legal advice that we can’t provide here. I suggest talking to a solicitor or conveyancer and a mortgage broker.
Hi. Me and my wife built our house her mother gifted my then girlfriend the land to build on we weren’t married at the time but both our names are on the mortgage. but my name is not on the deeds. Now that were married the last 4 yrs and putting my name on the deeds would I have to pay stamp duty or other taxes
Hi Mark,
We can’t provide personal financial or legal advice on this matter. I suggest contacting a conveyancer or solicitor.