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.
Hi, I had put a deposit down and signed all the paper work for a new off the plan apartment.
During building (still in process) I had prosed to my girl friend. I am still yet to settle on the apartment (due in about 2 months thou) can I 1, have my fiancé added to the title once married without paying stamp duty?
My lender said they don’t need to have her added to the mortgage for this. but of course we don’t want to pay stamp duty etc again. thanks
Hi Jason,
Thanks for your comment.
Stamp duty is generally not payable when sharing titles on the property.
Cheers,
Shirley
Hi
Myself and my partner have just bought a property in Nsw.
We applied for the loan in both our names as he earns the higher wage,the bank have approved the loan.
My partner is a Director of a company and to be honest the company is not travelling well,meaning the company may be calling in the Administrator as soon as next week.
We have decided to put the title of the property in my name only,bank loan in both.
Do you see any recourse if his company goes under as they owe lots of money to the ato and creditors,we are worried that the house will be taken from us,or is this not the case as the property title is only in my name.
So confused please give me your thoughts
Lou
Hi Lou,
thanks for the question.
This question is best suited to a financial or legal professional. They’ll be able to explain the ins and outs of this method and any potential obstacles you might face.
Cheers,
Marc.
If a property is owned as Joint Tenants can one of the owners add another person to the title?
Hello Rhonda,
thanks for the question.
Generally speaking this will require agreement from both tenants, and could change the agreement to a tenants in common agreement.
I hope this helps,
Marc.
Hi,
I want to add my partner to the title, but she has a bad credit rating, will this be a problem with the bank?
Hello Mario,
thanks for the question.
Adding another title to your mortgage may involve your bank requesting a new application and will include assessing both of your credit files, so this might be an issue depending on the nature of the bad credit and the bank in question. I’d recommend discussing this with your lender directly.
I hope this helps,
Marc.
My partner has an Investment property in his name only. Currently my partner is not working and I am paying the mortgage and bills for the property.
He wants to transfer it to my name but i am unable to get a loan for the amount required. Is our only option to have both of our names on the Title?
Hi Lynn,
Thanks for your comment.
It’s likely that sharing the title may be your only option – please speak to your current lender or a mortgage broker about your options.
Cheers,
Shirley