Useful Tips

Transferring property title – without changing your loan

Every lender has their own terms and conditions, and this is intended only as a general guide to understanding this topic. Contact us to discuss your individual circumstances.

Definition
If you are a company director, or about to become one, you may receive professional advice to transfer your home from joint names into your spouse’s name only.

Often this advice is based on asset protection or taxation reasons. If you have a current loan and your lender holds the mortgage over your home, they will have to agree to this change. In particular, if the loan is in joint names there may be restrictions or certain processes and forms to be completed.

Things to consider
We recommend you seek a professional conveyancer or solicitor to do it for you – they know what to do, the order of things and will liaise with both the Land Titles Office and the Lender on your behalf.

You can undertake this process yourself, and we could provide some assistance or information. However, getting an expert involved could save you a lot of time, effort & frustration.

The process
– Provide your conveyancer with title details (from your last full rates notice)
– Conveyancer will initially:

    • Prepare transfer of land from joint into single name
    • Prepare declaration and goods statement
    • Undertake & prepare a duty statement
    • Prepare lender consent/partial discharge form.

– Once all details & forms are ready, they will:

    • Lodge Transfer of Land for stamping/approval
    • Liaise with your lender to consent to the Transfer & make your property title available.
    • Attend the Land Titles Office to finalise the transaction.

How much will it cost
This will vary between conveyancers/solicitors & lenders:
– Conveyancer fees. Allow around $200-$400
– Bank fees. Allow around $150-$350
– Government fees. Allow around $200