Adding Your Partner To Your Property Title
Adding your partner’s name to your property title is relatively easy and straightforward.
However, there are traps and consequences you need to take into account before you sign the dotted line.
Am I allowed to add my partner?
Yes, you can add your partner to your property title to make you the joint owners of the property but they need to have an interest or share in the property.
The existing loan may also need to reflect this new ownership structure, which means that the loan may need to be refinanced.
Here are some quick facts to get you started:
- You can add your de facto partner or spouse to your title.
- You’ll need to refinance your home loan.
- In most states of Australia, you won’t pay stamp duty (conditions apply).
- It’s best to use a conveyancer but it can cost you $500 to $2,000.
- Your partner must meet standard bank lending policy.
In some cases, when someone is removing an ex-partner from the title they are also adding their new spouse to their title. If that’s the case then please refer to our page on buying out an ex-partner.
How to add your partner’s name in your property title
You can add your partner’s name to your home loan in two simple steps:
Step 1: Add your partner to your home loan
If you have an existing home loan, you must inform your lender first before you go ahead and grant ownership to your partner. Your lender will tell you what documents you need to submit to complete the process.
If your partner isn’t on the home loan yet, you need to add in your partner’s name to the mortgage first. If your partner’s name is already on the home loan or you have a joint home loan, you can skip this step.
This is a great opportunity to get a better deal on your mortgage because you’ll have to refinance your home loan.
To kick off the refinancing process, you need to complete your lender’s discharge form first and then you can switch to another lender. You can also apply for a joint loan with the same lender as long as they’re willing to offer you a better deal.
Once you’ve added your partner’s name to your home loan, you can move on to the next step.
Step 2: Adding your partner to your property title
After your partner is added to your home loan, you’ll need to fill in the necessary forms and apply with your state government to add your partner to your property title.
Generally, you’ll have to fill in the following:
- Transfer form: You can obtain the transfer form from your state government website. You’ll have to record your name as both transferor and transferee and add your partner’s name as transferee.
- Certificate of title: The original certificate of title may be held by you or your lender. You’ll be required to provide this document.
- Mortgage documents: If you already have a mortgage, you must first seek advice from your lender. This way, they can provide any relevant mortgage documents that may be required to add in your partner’s name to your property title.
A conveyancer can help make this entire process very easy so we recommend you consider speaking with one before you proceed on your own.
Help! I’m confused!
If you’re not sure about how to add your partner to your property title or you’re having trouble dealing with your bank, we can help you.
We have mortgage brokers with many years of industry experience and we know how to get things done and what to look out for in this situation.
You can discuss your situation with one of our credit specialists by calling us on 1300 889 743 or by enquiring online.
Beware of the traps!
By adding someone to your property title, you’re essentially giving ownership rights and control over your home to them.
Make sure you understand the consequences of your decision beforehand to avoid murky water in the future.
Here are a few general questions you should answer before you add in your partner’s name to your property title:
- Are you on a fixed rate? Since you’ll have to refinance your home loan, you can incur expensive break costs if you’re on a fixed rate. There may also be legal fees and valuation fees if you require a lawyer.
- Will you pay Lenders Mortgage Insurance (LMI)? When you refinance your home loan, you may have to pay LMI if your loan amount exceeds 80% of the property value.
- Are you adding them to help them get credit or a mortgage? It’s not recommended that you add a partner to your property title to use the property as the collateral for a loan. This is because you’ll be held fully responsible in case your partner fails to repay the home loan. In extreme cases, you can lose your property.
- What if you get divorced later? We can’t advise you on this, but it’s something that may or may not affect your legal position so if this is a concern for you then please seek legal advice.
We have mortgage brokers who specialise in refinancing home loans. We can help you add your partner to your property title and get a better deal when switching your mortgage.
You can call us on 1300 889 743 to speak with one of our brokers or enquire online for a free assessment.
Will I pay stamp duty?
In some cases, stamp duty may not be applicable when adding your partner to your property title. This is mainly for married, de facto and same sex couples.
You’ll have to fill in an exemption form in order to take advantage of this exemption. You can obtain the form your state office of revenue or your state government website.
Carefully read the exemption requirements for your state. The devil is in the detail!
The definition of a ‘partner’ is something that can vary between states. Particularly for de facto couples.
Before the exemption is realised, you must meet a number of conditions which can change from state to state. This is why it’s best to always check with your lender before adding in someone’s name to your property title.
You can learn more about stamp duty and exemptions from your state government website:
- Government of Western Australia
- Northern Territory Government
- Government of South Australia
- Queensland Government
- New South Wales Government
- ACT Government
- Victoria State Government
- Tasmanian Government
Our credit specialists are here to help!
Adding your partner to your property title can be complicated especially if you have a unique personal situation or home loan feature.
However, our mortgage brokers can help make this into a relatively straight-forward process and help you switch lenders.
Call 1300 889 743 or enquire online to speak with one of our mortgage brokers today!