Hi all, I have an IP I've owned for over six years in my personal name. It is in Brisbane and is now sitting at 50% LVR. I am looking to withdraw some equity however I do not service in order to do so. On a prelim basis, when adding in my wife's income and debts we service comfortably. The bank has asked for me to add my wife in the title (which I am fine to do) I just wanted to chat through any implications with the experts on PC and also the steps to make the change in title happen and if there are any downstream issues (Stamp Duty etc) from doing so? Cheers, Shawn
Don’t let a bank dictate ownership structure this will trigger both duty and cgt and you should get legal advice on that and other consequences more importantly she can go on the loan with being an owner at all
Thanks @Terry_w - I was sure I'd heard that a wife could go on the loan without being an owner at all and was surprised to hear this wasn't the case with my bank.
Bank policies vary. Some allow a (married?) spouse as co-borrower when not on title and some require each borrower to also be on title. Some even require a minimum interest eg NOT 1%. This is a area where brokers can assist.
