Personal loan for stamp duty? Already gone unconditional on the house with lending approved and can

get your solicitor to prepare the transfer now and send it in. see if it raises any comments.

 

Just called and asked if he would do that. He said it's not the usual process for them, however, if I am really worried and I "don't want to take his professional advice" then I should wait for FIRB approval then re-submit the loan application with a copy of the FIRB exemption certificate as if I tell them I want to be tenants in common they may ask to see FIRB exemption first.

He then said I'm over thinking something that I don't know anything about.

I don't think I'm being unreasonable to really make sure he's correct considering this is the largest purchase of my life.

 

He acts for you so you can direct him to prepare the transfer now.

I am not sure how it works with pexa, but we used to email the transfer in after the docs had been signed.

 

Texted him asking him to do that. See what he comes back with. FIRB approval is now in progress too - if the worst case scenario is a resubmission for loan approval, we should be able to get that before settlement day otherwise we're open to penalty interest.

 

Who is your lender? I would say i am 99.9% sure you need to roll back the loan and have the loan re-approved and docs reissued if the ownership was to change.

Your solicitor sounds crap and I would drop them even it means you have to pay them for whatever work they already have done. It appears they are trying to do as little work as possible even if it at the expense of you paying more.

Have you asked them if you can nominate the contract to your spouse so that you do not have any ownership like others have suggested?

I wouldn't wait for settlement to see if they accept the change of ownership. Perhaps your broker can speak to the banks settlement agent to confirm?

 

I have to be on the title according to the bank and the solicitor.

His last message to me was basically saying this has never been an issue for him before.

I think I'll wait for the FIRB exemption to be granted then I'll ask the bank; if they want to reassess us then at least we have the FIRB exemption certificate for tenants in common ready to show them.

The vendor have (today) agreed to a 30 day extension on settlement thankfully, perfect for them as their building has been delayed due to an issue with the builders.

Even if I did leave it until settlement day - wouldn't the worst case scenario be the bank wanting to reassess us and we'd just pay the vendor penalty interest for a few weeks?

 

You wonder how many transactions hes done with foreign purchasers.

No, worse case would be bank changes borrowing policy in the meantime.

With your income doesnt 30 days give you enough time to save your way out of this mess?

 

With a lean budget, cost of moving state, schools fees due that month etc, the extra month grace period for settlement puts us about $9000 short. Massive improvement over the 25 short though.

 

That could happen but my partners income was only assessed as the amount she received for 14 weeks maternity pay (she was on maternity leave at the time of application) - if we had to reassess at a later date - her salary would have jumped from around 20k - to around 150k so even if lending criteria changes, the new application would show a much larger joint income (it was mostly my income that got us the 700k loan).

 

This is simply incorrect, however some banks will not allow co-borrowers who are not on title, especially a main residence, but most of the big banks would be ok.

 

I originally got a no from the broker - I can ask her to go back to the bank and ask her BDM to ask the credit team or whoever is responsible. Would that also trigger a reassessment? Do you know what the actual reason was for reassessment in the first place? If they mortgage is on the whole property, why will me having a minority share of the property matter to the bank to the point where they have to reassess and re-issue paperwork?

 

who is the lender?

 

Your help is massively appreciated but I was trying to give as little actual real information away about myself as possible. That lender may well have people on this forum and I feel like everything is so finely balanced I don't want to tempt fate.

 

Keep in mind one of the pertinent questions you've been asking is if you can be a borrower on the loan but not the title. Knowing the lender will allow brokers to give you better information on what that lender can do.

 

Me and my partner have taken on freelance work (we work in tech) on the side so we should be able to cover the shortfall with that plus the lean budget so I think we're looking good now. Would still be nice to avoid the extra duty though.

Broker told us not to worry about reassessment if it happens, we had a strong application she said.

The lender is CBA.

 

CBA allow spouses to be on the loan but not on the title.

(biggest bank in Australia and you were worried 'they' would recognise you from the forum!)

 

Paranoia.. lol

Would that require re-working the mortgage application and do you know of any limitations with 457 visa holders being the primary income earners on the mortgage application?

 

If it is a main residence then it shouldn't require a rework as there would be no change in servicing. But it may require their credit approval.

 

How long before settlement should I wait before credit approval? Is this the sort of thing that's best doing immediately? Not sure why my broker originally said no.

 

as soon as possible. this might require new docs, but I don't think it will if you will still be on title. but if you are not on title you can't give a mortgage so new docs will be required.