Adding a name to your property title is common in Australia. This commonly occurs when a property owner decides to add their partner's name to the title. Of course, there are other instances where you might want to add someone else to the property title. Depending on your circumstances, there are a few key things to consider before adding a name to your property title.
Why would I need to add or change a name on my property title?
There are a few instances where you might need to add or change a name on your property title. This might include:
- Adding a spouse or partner to the property title.
- Adding a family member to the property title.
- Changing financial or personal circumstances might mean you want to add or remove someone.
If you’re adding or changing a name on your property title, you will need to speak with a mortgage broker. You can’t add or change names on the property title without being on the loan, so enlisting the assistance of a mortgage broker (who will help you engage a conveyancer) is vital.
How much does it cost to add someone to my property title?
Stamp duty isn’t always payable when a partner is added to a property title. Certain situations where this occurs may include married, de facto and same-sex couples. However, you'll need to fill out an exemption form to get this exemption. This is available from your state office of revenue.
You need to meet a few conditions to qualify for this exemption, which can vary from state to state. As we’ve previously mentioned, always check with your broker before carrying out any transfer of title or mortgage.
What type of ownership agreement should I consider?
When adding, removing or changing names on a property title, you should consider a few types of ownership agreements. These include the following:
Joint ownership
Joint ownership or joint tenancy refers to two people who equally own a property. If one of these people passes away, the deceased’s share will automatically pass on to the surviving tenant.
Tenants in common
Tenants in common refers to ownership split between two or more individuals, where each tenant has an equal or unequal share. On the passing of one person, the share registered on the title will be administered in accordance with the deceased’s will.
Sole proprietor
A sole proprietor refers to someone who is the rightful owner of the property and is registered solely on the title.
Adding a name to a property title in VIC
If you live in Victoria, you can add your spouse or de facto partner to a property title in Victoria. However, you’ll need to consider restructuring your home loan with a mortgage broker to enable the Transfer of Land to be registered on the title. This needs to be done prior to the Transfer of Land taking effect.
When transferring ownership of your property title, you must pay land registration fees, which are applicable at the time of registration of the Transfer of Land. The amount you pay will depend on the type of transaction being undertaken (e.g., if you purchase a property and enter into a contract, the land registration fees will be calculated based on the purchase price). When completing this process, you must complete a transfer of land application form.
Check out our VIC stamp duty calculator.
Adding a name to a property title in NSW
Stamp duty in NSW is a tax payable upon the transfer of property. Depending on the value of the property and the nature of the transfer, the stamp duty can be quite significant.
If you live in New South Wales and want to add a name to the property title, you must complete a transfer of land form.
When it comes to stamp duty exemptions, no stamp duty is payable for the transfer of property between couples who are married or in a de-facto relationship if the following conditions apply:
- The property being transferred is the family home at the time of the transfer (it is the couple's principal place of residence).
- The property is used only for residential purposes.
- The property will be held in equal shares by the couple following the transfer.
Check out our NSW stamp duty calculator.
Adding a name to property title in QLD
In Queensland, stamp duty (more commonly referred to as transfer duty) applies when you buy a property. This transfer duty applies when you buy or transfer a property. It’s charged on dutiable transactions, including buying or selling a house or business assets.
When you’re adding or changing a name on a property title, you must complete a transfer of landform from the Queensland Revenue Office.
Check out our QLD stamp duty calculator.
How to add a name to your property title
Adding a name to your property title is a complicated process and should be done with the help of a professional. Enlisting the help of an Inovayt mortgage broker means you’ll have someone in the middle to simplify the process. They will engage the help of a conveyancer to deal with the legal side of your application and work with you on the restructuring of your home loan.
How can an Inovayt professional help you with adding a name to your property title?
While a lot of the work will need to be done in collaboration with a conveyancer and other parties, your Inovayt mortgage broker is here to help you add, remove or change a name on your property title. Contact us today to get the process started.
