Hi all,
We are hoping that someone can give us some advice.
When our son was sick and had to leave his rental premises because the landlord wanted it back we helped him buy a place.
Unfortunately we were a little dumb at that time so the upshot was,
Our names had to go on the title and mortgage in order for him to get a loan to purchase it.
We have a principal and interest loan that is currently at 5.51%.
Some people are advertising 4.86% loans. We were going to make enquiries, but have been told that when you chase different percentage rates and mortgage providers, that it affects your credit rating, how do we find out about this?
There is also the money that we put in ourselves to get it started and keep it going, we would like to incorporate this and the original mortgage into one loan if the house values up enough.
His ability to borrow etc should have improved over the six years since this started.
Our questions are,
What is involved in getting our names off the title and getting a new loan in our sons name only?
Is there any way our 2/3 ownership can be reduced so he owns more of it?
Can we gift him our part of the title or are we up for stamp duty?
Should we sell our share of the house and have him buy it?
He never received the FHOG at the time as having to have our names on the title killed that as we had already had that years ago. Is there any way he could get that (if it still exists) in sorting this out if our names get off the title?
Thanks in advance for any/all help
Slim
We are hoping that someone can give us some advice.
When our son was sick and had to leave his rental premises because the landlord wanted it back we helped him buy a place.
Unfortunately we were a little dumb at that time so the upshot was,
Our names had to go on the title and mortgage in order for him to get a loan to purchase it.
We have a principal and interest loan that is currently at 5.51%.
Some people are advertising 4.86% loans. We were going to make enquiries, but have been told that when you chase different percentage rates and mortgage providers, that it affects your credit rating, how do we find out about this?
There is also the money that we put in ourselves to get it started and keep it going, we would like to incorporate this and the original mortgage into one loan if the house values up enough.
His ability to borrow etc should have improved over the six years since this started.
Our questions are,
What is involved in getting our names off the title and getting a new loan in our sons name only?
Is there any way our 2/3 ownership can be reduced so he owns more of it?
Can we gift him our part of the title or are we up for stamp duty?
Should we sell our share of the house and have him buy it?
He never received the FHOG at the time as having to have our names on the title killed that as we had already had that years ago. Is there any way he could get that (if it still exists) in sorting this out if our names get off the title?
Thanks in advance for any/all help
Slim
