Removing a name of title process

Hi all,

Last year I purchased a property however at the time I was contracting through an ABN and hence the bank would not provide finance. One way to get around this was to do a 95/5% ownership split with someone else which I did with a family member to secure the property. This was only done for loan purposes as I still paid 100% of the purchase price, paid all outgoings 100% by myself, received 100% of the rent etc.

Now that I have a PAYG permanent job, I have put in an application with the bank to remove the other person from the title and loan so that it is 100% in my name. I was wondering how I go about removing the other person from the title once the bank agrees to the loan part? Can this be done by myself since there is no money exchanging hands, no transfer of banks etc or does this still have to be done by a conveyancer?

Also, can anyone confirm that stamp duty will only apply to 5% of the current value since I already own 95%? And is capital gains triggered since its a transfer even though I have been paying 100% of everything?

Thanks in advance.
Most likely, it will be a sale of 5% of the property to you by the other party on title. This will trigger a CGT event for them, if in fact there has been any capital gain during the time of ownership. It will also trigger stamp duty for you, but only on the 5% of the current market value. (You could get a sworn valuation done to avoid future challenges for CGT or SD).

I say "most likely" as this is how I understand it to be - unless there is a more clever way around it or unless it is different in Victoria than other states.
Thats what I thought. :( I was just hoping that there may be some way around it since I have been paying 100% of everything and that the 5% was only on the title for loan purposes.

In regards to transferring the name off the title, is this something that I can do or does this have to be done by a conveyancer?

I'm curious - I thought that it would be possible to have the title fully in your name and the loan in joint names ...? Was it a bank restriction that the title matched the loan names?