Browse Forums Home Finance 1 Sep 01, 2010 6:17 am Hi I have a new investment loan with my parents (they have a 1% share each). I had to use them as co-borrowers so I could get the loan accross the line. I have now sold my house and want to change the loan into just my name. Can someone explain waht will be involved(stamp duty etc). Should I do it sooner rather than later while the valueation is still current? Thanks Re: Buying out Co-Borrowers 2Sep 01, 2010 3:11 pm When there is a change in the borrowers or the owners of the security property then the loan needs to be re-written. What this means is a full loan application from the beginning. The reason lenders need to do this is that they can't just "remove" someone from a loan, they need to confirm that you can afford it on your own and that there are no additional risks to the bank from having your parents removed. You can refinance to another lender or you can refinance it internally with your current lender. Stamp duty is normally payable on the portion owned by your parents, and a state government transfer fee may also be payable. If you paid mortgage insurance then you may need to pay it again however you may receive a partial refund for the LMI you paid previously. Best to do this sooner rather than later. Yeah I don't know why I came to a forum. Place is full of wierdos/pedos thought internet may help but I suppose I'll try my luck with someone in person. Cheers. I tried… 0 6447 4 14309 Unless there is something in special conditions the builder does not have to give you timeline. If your demolition contractor has not removed Asbestos and it was found… 12 28812 |