fbpx
1300 088 065
5 minute read

Adding your partner to your property title

Adding Your Partner to the Title: What Aussie Homeowners Need to Know
  • 60%

    Market average loan approval rate

    Approximately 40% of home loan applications were rejected in December 2018 based on a survey of 52,000 households completed by 'DigitalFinance Analytics DFA'. In 2017 to 2018 Hunter Galloway submitted 342 home loan applications and had 8 applications rejected, giving a 2.33% rejection rate.
  • 97%
    our loan Approval rate
  • 1217
    5 star Reviews on google

When your relationship reaches that point of buying a home together, it’s an exciting milestone. But what if you already own your home solo – is adding them to the title less romantic and more hassle? Far from it!

Updating ownership ensures your partner can share decisions and security about your cornerstone asset. This guide unpacks key legal and money considerations Aussie homeowners face when blending two lives – and titles – as one. Beyond protecting your greatest shared investment, it also stops potential heartache if the unthinkable happens down the track.

Table of Contents

What is a Property Title?

Your property title is your legal proof of owning your home or land. Adding your partner means changing the name on the title to show joint ownership. Reasons include getting married, being in a de facto relationship, or wanting to share ownership.

What Does Adding a Partner to a Property Title Mean Legally?

Here are the legal aspects to consider if you’re thinking about adding your partner to your property title: 

 

  • You both equally own and decide on the property

  • You share costs like rates, taxes, insurance and maintenance

  • It can affect taxes, future sales, inheritance planning and disputes if you separate

  • Most lenders make you refinance when names change, with new loan terms.

  • You will need to get a lawyer or conveyancer involved to handle the paperwork

Adding Your Partner to the Property Title - Step by Step Process

Step 1 – Refinance Home Loan Into Both Names

Tell your lender you want to add your partner. You will need to look at discharging your current loan and applying for a new one together. Your partner’s finances will impact the new loan.

Step 2 – Submit New Title Ownership Paperwork

After approval, fill out transfer forms for your state and provide:

  • Completed property transfer application

  • Original title certificate

  • Discharged mortgage and new loan papers

Using a conveyancer can make the paperwork easier.

Adding Your Partner to the Property Title - Step by Step Process

Key financial impacts include:

 

  • Loan eligibility uses both your incomes. Talk to a mortgage broker to learn about the specifics.

  • Most states don’t require stamp duty for partner transfers, but conditions sometimes apply.

  • Exiting fixed loans early can cost $500-$5000 in fees.

  • Refinancing often resets mortgage insurance terms. If your loan-to-value ratio is over 80%, you may be required to pay lenders’ mortgage insurance. 

Ownership Structure Options

There are two different ownership structures to consider:

Joint Tenancy

  • Equal ownership

  • If one dies, the other gets the property

Tenancy in Common

  • Can customize ownership split

  • Your share goes to your chosen beneficiaries

Joint tenancy usually suits married/de facto couples best. Tenancy in common allows more flexibility.

Protect Yourself with a Co-Ownership Agreement

Co-ownership agreements outline rules upfront about ownership, duties, repairs, disputes etc. This prevents future conflicts if you separate.

State and Territory Regulations

Rules, paperwork and fees differ across Australian states when adding a partner. Check your area’s specific need-to-knows first:

 

Next Steps

Putting a solely owned home into both names makes you both legal owners and cements your financial commitment. Refinancing mortgages often goes along with it. Get tailored legal and financial advice before adding your partner.

At Hunter Galloway, we can help you to review your financial situation and make sure that you won’t have any unexpected issues with refinancing your home loan. Contact us for a Free Assessment or give us a call on 1300 088 065

Why Choose Hunter Galloway As Your Mortgage Broker?
Mortgage Broker of the Year
in 2017, 2018 and 2019
The highest rated and most reviewed
Mortgage Broker in Brisbane on Google
One of the lowest rejection rates

across Mortgage Brokers in Australia

Approximately 40% of home loan applications were rejected in December 2018 based on a survey of 52,000 households completed by 'DigitalFinance Analytics DFA'. In 2017 to 2018 Hunter Galloway submitted 342 home loan applications and had 8 applications rejected, giving a 2.33% rejection rate.
We have direct access to 30+ banks
and lenders across Australia
Calculate if you are eligible for a loan
What do you need a loan for?