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remove a name on homeloan applicant

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derrysuka View Drop Down
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Joined: 19/October/2016
Location: Australia
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  Quote derrysuka Quote  Post ReplyReply Direct Link To This Post Topic: remove a name on homeloan applicant
    Posted: 19/October/2016 at 15:52
Hi, I have a homeloan with under 2 applicants, 1 is me and the other is my brother in law. He has gone back to his country for good. The property is in Sydney. Every monthly morgage repayment is done by me through bank transfer. In future I will be selling my property, my question is;

- Can I remove his name from the homeloan?
- Do I need to remove his name from the homeloan? as he is cannot be at present. Although, whatever legal documentation needed when selling the house i.e signature or approval ID he will be able to provide.
- how will the fund after selling the property be transfered?
- If it is still under his name and the property will be sold, can all the funds go into my account? therefore I will make personal agreement of the split share.

Please help me with my questions.

thank you

rambler1 View Drop Down
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Joined: 01/May/2006
Location: Australia
Posts: 1918
  Quote rambler1 Quote  Post ReplyReply Direct Link To This Post Posted: 25/October/2016 at 15:22
1 no not without bank consent 2 no 3 the settlement will be to whoever owns the property as per their share 3 Yes if he agrees to do that it will need a letter from him agreeing that all money will go to your account
Luke 11 46: Woe unto you also, ye lawyers! For you load men with burdens that are difficult to carry, and you yourselves won't even lift one finger to help carry those burdens.

derrysuka View Drop Down
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  Quote derrysuka Quote  Post ReplyReply Direct Link To This Post Posted: 26/October/2016 at 17:49
Thanks for clarifying it rambler 1. I also had second opinion earlier from a solicitor and got the same answer. This is my first and only property and i am occupying it not set as Investment.
1. Just wondering do i get taxed for selling my property? If so, how much percentage?
2. How long will it take to receive the profit funds after the property is sold?
If I were to renovate, let's say $10k is it easy to borrow from my homeloan without re-checking my documents again? (as Iam working part time at the moment)

Thank you again for the answers given.
:)

rambler1 View Drop Down
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  Quote rambler1 Quote  Post ReplyReply Direct Link To This Post Posted: 26/October/2016 at 18:16
no if it is you and your brothers principal private residence no tax; and you own it more than 12 months.

Settlement may take a month or so; once offer and acceptance is done; sometimes longer if there are complications like finance for the buyer; .ask a real estate agent he'll tell you

Depends on your finance agreement with the bank if you can draw down on your loan then no problem otherwise you need to see someone to refinance for the 10K
Luke 11 46: Woe unto you also, ye lawyers! For you load men with burdens that are difficult to carry, and you yourselves won't even lift one finger to help carry those burdens.

derrysuka View Drop Down
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Joined: 19/October/2016
Location: Australia
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  Quote derrysuka Quote  Post ReplyReply Direct Link To This Post Posted: 02/November/2016 at 20:45
thank you rambler1. very much appreciate it for your advice :)

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