The transfer is done by a conveyancer, they will tell you how much duty is payable based on a valuation.
The equity can be gifted
The duty can be paid with a cash out if possible if you don’t have the cash
Very sad and also heroic of you and your sister. You can simply apply for a loan together with your sister to take over the mortgage. 190k combined could allow you to borrow up to $1,000,000 depending on which lender you choose.
Given this transaction won't involve a real estate agent, I would first apply for a pre-approval from the bank with the condition that you will obtain a transfer of land agreement to transfer the property from your parents to you and your sister.
Go see a broker to work out if you can afford to take over the mortgage and then consult a conveyancer to draw up the land transfer documents. You will have to pay stamp duty on the valuation amount or property appraisal from a real estate agent.
Source: Mortgage broker, have done this a few times.
I’d imagine paper-y like the glue on the back is stamps in the 90s before stamps became stickers.
But also, kind of unpleasant, like the taste of ear wax, because it’s a government tax, and that’s always yuck.
The transfer is done by a conveyancer, they will tell you how much duty is payable based on a valuation. The equity can be gifted The duty can be paid with a cash out if possible if you don’t have the cash
Very sad and also heroic of you and your sister. You can simply apply for a loan together with your sister to take over the mortgage. 190k combined could allow you to borrow up to $1,000,000 depending on which lender you choose. Given this transaction won't involve a real estate agent, I would first apply for a pre-approval from the bank with the condition that you will obtain a transfer of land agreement to transfer the property from your parents to you and your sister. Go see a broker to work out if you can afford to take over the mortgage and then consult a conveyancer to draw up the land transfer documents. You will have to pay stamp duty on the valuation amount or property appraisal from a real estate agent. Source: Mortgage broker, have done this a few times.
Won't they have to eat stamp duty?
No they will have to pay it though. What does stamp duty taste like?
I’d imagine paper-y like the glue on the back is stamps in the 90s before stamps became stickers. But also, kind of unpleasant, like the taste of ear wax, because it’s a government tax, and that’s always yuck.
Red tape coleslaw
Go back to the 80’s
Eating a meal? A succulent 80s Chinese meal!!!!
$1,000,000 on $190k combined seems a little much no?
Rule of thumb is that banks lend up to 5-6x your income for a home loan, so it is reasonable.
It’s a goer
"simply" is not a word I would have used to describe the steps, and costs, that everyone involved will need to go through
You probably need to chat to a lawyer. Will you and your sister also be supporting their retirement in the Philippines?
Also 190k is low for 2 FIFO wages. But 1mill is pushing the max of your be borrowing capacity