3rd party refinancing - bank options, Owner father borrower children
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 Jan 31 2020, 08:06 AM, updated 6y ago
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#1
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Senior Member
965 posts Joined: Mar 2008  
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Hi all..
Can anyone advise on 3rd party refinancing Current owner father but due to ccris problem (od on the property) Is there any option if bank can still accept refinace borrower under children name? Reason being is to lesser the stamp duty charges (ex loan only 300k but value 700k) Pls seek any advise..tqtq appreciate |
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Jan 31 2020, 08:22 AM
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#2
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Junior Member
410 posts Joined: Sep 2017
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Which bank is better ones for refinance rate ?
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Jan 31 2020, 11:56 AM
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#3
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Senior Member
1,269 posts Joined: Dec 2019
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QUOTE(jeff_v2 @ Jan 31 2020, 08:06 AM) Hi all.. Just sell the property to the kids, and get a trust written up stating that the kids are holding onto the property for the father.Can anyone advise on 3rd party refinancing Current owner father but due to ccris problem (od on the property) Is there any option if bank can still accept refinace borrower under children name? Reason being is to lesser the stamp duty charges (ex loan only 300k but value 700k) Pls seek any advise..tqtq appreciate  |
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Jan 31 2020, 01:30 PM
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#4
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Senior Member
965 posts Joined: Mar 2008
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QUOTE(Zwean @ Jan 31 2020, 11:56 AM) Just sell the property to the kids, and get a trust written up stating that the kids are holding onto the property for the father. With this process will it still incur stamp duty on the market value of the property? |
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Jan 31 2020, 02:10 PM
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#5
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Senior Member
1,269 posts Joined: Dec 2019
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QUOTE(jeff_v2 @ Jan 31 2020, 01:30 PM) With this process will it still incur stamp duty on the market value of the property? Yes, however from father to son you are entitled for a 50% stamp duty exemption. |
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