Hi what is the best most cost effective way to remove a person from a mortgage? Currently joint tenants but wish to pay out ex an agreed amount and hold onto the property? I understand there is stamp duty payable to completely remove them from the mortgage

can I change to tenants in common with a 99% / 1% ownership?
The property is in QLD owner occupied

Hi Leanne I happen to have down several of these recently (must be that time of the year) generally what has worked for the clients that I have assisted is to get a copy of the family court order (property settlement) provide this to the person who is arranging the new finance. This is then sent in with the mortgage by the lender to the Land Titles Office & you in turn avoid stamp duty.

Hope this helps
Rebecca A Mitchell - Awesome Lending

Depending on each states policy with paying out partner, if you reside in the property there is not stamp duty payable, however government fees for mortgage restitution and discharge!
Would be happy to talk offline to get more details from you and find a solution for yourself

need to be able to service a new loan in your own name. essentialy a new loan. some states donnot have stampduty impost if transfering between spouses.

You should find that under the family laws there are concessions in stamp duty and other costs to settle matrimonial property (in the case of divorce). My advice talk to family lawyer. Many will give you some free advice.

Hi Leanne, you would need to be re-assessed by thr lender to ensure your affordability meets the loan amount and engage a solicitor. This is more of a legal question for a conveyancer as they would calculate any cost. Regards Ariel

As a lawyer I suggest that you talk to a lawyer about your problem.

I can't speak to your specific matter without more information. As for the specifics of your particular matter we would need to properly understand what has happened, so that we can apply the law to those facts and then give an indication as to what we think. Every matter has it’s own facts and we need to understand the matter properly before we can give advice on it.

As previously noted you can avoid stamp duty by having consent orders filed with the Family Court which will also help prevent other issues cropping up in the future.


We are happy to chat in more detail privately.


With warm regard,
Armstrong Doessel Stevenson Lawyers


Patrick Earl
Senior Solicitor

Tel: 07 3088 3777
Tel: 1300 237 529
Fax: 1300 665 894

www.adslaw.com.au