You can buy out your partner from your home loan but you'll need to prove that you can qualify for the mortgage on your own. This means that you must meet standard bank policy without your partner. And yes, you'll need to refinance the loan to a new loan that's solely in your name.
If you can prove that, then you may be able to:
- Refinance your home loan and extend your mortgage to 95% of the property value.
- Increase your home loan to pay out a divorce settlement, if needed.
- If you're borrowing or refinancing over 80% of the property value them you may have to pay Lenders Mortgage Insurance (LMI).
Cheers,
Otto