Re: Buy someone out of a mortgage australia
Posted: Mon Feb 29, 2016 2:41 pm
Hello awesome. Welcome to the forums.
You can choose to buy out your ex-partner’s share of the property, they decide to buy out your share of the property or sell the property and then share the sale proceeds, which is one of the easiest ways to divide assets after a separation.
However, you aren't allowed to just change the loan terms and remove your ex-partner's name on the title. In Australia, you're not allowed to take over the mortgage of another person or remove someone from a mortgage agreement.
You’ll need to refinance your home loan to a new loan that's solely in your name but your partner must agree and sign a transfer form. Additionally, you'll need to meet standard bank lending policy without your partner.
Cheers,
Otto
You can choose to buy out your ex-partner’s share of the property, they decide to buy out your share of the property or sell the property and then share the sale proceeds, which is one of the easiest ways to divide assets after a separation.
However, you aren't allowed to just change the loan terms and remove your ex-partner's name on the title. In Australia, you're not allowed to take over the mortgage of another person or remove someone from a mortgage agreement.
You’ll need to refinance your home loan to a new loan that's solely in your name but your partner must agree and sign a transfer form. Additionally, you'll need to meet standard bank lending policy without your partner.
Cheers,
Otto