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