So you and your partner are going your separate ways, and after negotiations, legal advice, court orders, and all that jazz, it is decided that you will be taking over the mortgage. “I can just ‘take them off’ the mortgage, right?” Wrong.... In Australia, you must refinance your current home loan from joint names into your sole name. This requires a full application for finance, including an updated valuation on your property, to ascertain your equity position, and verification of your income and a serviceability calculation to ensure you can afford the repayments on the loan by yourself. |
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