Going through a divorce and need to restructure your home loan?
Divorcing or separating from your partner can be a stressful time, emotionally and financially.
One of the biggest financial considerations is which person will keep the house and what happens with your home loan.
The first thing that comes to people’s minds is to simply sell the property, pay out the home loan, and split any cash that is left over.
However, this definitely isn’t ideal. With children in the picture it can be hard to move your home, find a new school, and learn the neighbourhood.
A less stressful option is to transfer the property and home loan into a one person’s name. Transferring your property requires two professionals to ensure that the process is completed correctly.
You will need a trustworthy lawyer to prepare the transfer documents and any divorce settlements that the other person may want. You will also need an experienced mortgage broker to handle transfer of the home loan.
Moving a home loan into one persons name can be difficult as the loan only has a single source of income to draw repayments from. Additionally, many extra expenses are usually taken on during a divorce. Therefore, Urban Home Loans has developed a “Divorce Home Loan Settlement” process which gives us the maximum possible likelihood of secure approval for your new home loan.