Couples who decide to divorce and separate can run into trouble if their home loan has little in the way of equity to change ownership of their home.
This can lead to a situation where they may need to sell, if they can afford it. Some couples find they have to add their own hard earned money into the loan to pay out break fees if your loan is fixed, or pay for the real estate fees if the house sells for less than anticipated.
For some couples, having the other person on the loan after separation can aggravate the separation if the division of assets can’t be addressed straight away.
We have a few lenders who can help refinance the home loan at 95% of the value of the home. Most lenders will refinance at 90% including mortgage insurance.
If you have come across a situation where you feel you can’t move financially, please call us on 0403 211 361 to discuss your options