All Topics / Help Needed! / Options for getting ex partners name off mortgage so I can keep property

Viewing 6 posts - 1 through 6 (of 6 total)
  • Profile photo of jadejade
    Participant
    @pearl041
    Join Date: 2015
    Post Count: 1

    Situation: ex husband and I separated 5 years ago. Court order for me to have the house. I couldn’t refinance into my name because I have had small children and have not been working full time. Ex husband has forced us out of the property and for me to put it on the market because I couldnt get it into my name. To rent it out it would be positively geared ( $180 week mortgage to $230 week rent). To sell I make $26,000. However if I can save this house and start a portfolio of investment properties I would much rather that than selling it. Who has advice on this for me please? I have a buyer wanting it and a contract has turned up for me to sign today!!! I picked up Steves book and flicked through it after having read it years ago and I was prompted to see what else I can do. Obviously this situation is urgent and could have a big bearing on my financial future. Thanks.

    Profile photo of Jacqui MiddletonJacqui Middleton
    Participant
    @jacm
    Join Date: 2009
    Post Count: 2,539

    Which state is the property in ? If it is in Vic you might be eligible to do a spousal transfer….

    Jacqui Middleton | Middleton Buyers Advocates
    http://www.middletonbuyersadvocates.com.au
    Email Me | Phone Me

    VIC Buyers' Agents for investors, home buyers & SMSFs.

    Profile photo of Corey BattCorey Batt
    Participant
    @cjaysa
    Join Date: 2012
    Post Count: 1,010

    Depending on your serviceability and equity available, you may be able to remove your partner off the tile – though from the information you’ve provided it may be tight. Best bet is to chat with a broker who can review your situation and let you know if there is *any* avenue available for removing your ex off the title and loan.

    Corey Batt | Precision Funding
    http://www.precisionfunding.com.au
    Email Me | Phone Me

    Investment Focused Finance Strategist - servicing Australia-wide

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213

    Which state is the property in ? If it is in Vic you might be eligible to do a spousal transfer….

    <i class=”rw-ui-like-icon”></i>0<i class=”rw-ui-dislike-icon”></i>0

    <i style=”border-right-color: rgba(153, 153, 153, 0.5);” class=”rw-ui-info-nub rw-ui-info-outer-nub”></i><i style=”border-right-color: rgb(255, 255, 255);” class=”rw-ui-info-nub rw-ui-info-inner-nub”></i>Rate this

    Jac – should be exempt from duty in all states due to marriage breakdown.

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

    Profile photo of Jacqui MiddletonJacqui Middleton
    Participant
    @jacm
    Join Date: 2009
    Post Count: 2,539

    Well there you go – Terry’s the man in the know on the topic :)

    Jacqui Middleton | Middleton Buyers Advocates
    http://www.middletonbuyersadvocates.com.au
    Email Me | Phone Me

    VIC Buyers' Agents for investors, home buyers & SMSFs.

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024

    Transferring the asset to your name is one thing showing you can support the loan repayments is another.

    As Corey mentioned a broker can work the numbers for you and provide suitable credit advice.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

Viewing 6 posts - 1 through 6 (of 6 total)

You must be logged in to reply to this topic. If you don't have an account, you can register here.