Buying out a partner’s share generally means refinancing the loan into your name alone, at a value that reflects their share of the equity being paid out.
This usually requires a formal valuation, updated loan application assessed on your income alone, and legal documentation confirming the transfer of title — often a Transfer of Land and, where relevant, a Family Court or Federal Circuit and Family Court order. Some lenders also offer exemptions from Lenders Mortgage Insurance in these situations even above 80% lending, provided the transaction meets their criteria. We can talk you through what’s needed and coordinate with your solicitor along the way.