HOW TO NAVIGATE

Divorce And Separation

When life takes an unexpected turn, your mortgage shouldn’t be another worry. With Madd by your side, you’ll find the support and expertise you need to make informed decisions about your mortgage and assets. From refinancing options to property division, arm yourself with the right information to help you make informed decisions and secure your financial future. Take the first step towards financial clarity and peace of mind during this challenging chapter of your life

Protecting Your Financial Well-being

Divorce or separation can bring significant changes to your financial circumstances, including the division of assets, such as the family home. At Madd, we understand the complexities involved in navigating mortgage matters during this challenging time, and we’re here to provide the support and guidance you need. Our team is committed to helping you make informed decisions that protect your financial well-being and ensure a smooth transition as you move forward.

Solutions For A Smooth Transition

At Madd, we recognise that every divorce or separation situation is unique, and our approach is tailored to meet your specific needs. Our team will take the time to understand your goals, financial situation, and priorities. We’ll provide personalised solutions that align with your objectives, ensuring that you’re equipped with the knowledge and resources needed to make informed decisions about your mortgage during this challenging time.

Options To Explore:

Understanding The Impact

Divorce or separation often involves determining the fate of your shared property, including the family home. This can raise questions about mortgage responsibilities, refinancing options, selling the property, or exploring ways to transfer ownership. It’s essential to have a clear understanding of the implications these decisions may have on your financial situation, both in the short term and long term.

Mortgage Refinancing

One option to consider during divorce or separation is mortgage refinancing. Refinancing allows you to modify your existing mortgage to remove one spouse from the loan, adjust the terms of the mortgage, or obtain a new loan to buy out the other party’s share of the property. Our team at Madd can provide guidance on the refinancing process, helping you understand the eligibility criteria, potential savings, and the impact on your financial situation.

Selling The Property

In the event of selling a property during a separation or divorce, the process begins with a professional appraisal to establish market value. Choosing a skilled real estate agent is crucial for effective marketing and negotiation. Preparing the property, possibly through repairs or upgrades, is essential to enhance its appeal. Once an offer is accepted, legal and financial steps ensue, including mortgage settlement, equitable division of proceeds, and addressing tax considerations. It’s important to ensure all legalities are properly managed throughout the sale process.

Transfer Of Ownership

In the event of a separation or divorce, transferring ownership of the family home involves several key steps. It requires an accurate property valuation, refinancing any existing mortgage solely in the name of the retaining spouse and negotiating fair transfer terms. The process also includes preparing and filing legal documents, potentially incurring legal fees and stamp duty and considering any tax implications like capital gains tax. Both parties should seek independent legal advice to ensure a smooth and equitable transfer, with all legal and financial aspects properly addressed.

Steps That You Should Consider

Seek Legal Advice: Engage a family law attorney to understand your rights and obligations in relation to the shared property and mortgage.

Determine Property Value: Get a professional appraisal of your home to determine its current market value. This will be crucial for discussions about property division.

Review Mortgage Details: Understand the details of your current mortgage, including the outstanding balance, interest rate, and terms.

Decide on the Property: Decide whether one person will keep the property or if it will be sold. This decision may depend on various factors, including emotional attachment to the home, financial feasibility, and the best interests of any children involved.

Refinancing: If one person is keeping the property, they may need to refinance the mortgage to remove the other person’s name from the loan. This typically requires the person keeping the home to qualify for the mortgage on their own.

Buyout: If one person is keeping the property, they may need to “buy out” the other person’s equity in the home. This could involve refinancing the mortgage for more than the current balance and giving the excess to the other person or trading other assets for the value of the home.

Selling The Home: If neither person can or wants to keep the home, it can be sold, and the proceeds divided as agreed or as ordered by the court.

Update Homeowner’s Insurance: If one person is keeping the home, they’ll need to update the homeowner’s insurance policy to remove the other person’s name.

Consider Tax Implications: There may be tax implications related to selling the home or buying out the other person’s share. Consult with a tax professional to understand these implications.

Document Everything: Keep clear records of all decisions and transactions related to the home and mortgage. This can be important for legal and tax purposes.

Separation Agreement: A separation agreement is a legally binding document that outlines how assets, including property, will be divided during a separation or divorce. It should specify details about property division, mortgage responsibility, maintenance and upkeep of the property, and tax implications. The agreement should also include a process for resolving future disputes and be signed and notarised to ensure its legality. Both parties should seek independent legal advice before signing to understand their rights and obligations.

Understanding The Role
Of A Mortgage Broker

For native Queenslanders or those who would like to be, finding the right Brisbane mortgage broker is crucial for successfully navigating the world of finance.

In Australia, almost three quarters of new residential home loans are now written by mortgage brokers. While this figure is substantially higher than it once was, considering that mortgage brokers have access to a wide pool of financial products and offer unbiased guidance, it makes sense that more people are choosing to use one.

Regardless of whether you’re a seasoned investor, first home buyer or are simply looking to refinance, it’s no secret that home loans have the potential to be stressful. From finding the best possible interest rate to presenting your application, dealing directly with a lending institute can be intimidating if you’re not confident in how the process works. The alternative? Partnering with a Brisbane mortgage broker.

In simple terms, the role of a mortgage broker is to act as an intermediary, or someone who navigates home loan products and their applicable terms on behalf of individuals or businesses. They serve as the ‘middleman’ between the lender and the borrower and handle the time-consuming process of securing the loan and gathering the considerable paperwork involved.

The end goal is to act in your best interests when finding a home loan product and negotiating the terms on your behalf.  

Once they have enough information to paint an accurate picture, a mortgage broker will calculate what an applicant can afford to borrow, source home loan products that suit the individual’s situation, and present the applicant with financial products that best match their position.

A good mortgage broker will then go on to explain how each home loan works, and what the relevant costs are such as fees and interest rates. Once the applicant decides on a home loan, the mortgage broker will then package their application in a manner that positions them in the best possible light to a lending institute, and will ultimately guide the applicant through the entire settlement process.

Although not applicable in every circumstance, it’s not uncommon for a client to stick with their mortgage broker for future financial assistance if they have received high quality customer service, and were happy with their outcome. Examples of this include returning to the same mortgage broker for assistance with refinancing, obtaining a personal or car loan, and even options to purchase an investment property. In some instances, reputable mortgage brokers also report receiving second and third generation customers based on referrals.

We find the loan for your best interests

Why Use A Local Brisbane Mortgage Broker

Regardless of your financial situation or what your property end goal looks like, almost everyone can benefit from using a mortgage broker. For Queenslanders trying to navigate an extremely competitive property market, partnering with a local Brisbane mortgage broker who knows the area can also be a tool to provide additional insights as well. In fact, just a handful of the benefits of using a mortgage broker include the following.

Home Loan Product Experts

While banks offer many products and services, home loans are the speciality of mortgage brokers. Arguably, the superpower of a mortgage broker is their ability to turn the complexities of a lender’s policies into black and white information, which can be invaluable when it comes to making decisions about your financial future.

The Leg Work Gets Sorted

Did you know that Australia has over forty different lending providers? Your mortgage broker certainly does, along with the ins and outs of almost every one. A mortgage broker provides you with one point of contact and can save borrowers countless amounts of both time and money.

Increased Flexibility

Trying to juggle work, social and home life around bank appointments has the potential to add extra stress to a home loan application. Mortgage brokers are all too aware of this, and instead apply a level of flexibility when it comes to ensuring that they’re on call and available for their clients, even if that means outside of business hours.

They’re On Your Team

When going to a bank for your mortgage solutions, it’s important to remember that the person you’re dealing with is only able to present the bank’s own individual loan products. In comparison, it’s quite the opposite for a mortgage broker, as it’s you that takes centre stage on their priority list and can offer a wider variety of options.

Transparent Communication

Applying for a home loan can be a stressful experience if you don’t understand the technical terms being thrown around, or you feel like you’re not being told the entire truth. Working with a mortgage broker means that you have a partner to help you navigate this world, and will be the first to tell you if a certain product isn’t the ideal fit for you.

In addition, a local Brisbane mortgage broker will also have connections with other real estate professionals such as conveyancers and building and pest inspectors, which can help make life easier for the applicant.

This is often a wildly different approach to what consumers can expect from a bank, and the added convenience of only having to submit one set of documents also helps to push mortgage brokers as the ideal choice between the two.

Learn More About First Home Buying with Madd

Meet Your Local

Brisbane Mortgage Broker

Navigating the world of home loans isn’t easy, especially if you aren’t sure whether doctors for home loans are the right choice for you. Thankfully, partnering with a mortgage expert means that you have someone on your team to guide you through the process.

Since their inception in 2012, the team at Madd Loans have worked tirelessly in providing 3,000 Australians with finance options to help turn their dreams into reality. With the entire brand being built on referrals, owner George Samios takes great pride in making the loan process both fun, educational and stress free – and he has a swag of awards to prove it.

If thinking about your financial future strikes a chord with you, then it might be time to speak to a professional. Regardless of whether you’re chasing mortgage solutions or a financial fairy godmother, the team at Madd work together as a collective to turn your goals into reality.

Meet Your Local

Brisbane
Mortgage Broker

Navigating the world of home loans isn’t easy, especially if you aren’t sure whether doctors for home loans are the right choice for you. Thankfully, partnering with a mortgage expert means that you have someone on your team to guide you through the process.

Since their inception in 2012, the team at Madd Loans have worked tirelessly in providing 3,000 Australians with finance options to help turn their dreams into reality. With the entire brand being built on referrals, owner George Samios takes great pride in making the loan process both fun, educational and stress free – and he has a swag of awards to prove it.

If thinking about your financial future strikes a chord with you, then it might be time to speak to a professional. Regardless of whether you’re chasing mortgage solutions or a financial fairy godmother, the team at Madd work together as a collective to turn your goals into reality.

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