eCentral Business Show©

Valuable insights from business experts.


I am separating and I want to keep the family home - Laura Sillano, Pod Financial

Fri 10:00am 09 Nov 2018
Podcast Audio

It's not something you want to think about, only Laura Sillano of Pod Financial sees it all too often when relationships break down and something needs to be done about the family home. Clarity and communication are key but it mightn't always be that easy. In a perfect world, one would still be amicable with their ex-partner but what happens when things just don't pan out that way?

Laura notes that the more complex the situation, the more likely one would need the advice of multiple professionals. A couple may have shared endeavours with the family home, an investment property (or multiple), business, super funds, investments etc. Should this scenario apply to yourself, please ensure you have consulted an accountant, a family lawyer, financial planner and of course, your mortgage broker.

When titles of properties cross from 2 names to just 1, it isn't as simple as ducking down to the land title registry and having the other party's name stricken off the record. In the case of a home loan, this difficulty increases dramatically. One must remember that when a family home was initially purchased, 2 names and 2 profiles were factored into the application of that mortgage. 2 names generally means twice the income or serviceability arrangements and where many couples fall short is when the buying party (i.e. the person wishing to "buy" the other person out) may not have enough income or capacity to take on the mortgage singularly. Before even getting to this stage, it is advised that couples seek the advice of an accountant, family lawyer and mortgage broker to see if there are any further financial considerations to be made such as capital gains and tax implications.

In the case of stamp duty, buyers of separated family homes are generally exempt from needing to pay for stamp duty again as this would cause a double up of fees.

Lastly, Laura explains that individuals in a breakup mustn't let their emotions and biases impair their judgement when dealing with the financials. Seek the support you deserve and chat to a professional today.

If you or anyone you know is experiencing a relationship breakdown and may need the assistance of a trained and qualified mortgage specialist, chat with Laura Sillano of Pod Financial today on 0422 320 497 or simply search "Pod Financial" on Google.

DISCLAIMER: Please know that any information provided in this video is of a general nature only. For advice that relates to your specific situation, please seek the counsel of a trained and qualified mortgage lending professional.




Meet our resident experts

Robert King

Robert King

Accountant

Robert is a fully qualified Chartered Accountant, Registered Tax Agent & Xero Guru. He spends his time helping clients through all stages of the business cycle from setting up a business through to its eventual sale.

Laura Sillano

Laura Sillano

Mortgage Lending

Laura is a Residential Mortgage Broker with over 11 years experience. She is passionate about educating her clients about their options, and provides mortgage lending advice that is grounded by life experience.

Helen Baker

Helen Baker

Financial Planning

Helen Baker, founder of On Your Own Two Feet, is an experienced financial adviser and firmly believes in the benefits of having a strong team of professionals to underpin your financial foundations.



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