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Relationships and real estate


Roisin Broderick, Content Specialist, Keystart

02 Apr 2019 • 6 min 30 sec
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We understand that breaking up with your significant other can be an incredibly stressful and difficult time.

We've put together a handful of tips and considerations to help you manage the future of your home loan when going through separation.

Speak to professionals.

First up, we recommend that you seek independent financial and legal advice. A professional can advise you of your options based on your individual situation.

Gather essential documents and make a plan.

We understand that you may need to produce information about your home loan to assist in taking advice and dealing with your affairs. If you need any statements or other documents relating to your home loan, give us a call on 1300 578 278 or email us at customer@keystart.com.au.

Now that your relationship status has changed, you may wish to take steps to protect your personal information and privacy. If you have concerns about your privacy relating to your home loan, please contact us to discuss your concerns and what measures we may be able to implement to protect your own personal information.

Managing your home loan.

The home loan repayments will still need to be made until your separation is finalised. Failure to make the home loan repayments on time may negatively impact the credit score of all account holders and can result in additional fees and charges.

If this change in circumstances is making it hard for you to make your home loan repayments, please reach out to see how we can support you. You can call our team on 1300 578 278, email us at hardship@keystart.com.au or fill out a hardship request application on our website.

The more we understand about your circumstances, the better equipped we will be to determine if we can offer any assistance while you work through this difficult time. We therefore recommend that you keep us informed about your intentions with respect to the loan and the property, and the status of any Family Court proceedings.

Consider your options.

It can be challenging to know what to do with your property in a separation. When planning your future, here are three considerations.

1. Take sole responsibility for your loan.

You or your ex-partner can become the sole owner of the home. This will require you to refinance the home loan into your own name. If you have built enough equity in your home, you may be able to refinance to another lender. If you are unable to refinance with another lender, you may be able to refinance your joint Keystart home loan with us, so you become the sole owner on the home loan.

If you are considering this option, you will need to be assessed to determine if you qualify for the full home loan and can afford the payments on your sole income. Get in touch with us on 1300 578 278 or email customer@keystart.com.au and a Keystart home loan specialist can talk you through your options and do an assessment over the phone with you.

More about refinancing

2. Selling your home.

You and your ex-partner can agree to sell your home and use the sale proceeds to repay (or reduce) your remaining home loan balance to Keystart. If there is a profit from the sale after you pay off the remainder of your home loan, you and your ex-partner will have to agree on how to split the profits from the sale. If this cannot be agreed upon together, it may require legal proceedings to determine an agreement.

If, however, the sale of the property does not repay your loan in full, you may both remain liable for the debt repayment to Keystart.

Support if you need it.

Free counselling service

We have partnered with Relationships WA to offer a free service for Keystart customers facing difficulties. You can speak with a professionally trained counsellor who will help you identify, understand and gain new perspectives on a range of issues that may be concerning you. The service can help to resolve difficulties in a supportive, respectful and confidential environment.

Get in touch on 1300 578 278 or email us at customer@keystart.com.au to find out how to set up a confidential appointment.

Find out more

Financial coaching service

We have partnered with Anglicare WA and the Financial Counselling Network to provide free, confidential, one-on-one financial coaching sessions to eligible Keystart customers. These financial coaching sessions can help you reach your financial goals and build your financial toolkit, so you can become more financially resilient.

Tell me more

More resources

Moneysmart - Divorce and Separation Checklist

Family Court of WA - Property and Financial Orders

Family Court of WA - Divorce

National Domestic, Family and Sexual Violence Counselling Service 

Keystart recommends that you seek your own independent financial advice prior to making any decisions about your financial needs. Any examples given in this post are provided for illustrative purposes only.