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Your marital status can impact your loan application, ownership structure, and repayment responsibilities. Lenders assess whether you're married in or out of community of property, as it affects liability and affordability.
If you're married in community of property (COP), both you and your spouse are jointly liable for the home loan. This means:
- Both incomes are considered when assessing affordability.
- Both credit scores impact the loan approval.
- Both spouses must sign the home loan agreement.
Debt obligations are shared, so if one partner has a bad credit score, it could negatively affect the application.
If you are married out of COP with an antenuptial contract (ANC), your finances are separate. This means:
- You can apply for a home loan individually or jointly.
- Your partner’s debts won’t affect your loan approval, if you decide to apply on your own.
- If applying alone, only your income and credit history will be considered.
No, if you're married in COP, both spouses must be involved in the purchase. You cannot buy a property or take out a home loan without your spouse’s consent.
Yes, if married out of COP, you can apply individually. The lender will only assess your financial standing. However, if applying jointly, both parties’ financial profiles will be reviewed. If the home loan is granted to one person, the property can also only be registered to that one person.
With accrual, financial growth during the marriage is shared, but debts remain separate. You can apply for a home loan individually or together, depending on your financial position and preference.
Divorce settlements will determine ownership and responsibility for the loan. If the property was bought jointly:
- One partner may take over the bond (subject to affordability and lender approval).
- The property may need to be sold to settle outstanding debts.
Civil unions and registered customary marriages are typically treated like traditional marriages:
- If no contract exists, it is considered in community of property.
- If an antenuptial contract is in place, it is treated as out of community of property.
No, being a single parent does not affect eligibility. The lender will assess your affordability, credit score, and financial stability like any other applicant.
It depends on financial circumstances. A joint bond can increase affordability but also ties both parties to repayment obligations. Consider factors such as income, credit history, and long-term financial plans.