Mortgage Broker Perth
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How safe is my mortgage if the lender folds?


Perth home owners are asking what happens to their mortgage if their lender gets sold or goes bankrupt.

Check the terms and conditions of your loan first.  Basically, it is unlikely that you would loose your home, as the debts are simply taken over by another entity.  Our team at Your Local Finance are qualified and experienced to deal with mortgages professionally, so we are more than happy to assist you as you make decisions about your existing Perth home loan.

If your lender is sold to another entity then your home loan simply transfers to this new lender and you carry on paying your mortgage repayments to the new lender.  In most cases your home loan will remain under the same terms and conditions, although occasionally the new lender will renegotiate these.  You still send off your payments each month or fortnight, they just go to a new entity.  Home owners can look to refinance with a different lender all together if they are not happy with the lender that has bought the business and taken their mortgage on.

If your lender goes bankrupt then the creditors of the collapsed bank will step in and take control of your mortgage, and they are likely to sell it to another financial institution.  

Interest Rates are coming down.

With interest rates coming down, now is the time to speak to a mortgage broker. We know which banks are dropping rates and who is raising.
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If you are asked to repay the loan in full immediately, seek legal advice as you would have rights to argue against this, if you claim it is unreasonable.  But it is unlikely that you would be asked to repay the loan straight away, most mortgages are simply bought by another lender.

One of our advisors is ready to look at your mortgage and offer assistance with your choices.  Call us on 1300 787 665 or you can submit your questions via our website submission form.




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Your Life

There is little doubt that mortgages can be confusing, and buying a home is such a big investment that you want to make sure you get it right. We understand your concerns and are here to help make the process as simple as possible for you.

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Buying a new home

Paying off your Home Loan Faster

Getting a Better Deal

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Buying your dream home.

First Home Owners Guide

How much can I borrow?

How much Deposit will I need?

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Our Home Loans

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Don't get stuck paying too much. Help on how to refinance your home loan.

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Line of Credit - Equity Release

Take some money out of your mortgage for renovations, starting a business, buying a car or that dream holiday.

What makes your Perth Broker different.

Exactly why you should talk to a Perth mortgage broker before visiting your bank.