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


Perth home owners might be wondeirng what happens with their mortgage and how safe their property is, in the event that their lender is sold or goes bankrupt.

The first thing any home owner should do is look at the terms of the loan contract as well.  It is highly unlikely that home owners will loose their home, normally the debt is simply taken over by anther lender. 

Let's say that your current lender runs into trouble.  It's then sold to another entity, whihc means that your home loan is simply transferred to this new lender.  Nothing changes in terms of your repayments, you still keep on paying your mortgage repayments, this time to the new lender. 

It's realistic to expect that the terms and conditions of your home loan would remain the same, although occasionally the new lender may renegotiate some of the terms.  So, each month or fortnight you stil make your payments, they just go to a different entity.  you can look to refinance if you are unhappy, perhaps change to a different lender.

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 your lender goes one step further and goes bankrupt, then the creditors of the collapsed bank will take over, stepping in to handle your mortgage in the short term, and then they are likely to sell the bankrupt bank to another financial institution.  

Some cases do result in the home owner being asked to repay the loan in full immediately.  If this is you, seek legal advice straight away, as you do have rights to claim this is unreasonable. This is a rare scenario but just be aware.

Our mortgage brokers at Your Local Finance are professional and qualified to help you make the right decisions. We can help you get to the bottom of your Perth Mortgage.

One of our brokers is ready to advise and assist with your mortgage needs.  Call us on or you can submit your details via our online submission form:




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