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How Safe is My Home Loan?

What happens to my mortgage if the lender collapses?

Many home owners in Melbourne are asking this questioHow Safe is My Home Loann due to recent events in the USA and concerns over Australian banks.  

Check the terms and conditions of your Melbourne home loan first.  Basically, it is unlikely that you would loose your home, as the debts are simply taken over by another entity.  

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If your lender is bought by another entity, such as Westpac buying St George, then your mortgage simply becomes payable to Westpac, instead of St George.  Often the loan will remain on the same terms and conditions, although in some case the new lender may renegotiate the terms.  You make your repayments to a different entity, but your home is secure and the loan remains the same, or at least, very similar.  If the lender folds or goes bankrupt, then the creditors of the collapsed bank will assume your mortgage. They may sell it to another financial institution.

It is possible that you will be asked to repay the debt in full straight away, but in reality, this is very unlikely to happen.  And even if you did find yourself in this situation, you would have some rights to say that this request is unreasonable and you need more time.

The economy in Australia is currently in a better situation that in the USA or the UK, so home-owners should not be too concerned.  However, if you are worried about your mortgage then you can benefit from talking to your lender directly, or talking to Your Local Melbourne Mortgage Broker.  Our advisors are highly experienced and trained in all aspects of home loans, so we are able to assist you when assessing your mortgage. 

Call us today on or submit your enquiry via our on-line form below.


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