Getting a home loan in Australia is the most common way for the average Ausralian to acquire a home.
Whenever you apply for a loan, the house you buy is held as security. It actually means that the financial institutions which lent you the money can reposes and auction the house if you fail to comply with the repayment contract.
Considering that home repossession is occurring at high rate, if fall behind in your mortgage repayments or you think that you are about to get behind for whatever reason it is recommended that you keep the financial institution immediately.
Keeping your bank informed that you have been faced by difficulties in repaying the mortgage is very important and it is your first step to avoid future home repossession.
Make them aware of your personal situation. If you don’t and let your mortgage get too far in arrears eventually your house will be repossessed.
What are the methods of selling a home from mortgage default?
Your lender will exercise the power of selling of your property in good faith if you have not reached an agreement of the contract. Also the bank is allowed to take reasonable steps to obtain the best possible pricing of the property without infringing the right to realize the security.
Our experience shows us that this is not always in the best interest of the home owner who is about to have their home repossessed.
When you go to the lending institution to buy home in Australia, make sure that you have understood the repossession terms before you put pen to paper the contract.
If you are falling behind on your Mortgage Repayments or you are facing repossession – and you don’t know what to do next call Property Solutions for Australia on (02) 8006 0420 and we can help you analyze the best options for you – BEFORE it’s too late!
Alternatively you can CLICK HERE to book in a FREE Consult today.