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Sydney Mortgage
Revealed: Important new information for First Time Buyers.
With falling interest rates, now is definitely the time to refinance your home loan interest rate.
Is your home loan still a good deal? Our free home loan review will find out for you.

If my bank collapses, what happens to my mortgage?

Sydney home owners who are concerned about their home loan need not worry too much.

Our financial markets in Australia are in better shape than the US and at the moment, mortgages are still safe.  Check the terms of your current Sydney home loan, and if you are concerned, you can make a no-obligation appointment with Your Local Sydney Mortgage Broker to find out exactly where you stand.

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Basically, if your bank or other lender is sold, then your mortgage is simply transferred to the new lender.  So if your home loan is with Bankwest, and the Commonwealth Bank of Australia (CBA) buys BankWest your mortgage is now payable to CBA.  Usually the terms and conditions will stay the same, although sometimes the new lender will renegotiate new terms, maybe a different interest rate or lower fees for example.  In reality, your mortgage is safe and you still make your monthly or fortnightly repayments.

If your lender folds or goes bankrupt, then the creditors of the collapsed bank will assume your mortgage. They may sell it to another financial institution.

There are some circumstances where you could be asked to repay the debt in full straight away, but in reality, this is very unlikely to happen.  Furthermore, should this happen you would have some rights to say that this request is unreasonable and you need more time.

As with any investment, it pays to stay informed and manage your funds well, so our local mortgage brokers understand home owners may want reassurance at this present time.  Our team is ready to answer your questions.  Call us on or submit an online enquiry form.




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