A mortgage is a type of loan that allows you to buy or finance a home or other property. There aren’t many people who can afford to pay for large ticket items such as these on their own, and as such, it is common for Australians who are purchasing property to enter in to a mortgage agreement with a lender such as a bank. The bank will provide the funds for the purchase and will use the home as collateral to ensure repayment of the loan.
Collateral is something of value that is placed against a secured loan that will ensure repayment of that loan. When purchasing a property, this is usually the property itself. When property is used as collateral, it may be be sold in the event that the borrower ceases to make repayments in order to repay the outstanding balance to the lender.
Before making a decision on your loan, it’s important for you to consider the above information and discuss the your next step with your Mortgage Professional.
This is general information only and is subject to change at any time. Your complete financial situation will need to be assessed before acceptance of any proposal or product.
Note that not all lenders offer all product types. Our team will present options that best suit your needs.
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