What happens if my mortgage provider goes bankrupt?

The Australian mortgage market today has a range of bank and non-bank mortgage providers all competing for your mortgage business.

While this level of competition can result in competitive interest rates, there’s still a misconception about whether a non-bank is as safe as a bank when it comes to your mortgage.

So it makes sense to understand the basics of how a mortgage contract works, how a bank and a non-bank mortgage provider makes money from a mortgage contract and what happens if your mortgage provider goes bankrupt.

Family Guarantors, money and mortgages and what you need to know

Are you considering asking a family member to become your Guarantor for a mortgage?

Here are some things you need to know and do- first

• One of the questions about home loans and mortgages we're regularly asked by older clients is, ‘Can a parent go Guarantor to a Mortgage to help one of their adult children?’
• Their adult children usually ask a variation on the same question,  ‘When can a parent go guarantor to a Mortgage loan?'
• The real question people want to ask is 'Should you ever become a Guarantor to a Mortgage?'