Wylie,
Technically your broker isn't correct, as Buzzlightyear and banahers said the T & C's of most mortgages allow a lender to call in a loan regardless of whether or not a act of default has occurred.
But this rarely if ever occurs, it's just a standard term to protect their interests...
Hi Ronulas5,
Firstly sorry to hear about your situation, but it does happen and having been there I can well understand what you're going through.
To quote that great Australian philosopher "KENNY" - "Cut out the middleman find someone you hate and give them a house." Sorry to make light...
Boomtown,
Firstly, I strongly doubt that things will go crazy and the RBA will cut rates by 200 basis points in the short term. But following your hypothetical if a boom did ensue after such a number of cuts in the next 12 months that we did see a 200 basis points cut.
My first point of...
xQuIz8
As Buzzlightyear said,
He's quite right a valuation coming in at the purchase price is generally speaking the 'norm'.
A property valuer's obligation is to provide the lender with an opinion as to the market value of a property the lender is gong to lend against. It is very hard...