Mortgage Document Advice - Are your Interests Protected?
If you’re getting a loan from a lender it is a good idea to seek independent legal advice. We assist with residential and commercial lending and security whether you are repaying money or borrowing money so that your interests are protected.
Sometimes, it is even a requirement of the lender that the borrower or guarantor obtains independent legal advice before they will finalise the loan. This is most common when:
- A mortgage is over someone’s property that is not the borrower as a guarantee that the loan will be repaid on time;
- A person who is retired is seeking to mortgage their home to provide funds to live on or to pay for renovations, maintenance, etc that they couldn’t afford without doing so (ie.
- A superannuation fund is borrowing to purchase a property;
- A company is borrowing and the directors are required to secure the loan with their assets.
Sometimes a ‘Certificate of Independent Advice’ is required by a lender. When a Solicitor does this Certificate it means that they take on the professional responsibility of ensuring that the legal implications of every document that the lender asks to be signed are understood.
This does take some time to review these documents in depth so we ask so we can assist you to complete the documents and associated declarations to please ensure to contact us at least a week in advance to ensure your documents are reviewed in time.
Separate advice should be sought from a financial adviser as to whether the particular loan is the most appropriate one for your needs.
Give us a call on 1300 224 828 and let our experience be your guide.