First Home 101- The Basics -
#2. How does Australia compare with other countries?
December 6, 2018
#2. How does Australia compare with other countries
Mortgages in Australia are full recourse. This means if you default and the bank sells your property to recover the loan amount -if there is still a shortfall the lender has rights to additional assets beyond the security property.
It’s one reason why unlike America where you can simply post back the house keys and walk away, Australian property doesn’t see the same fluctuations and busts as other markets.
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