You Can Cancel Your Home Loan Contract Before Settlement – Here’s How

Buying a house is seen by many as one of the most important purchases you can make in your life. This means that the decision to go through the time consuming and costly process of getting the property you want can be intimidating, leaving first-time buyers feeling trapped with their decision. Luckily, you are allowed to cancel your home loan before settlement, and in this post, we’ll give you a brief rundown of how the process will play out.

First things first – Read your contract

Even if you are within your rights to cancel your home loan agreement, your contract may have stipulated certain penalties, breach of contract clauses, or amounts mentioned to recoup administrative fees in the case of cancellation. Be sure to read through your contract to make sure you understand what can be expected of you going forward.

How cancelling a home loan works

Not many people know, but before you go into a settlement you are fully within your rights to cancel a home loan agreement. That being said, you should make absolutely sure that you cover all your bases, and that starts with your first step, phoning your lender.

While speaking to the lender, you might have to supply a reason for cancelling, which will give the lender the necessary information to let you know if you have incurred any penalties for cancelling.

Once that is done, make sure that you take down the time and date of the phone call, after which you should cancel your home loan in writing. Yes, you just had the discussion with your lender, but by ensuring that they receive a signed declaration of your decision to cancel, this can only help you in the long run, if you run into any problems.

As we said above, be sure to sign your declaration, and make some copies, just to make sure you have documentation on file. Keep in mind that with your physical copy, you can also send one as an email attachment just to cover all your bases.

If you need any help with cancelling your home loan contract or want to know exactly what your rights are, you are welcome to contact us as soon as possible.

Instagram Posts

🏗️ Exciting Construction Update on Dawn’s Progress!

🏡 Quality Craftsmanship:
Dawn’s fit-out showcases excellence in every detail. Our video highlights the remarkable progress of this apartment, emphasising the commitment to quality craftsmanship and thoughtful design. From foundation to finishing touches, no compromises have been made in creating a home that exceeds expectations.

🌴 Coastal Living at Its Finest:
Situated in idyllic Mermaid Beach, Dawn offers a lifestyle many dream of. Residents will have the privilege of enjoying the beach, golden sands, refreshing surf, and invigorating coastal walks right at their doorstep. Embrace the serenity and beauty of coastal living.

🛍️ Conveniently Located:
Mermaid Beach is a vibrant community with a wealth of amenities and attractions. Dawn is thoughtfully positioned near an array of dining, shopping, and entertainment options. From trendy cafes to world-class restaurants, Pacific Fair Shopping Centre to The Star Gold Coast, everything you need is within reach.

🪴 Thoughtful Design:
Dawn has been carefully designed to create a space that harmonizes luxury and comfort. The video showcases the sleek and modern kitchen, spacious living areas, and seamless indoor-outdoor flow. A testament to mosaics commitment in providing an elegant and inviting living experience.

🏊 Resort-Style Amenities:
Dawn will offer residents access to resort-style amenities, including a sparkling swimming pool, fully equipped fitness center, and beautifully landscaped gardens. These facilities enhance your lifestyle, offering relaxation, rejuvenation, and community connection.

🔨 Progressing Well:
Dawn is progressing beautifully, thanks to our dedicated team. Every aspect of this property meets the highest standards. In the video, witness the care and expertise that goes into bringing this exceptional home to life.

📞 Stay Updated:
To stay informed about the latest updates on Dawn, reach out to us. We will provide any information you need and keep you in the loop as this remarkable property nears completion.

#australia #coastalliving #Dawn #quality #queensland #brisbane #mermaidbeach #dreamhome #new

3 1

Every little action makes a difference ✨ ...

5 3

Slow and steady wins the race.. what are your goals ? ⚡️

#transformation #inspiration #enjoy #winner #success #growth #fun #challenge #grind #strength #mindset #goals #ambition #goals #propertygoals

3 2

Persevere in the face of challenges.⁠
But, never lose sight of the ultimate goal 🏆️

2 2

Enjoy meal times with the serenity of riverfront living 🍃 ...

6 3

Make the most of what you got!⚡️⁠

2 2

Taking risks is an unavoidable component of business success, so it is wise to embrace that idea.⁠

However, if you can get past the fear of taking the risk, many benefits can await you on the other side⚡️

4 2

Each Day is a gift to start fresh! 🌅⁠

5 1

What`s your plan? 💫 ...

3 1

There is nothing like a cozy living space with open-plan living.. not to mention the generous balconies with the most amazing expansive views over Brisbane ✨⁠

The WFH potential provided by the superb infrastructure and lifestyle attributes of South East Queensland is being sought after by an increasing number of interstate arrivals. ✈️⁠


5 1

As they say, slow and steady wins the race! 😎 ...

2 1

Enjoying the Brisbane skyline!⁠ ⁠


4 1

What do you miss about coming home after travelling? ✈️ ...

2 4

Just another day in sunny Brisbane 💫 ...

2 1