Loan contract and Mortgage terms - question

Discussion in 'Loans & Mortgage Brokers' started by kanad, 31st Aug, 2021.

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  1. kanad

    kanad Well-Known Member

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    This the first time I am reading through loan contract mortgage terms from a bank. This seems quite onerous but I am assuming they are standard. Do people actually follow these?
    Like asking the bank for permission before any renovation or renting out the property?

     
    kanad, 31st Aug, 2021
    #1
  2. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    Is there another clause which says if you are renting out under a short term residential lease then permission is not needed?
     
    Terry_w, 31st Aug, 2021
    #2
  3. Peter_Tersteeg

    Peter_Tersteeg Mortgage Broker Business Member

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    Fairly standard terms. Nobody ever adheres to them.
     
    Peter_Tersteeg, 31st Aug, 2021
    #3