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Loans and Mortgages

We're experts in preparing and/or reviewing loan and mortgage documents.

All mortgages and loans should be customised to each situation, and they should be prepared or reviewed by an experienced mortgage lawyer who understands the risks involved in lending arrangements.

  • Aren’t mortgages and loans standard documents?

    No. Poorly drawn mortgages and loan agreements are rife. We see them frequently.

    What this means in practice is that, whether you are the lender or the borrower, your rights and options may be limited down the track. It is in the interests of all parties that any lending arrangement is prepared correctly and also considers the factors relevant to each party.

    We therefore suggest that you do not sign any document before getting proper advice – even if you believe it contains ‘standard’ terms.

  • What should I consider?

    We always suggest formalising a lending agreement – even if you are borrowing or lending money from a relative or friend. A properly drafted agreement will protect your rights and help prevent disagreements or relationship breakdowns.

    Whether you are the lender or the borrower, you should consider many factors before signing anything, including:

    • Will there be a guarantor? If so, who will that be and what obligations will they have?
    • Details of any security that will be used under the agreement
    • The term of the agreement
    • Repayment amounts and schedule
    • What happens in the event of a default or breach of the agreement

    You should seek legal advice on the conditions, obligations and risks associated with your agreement. Your lawyer can also help you negotiate any necessary changes, assist you with the process and ensure that all relevant factors have been considered.

    If you need a mortgage or loan document prepared, this is best done by an experienced lawyer who can ensure the document covers all the important aspects of your arrangements, protects your interests and minimises your risks as much as possible.

  • Why are mortgage and loan documents important?

    If you are the lender, lending documents are key when you need to pursue a defaulting borrower. If your agreement is not drafted well, it may not include critical terms that you need to rely on when it comes to enforcing your rights.

    A good lending document should cover:

    • The loan amount
    • Details of repayment
    • Interest charges and payment
    • What happens if there is a default or breach
    • Details of any security
    • A mortagee’s rights on default (eg possession of the mortgaged property)
    • A power of attorney clause

    As the lender, if your lending document does not include these (and other) terms, your funds may be exposed. 

    If you are the borrower, loans carry significant responsibilities and you may face consequences for any failure to comply with those responsibilities. Defaults and breaches can be costly. Therefore, you must seek legal advice on the terms of any documents you have been asked to sign. The lending process can also be daunting, stressful and risky – so having experienced legal counsel can make the process easier.

Why choose Slater and Gordon?

We are experienced in preparing and/or reviewing mortgages and loan documents so we can ensure that your rights and interests are protected, always considering your individual circumstances and needs.

Additionally, we can advise guarantors of loans who need independent legal advice on documents prepared by third parties.

By choosing us, we promise to:

  • Negotiate your best outcome
  • Minimise stress
  • Consider all relevant factors and minimise your risk
  • Draft your loan document, tailored to your circumstances
  • Handle disputes and defaults if and when they arise
  • Ensure you understand your rights and obligations

Make an enquiry

If you have a question, want some more information or would just like to speak to someone, make an enquiry now and we’ll be in touch with you very soon.

Enquire now