What is a mortgage or home loan?

Share this:

In this article

(adsbygoogle = window.adsbygoogle || []).push({});
Illustration of a lady jumping for joy in front of a newly purchased house

Find your perfect rate with a Well Money home loan and save.

Subscribe and stay up to date with the latest money tips and news.

A mortgage is a loan made by a mortgage lender to a borrower. The lender obtains security for the loan through the mortgage, under which the borrower provides the mortgaged property as security for repayment of the loan.

If the borrower defaults on loan payments, the lender has a right to take possession of the property and sell it to repay the outstanding loan.

The mortgage loan takes the form of a contract between the borrower and the lender, which specifies terms and conditions of the mortgage loan, including details of interest payments and principal repayments due.

Share this:

Get prequalified for your home loan in just a few minutes today.

Around the web

Optus data breach: No Well Money systems have been compromised as a result of the Optus data breach. We take security very seriously and continue to monitor the situation.
You can find out more here