Can I ask for time to sell my property?
We consider that a lender should allow a borrower reasonable time to sell the security property if the sale of the property is likely to discharge the loan in full, without a shortfall.
You will need to consider whether it is in your best interest to sell your property to repay the loan. You should seek legal or financial counselling advice to help you make the right decision.
Information that we may ask from you includes:
- a copy of the agency sale agreement
- how much you are trying to sell the property for
- how much the property is valued at
- how long you have been trying to sell the property
- a copy of advertisements for the sale of the property
- whether you are able to discharge the loan in full, without a shortfall.
For more information about our considerations, read our Position Statement 2.