What happens if I sell my house for less than the remaining amount on my mortgage?
If the current market value of your property is less than the remaining amount on your mortgage, this is called negative equity. Unfortunately, if you have negative equity in your home and you need to sell it, the remaining mortgage will need to be paid off as per the terms of the lending agreement.
With this in mind, it’s a good idea to work out whether or not you need to sell the property right now.
For expert mortgage advice, please request your free appointment with an Aussie Broker.