What if the deceased held a personal or home loan in joint names?
Any loan the deceased held jointly with another person will continue under their existing terms and from the date of death will be the sole responsibility of the surviving borrower.
There are a number of options available to the surviving borrower, in regards to any outstanding debt owed, which may involve the sale of property, refinancing the loan, or repaying the debt with the use of the deceased’s superannuation or insurance entitlements. If you find you are suffering hardship following the passing of the joint borrower please contact Defence Bank for more information and assistance in case of need.
We appreciate any further advice you can provide in regards to the intentions surrounding the debt(s) held, as well as the ability to be able to continue the repayments, we note that interest will continue to accrue until the loan is finalised.