Westpac Singapore is one of the hugest banking and financial bodies in Singapore. This company is Australian based and works with a huge amounts of projects and sums of money in Singapore as part of the investing hand. However, recently the company has taken a step that has caused a shock for many different users.
The company has announced that it will exit from the mortgage business. This means that all borrowers from the facility are about to face a huge crisis. The new piece of news was released through a statement by the banking unit which was sent towards 300 of the customers who had loans pending. The loans were asked to be unwind which all directed to properties located in Australia and New Zealand.
The bank left a period of notice for the 300 customers till the end of September for all payments of the loan to be set and handled. On a more negative note, the bank announced that any customers who are not willing to pay by the time given will be served towards a court to move forward on obtaining the property bought by the bank.
The bank however created a more subtle way to solve the loan issues, including a partnership with OCBC in Singapore which falls under the following terms: non-exclusive and non-binding arrangement. The bank will aid the loaners with their loan through different systems and options according to the term and conditions.