A resident of New South Wales would be well aware of bond repayments to the state. But when you're planning to relocate to an area of New South Wales for the first time, there's some vital information to know about how and when you're able to claim your bond back from the lender. There's no harm in learning the facts.

For example, in New South Wales you're required to pay a property bond on any property you rent to live in the state. The bond can be claimed up to two years from the date it was borrowed. If you do not make repayments on your property bond then you will have to face foreclosure. But when you want to reclaim the money you owe the state you should be able to do so.

If you have a property that's in the process of being repossessed by the banks or other creditors then you'll need to ask the bank to reclaim your bond. Most banks have a system to where they can recover bonds on the property that's in the process of being repossessed.

The most important thing to remember when you're attempting to reclaim your bond from a lender in New South Wales is that if you're unable to repay them you will have to be evicted from the property. This means you will lose your property as well as the bond.

If you're thinking about getting your bond repossessed then you should be prepared to make a substantial amount of cash back for the loss of your property and bond. Most lenders will try to recover your lost investment without charging you anything unless you've been paying off the mortgage in full.

They'll also try to recover the cost of moving the property from one area of the state to another so they can sell it. You'll want to have a solicitor to draw out a repayment plan to ensure that you're able to come up with the money you owe them over the next few years.

If you choose to pursue this route then you should be aware that it will take quite a long time before you recover your property or bond in New South Wales. So, if you have plans to buy a property within New South Wales to consider whether the time involved will work to help you get your property reclaimed in less than 2 years. In most cases it may not be possible to get your bond reclaimed before you move.

If you have been making regular monthly payments to the lender and it has not paid off your property, you may be eligible to get your bond back by repossession action. If this is the case then you may have to go to court and ask the courts to obtain possession of your property.

There are two ways that you can get your bond or your mortgage back in New South Wales. You can go to court, in which case you'll have to pay the cost of fees to the solicitor in court. However, you can also apply for possession by an Order in Council which will allow the court to take possession of your property on your behalf.

You should seek the legal advice of a solicitor who specialises in this area before you decide on which route to take. It's worth finding a solicitor with experience in these matters as they may know the courts more thoroughly than you do.

It's important to keep in mind that getting your bond or mortgage repaid is only part of the process. The lender is also entitled to repossess any personal items that were taken as security for the loan.