Frequently Asked Questions

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Questions and Answers
Why is my bank offering me Rebound as an option to resolve my home loan?

Your bank may be contemplating taking legal action to sell your property by a Sale in Execution (Sheriff’s auction). This is a very costly and time-consuming process with a high degree of uncertainty which is bad for you and the bank. Rebound is a last-ditch option to resolve your home loan amicably, and, in return for your co-operation, your bank is willing to offer significant debt forgiveness.

Will Rebound make a profit from buying and on-selling my property?

Rebound aims to make a reasonable commercial return for running its program whilst ensuring you obtain the benefits offered by the program. This return compensates us for the risk and cost of buying and potentially upgrading your property, engaging with you and the bank to secure debt relief and reselling your property. Rebound may make a profit or loss; however, your benefits from the Rebound program are guaranteed.

Does my bank stand to gain from the on-sale of my property?

No. After the sale of your property to Nimble, its mortgage bond is cancelled, and you are either offered complete or partial debt relief. The bank does not have ownership or interest in the Rebound, nor do they earn any incentive/ commission related to the subsequent sale of the property. They may choose to finance the purchaser in the ordinary course of their home loan business, but that will be an independent decision that is completely unrelated to you.

What if I change my mind and decide not to proceed after signing the relevant Rebound agreements?

Rebound provides you a 7 day cooling-off period after signing our agreements and will terminate the acquisition of your property if you elect not to proceed during this period. We will then notify your bank that you have selected not to take up the Rebound offer, and your bank will then discuss the way forward with you. Note, if you continue with the Rebound program, once your property is sold and transferred to Rebound, the transaction is final and cannot be reversed. Furthermore, if you do not fulfil your obligations in your Rebound agreement, Rebound will regrettably be required to legally enforce its rights, including a potential eviction order where necessary. You may also be ineligible to receive other contracted benefits such as the cash incentive (Home Booster Bonus).

What are my obligations if I sign up?

Importantly, the option to sign up for a proposal offered under the Rebound plan is entirely your choice. If you accept the Rebound proposal, we will sign an agreement that will describe both of our obligations. Your main obligations are to fully co-operate with us by selling your property to us at a discounted price. Then agreeing on an optional rental contract (if you wish to remain in the property temporarily) and also assisting with our efforts to market your property and vacate it once it has been resold.