INDEPENDENT LEGAL ADVICE 
AND
BINDING FINANCIAL AGREEMENTS

THE GOLD COAST LEGAL ADVICE HOTLINE  (07) 55 711 982

  Lawyers and solicitors in Southport on the Gold Coast providing a free first call and legal advice on wills and estates litigation family law disputes employment law
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Do you need a Certificate of Independent Legal Advice  on a Family Law Binding Financial Agreement? 

Banks and lenders will usually require  guarantors to get independent  legal advice before executing loan documentation. The lawyer giving that advice will then issue an independent solicitor’s certificate which you can take back to the bank or lender to prove that you have received the advice.  An independent solicitor’s certificate is a certificate proving that an independent lawyer has met with you and explained the legal ramifications of the contract you entering into. The same principles apply to binding financial agreements under the Family Law Act.

Before becoming a guarantor, you need to be aware of your obligations. Providing a guarantee can be onerous if the borrower does not make repayments on time. In the event that the borrower does not comply with their obligations under the loan then the guarantor may have to pay back the entire loan balance plus costs, interest and fees. If the guarantor cannot pay the bank may sell their assets including their home. The bank can sell any of the mortgaged assets in any order it chooses and does not need to sell the borrower's assets before the guarantors. 

Advice on Binding Financial Agreements or "BFA's" is similar in that you need it before you can execute the agreement however, the purpose of taking independent advice before executing the BFA is so that you can better understand whether the agreement is fair. 



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  • About Us
  • Contact Us and Map
  • Certificates of Independent Legal Advice
  • Contesting a Will
  • Employment Law and Unfair Dismissal
  • Traffic Law FAQ's