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Many have heard this phrase, but few take the time to understand the simply mechanics of it.
Under a Chattel Mortgage the financier advances funds to the customer to purchase a property or parcel, and the customer takes over natural ownership of the property, this is known as the chattel at the time the purchase is made.
The financier then takes a "mortgage" over the property as security, by registering a Fixed and Floating Charge with ASIC.
Upon completion of the contract, the charge is removed thereby giving clear title of the property to the customer.
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