Help! I don't want my home loan to go into arrears!

Any general questions you might have in regards to loans and finance.
Post Reply
User avatar
Otto Dargan
Mortgage Specialist
Posts: 7730
Joined: Sat Sep 06, 2008 5:55 pm
Location: Sydney, Australia
Contact:

Re: Help! I don't want my home loan to go into arrears!

Post by Otto Dargan »

Hi HHHelmsley,

You can check out the 10 strategies if you're struggling with mortgage repayments page where we've collected the best factual advice from various sources, and it should help you avoid falling into arrears. However, please note that it's prepared without taking into account your objectives, financial situation or needs so you must use it as a guide only.

Here are a few strategies from that page:
  • Reduce your home loan repayments by calling your lender and asking them to reduce your payments to the minimum until you can put yourself in a better financial position. You can also consider making interest only repayments if your lender will allow it.
  • Refinance and consolidate debts, which may be as simple as calling a mortgage broker and seeing if they can get your debts consolidated.
  • Apply with your lender for a hardship variation if your situation is quite serious. This usually comes in the form of frozen repayments, frozen interest or partial repayments. Please discuss this with a financial counsellor or financial adviser.
If you want more info on claiming a hardship variation and what thresholds apply, you can check out ASIC’s MoneySmart website.

Do check out the page for the complete list of strategies that you can consider. You can also speak with one of our experienced mortgage brokers directly, especially if you're considering refinancing, by calling 1300 889 743 or enquiring online.

Cheers,
Otto
Otto Dargan
Mortgage Broker
P | 1300 889 743
Home Loan Experts

Post Reply