Can I refinance with my mortgage in arrears?

Any general questions you might have in regards to loans and finance.
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Otto Dargan
Mortgage Specialist
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Joined: Sat Sep 06, 2008 5:55 pm
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Re: Can I refinance with my mortgage in arrears?

Post by Otto Dargan »

Hi thumper. Welcome to the forum.

You can refinance a home loan with missed payments, however, the amount that you can borrow and the lenders that you can apply with will depend on your situation.

Most of the prime lenders will not approve your loan if they see any arrears. They don’t lend to people who have missed payments on their current home loan, in particular during the previous six to 12 months – they are very strict in this regard.

There are the specialist and non-conforming lenders that can help! They tend to assess your loan based on how long it took you to make up your missed payments and if you can handle your current commitments or if you’re overcommitted.

In addition, 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. But 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.

You can call us on 1300 889 743 for further assistance.

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

User avatar
Otto Dargan
Mortgage Specialist
Posts: 7730
Joined: Sat Sep 06, 2008 5:55 pm
Location: Sydney, Australia
Contact:

Re: Can I refinance with my mortgage in arrears?

Post by Otto Dargan »

Hi thumper,

You wouldn't like to do the following if you’ve missed repayments:
  • Borrow more money, use your credit card or increase your limit.
  • Borrow money from family and friends.
  • Consolidate debt or switch home loan products without careful consideration.
Additionally, you would like to remember these as well:
  • Always make sure you talk to your bank. Don’t hide from them!
  • If you took out unemployment, accident or sickness insurance when you obtained your loan, you may be able to claim on that insurance.
  • Seek advice from a professional such as a qualified financial counsellor or financial adviser.
  • If managing your money is an ongoing problem then fixing your late payments won’t solve the issue! Seek help from a professional.
Please enquire online or give us a call on 1300 889 743 and we may help you to get your home loan refinanced.

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

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