As Australias Largest exclusively NonConforming Mortgage Broker, this is one of the most common situations we hear about.
Clients call up and explain their situation – they have had unexpected expenses, lost a job or a range of other equally unavoidable circumstances.. means they have been unable to keep up with their home loan payments.
What should they do?
In most cases, it is what should they have already done.
As soon as you know you won’t be able to make the payment on time, you should contact your lender and let them know you are in a little trouble. There are often a number of options available to you from simple things like :
- delaying the payment by a week
- applying for hardship relief
- getting a moratorium on the payments
Everyones situation is very different but there are a number of standard options that can be accessed to get you through.
Other things to consider prior to getting into trouble:
- income protection insurance
- mortgage protection insurance
- unemployment insurance
- save a minimum of 3 months mortgage payments for a rainy day
- make your payments weekly instead of monthly and you will always be ahead
- setup an offset account
Everyones situation is different and at Mortgage Now ( www.mortgagenow.com.au ), we will work with your situation to find you a loan even if you are behind in your payments and been toldd no bu everyone else.
You can reach Graham Doessel and his helpful team on 1300 667 239 for a one on one no obligation chat