Making your payments.


In these difficult economic times it is so easy to put off making your home loan payments, but this can have far-reaching negative effects. Let me give you a couple of examples.


·        Most lenders will charge you a higher rate of interest for the period your home loan is in arrears. This means, even when you do make your payment. You’re probably likely to still be behind due to the arrears charges. Depending on your lender. This can get out of control very quickly.

·        You may be charged dishonour fees, by both your lender and your financial institution.

·        Being late with even one repayment can seriously affect your ability to refinance your home loan for a period of up to 6 months, as most conforming lenders will look quite harshly on your inability to meet your commitments.


It can cost you hundreds of dollars in hidden fees, charges just for being a few days late.


What can I do


Communicate, Communicate, Communicate – If you know you’re going to be late, call your lender in advance and work out a solution. Often, many fees can be waived just simply by contacting your lender first. The more and better you communicate with them, the more likely they are to be able to help you.


Don’t get stung unnecessarily, talk to your lender!


Mortgage Now is Australia’s largest exclusively nonconforming brokerage.

 www.mortgagenow.com.au                 Telephone 1300 667 239

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