Problems with interest rates and repayments? Ask for home loan help.
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Home loans for owner occupied housing are covered by the Uniform Consumer Code of Practice which stipulates that a lender must try and restructure a loan when a borrower is having problems. Early contact with your lender is best under these circumstances.
The credit provider will usually have to serve a default notice on you before they commence enforcement proceedings against you. This default notice will give you some time (30 days from the date of the notice) to catch up in your payments or seek further advice (you may for example be able to apply to the credit provider for a change to your contract on the grounds of hardship).
You must make sure if you want to keep the contract going that you meet any other payments which fall due during the 30 day period as well.
Call Your Local Finance mortgage broker on 1300 787 665 to discuss your options.
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