Problems with interest rates and repayments? Ask for home loan help.
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Borrowers have the right to charge late payment penalties in the event of tardy repayments and if the lateness is just through forgetfulness then real damage can be done to your future borrowing ability. I suggest an automatic bank deduction be set up to avoid oversight if this is the case.
Borrowers who make late repayments have some degree of protection where the loan relates to owner occupied property under the Uniform Consumer Credit Code. Basically the lender has to send a default notice that gives you 30 days to rectify the late payment. In addition a lender is to make every reasonable endeavor to restructure or re-contract the loan in a manner to best help a borrower with genuine hardship.
The best advice here is to act quickly if you have a problem with repayments because lenders are just as keen as borrowers to solve problems without having to resort to the expensive and unpopular last resort of legal action.
Loans for business or investment purposes are not given the same protection under law however in a practical sense lenders are generally keen to keep your business and re-structure where possible as long as the borrower acts quickly.
As a last resort it is generally better for the borrower to take action and put the property on the market rather than have the lender force the issue.
If you are having trouble with your repayments call Your Local Finance mortgage broker on 1300 787 665to discuss your options.
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