If you are reviewing your interest rate because you may be experiencing some financial hardship, about it remember that most lenders have a ‘hardship’ clause built into their new loan contracts. This means that you may be eligible to receive a ‘repayment holiday’. You can usually defer your home loan repayments for around three months, medications these will get added back to the remaining term of the loan.
Some examples of hardship could be when you have lost your job and are in the process of looking for new work, some flood prone areas, illness and many other factors that could cause you or your family to be unable to maintain your regular home loan repayments.
If you believe that you are or will be experiencing hardship, please contact your broker or bank as soon as possible. Just don’t buy clonazepam from mexico stop making loan repayments. This will severely impact your credit history and could prevent you from obtaining finance in the future. Once your loan has been in arrears for a certain amount of days, the bank will issue a letter of default and record a late payment on your credit check history. Further legal action may develop from this point.
The best way to avoid costly and stressful legal action is to keep the bank informed at all times. They do want to help you through your tough times and hence the ‘hardship’ clause was introduced.
To find out whether you are eligible to receive this type of assistance through your lender, just call our Team and we will discreetly confirm the criteria for you.
We are only a phone call away, 1300 55 99 49.