If you miss a mortgage repayment it’s important to act quickly to avoid serious consequences, even if it feels overwhelming.
Late fees can start piling up immediately and if a repayment is more than 30 days overdue, your Lender will likely report it to the credit bureaus, damaging your credit score. This can make borrowing in the future much harder.
If repayments continue to be missed, the situation can escalate to legal action, including a Property Law Act notice and, ultimately, a mortgagee sale where you could lose your home.
Taking fast action is critical to avoid these outcomes.
What to Do If You Miss a Repayment
If you miss a repayment or know you’re about to, the first step is to contact your Mortgage Adviser immediately as this shows you’re committed to finding a solution. You might get offered options like revised repayment plans, interest only loan options, loan restructuring, or even extending your loan term.
So always read the fine print and understand the long-term impacts before agreeing to any changes.
Get Professional Support
When you’re under financial stress, seeking professional advice can make a huge difference.
A Mortgage Adviser can also help you map out a plan to get back on track, manage your wider finances, and prevent future issues. Getting support isn’t just about fixing a missed repayment – it’s about setting yourself up for stronger financial stability moving forward.
Plan Ahead to Stay on Track
Having a contingency plan is key to avoiding future missed repayments.
Good financial housekeeping helps, so start setting aside a small emergency fund to cover your mortgage for a few months, in case something unexpected happens.
Also remember to check in on your finances regularly — at least once a year or after major life changes — and make sure your mortgage still fits your needs.
Working with a Mortgage Adviser to review your loan can help catch potential issues early.
Remember, we’re here to support you throughout the life of your home loan, so feel free to reach out if you need a hand, or just to have a chat about this, pick up the phone and call 0800 LENDER (536337) or email to [email protected]
