Phone us now articles sitemap  
Melbourne Mortgage Broker
Latest news - First Home Buyers scheme has been extended.
Interest rates continue to fall. Take advantage of new home loans in Victoria.
Check your mortgage to make sure you are not paying too much in repayments.

What happens if I pay my mortgage late?

Some loans may come with a small amount of flexibility when it comes to late repayments, for example waiving late repayment fees for a small period of time.  Most loans, however do need to be paid on time, or risk paying hefty penalties.

With late repayments not only will you face late fees, but also a bad credit rating, higher interest accumulation and of course having to deal with the hounding of your loan providers.

Before you take out a loan, ensure the repayments are reasonable.  If your monthly repayments are out of your realistic reach, chances are you will end up making late repayments on your loan.

Most owner occupied property is protected 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.

Loans for business or investment purposes are not given the same protection under law however most lenders will be keen to keep your business and restructure the loan rather than loose you as a customer.

In most cases it is always 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 worries about your mortgage repayments, you can talk to a mortgage broker in your local area and find out more about your options.  Our brokers are Australia-wide so finding one near you is easy.  Click here to find your local broker.



  List of lenders

Melbourne Home Loans

Full featured home loans

Variable rate home loans now with all the bells and whistles.

Debt Consolidation

Bring together all your credit cards, car loans and other debts into the single facility.

Refinancing

Interest rates keep falling. Are you getting the best deal you can?

Low Doc Home Loans

Don't be penalised just because you run a successful small business. Be treated as an equal here.

Home Equity Loans

Take advantage of a revolving line of credit to fund important purchases or to renovate..

Cheapest Home Loans

A honeymoon loan can save you thousands to begin with. The trick is reading the small print.