Getting behind on your repayments for a home loan is stressful. This handbook will help guide you to get a repayment arrangement in place with your lender.
The handbook covers:
- what the lender has to do to take possession of your home,
- what you can do to stop the lender taking possession of your home,
- how to negotiate a repayment arrangement,
- what to do if the lender won’t agree to a repayment arrangement,
- accessing your superannuation and mortgage assistance (if available),
- getting a stay if the lender has a court order to evict you from your home, and
- getting help.
The handbook does not cover:
- getting a home loan,
- business loans,
- loans for investments other than residential property (e.g. shares),
- other disputes such as if the loan was unfair or unaffordable, disputes over interest or fees or disputes with mortgage brokers.
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Additional information
This guide primarily covers financial difficulties – but Chapter 4: What if the lender/broker has been unfair? has some information about what you can do about other complaints.
What to do if you are having trouble with your mortgage – in brief:
- If you are behind in payments (or about to be) but have not received a default notice yet – act quickly! Your lender may agree to accept reduced repayments while you are in financial hardship. See Chapter 6: Making a workable repayment arrangement for how to negotiate a financial hardship arrangement with your lender.
- If you and your lender cannot agree on a repayment arrangement, lodge a complaint with the Australian Financial Complaints Authority (AFCA). AFCA is the best way for you to resolve your financial hardship complaint with your lender. The lender cannot start or continue legal action or take possession of your home while your matter is being considered by AFCA. See Chapter 7: Lender says no to repayment arrangement for how to lodge a complaint with AFCA.
- If you have received a default notice, statement of claim or summons from the court for possession of your home, your situation is urgent. See Chapter 2: Is my problem urgent? and Chapter 3: Can the lender take my house?
- If the lender has obtained judgment from the court, your situation is urgent. Get legal advice immediately. See Chapter 14: Useful contacts for where to get free legal advice and Chapter 12: Getting a stay of eviction from court for more info.
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Asking for legal advice
You may need to ask for legal advice more than once. Don’t be afraid to keep getting legal advice or financial counselling assistance as your situation develops.