The Australian Dream?
The Australian dream has always been home ownership, but it doesn’t always go as planned. Many Australians are under insured against income loss or illness and with rising interest rates, credit card debt levels at an all time high it can be a recipe for disaster. When an unforeseen tragedy occurs it doesn’t take long for borrowers to fall behind and quickly realise they need to either refinance and start again with a new lender or sometimes as emotionally devastating as it is, just sell up and either down size or rent.
James Plowright from Non Conforming Mortgages, specialist brokers that find mortgage solutions for borrowers in these situations says.
‘It surprises us how long it takes for some people to react and take action, the longer you stay in arrears the more it will cost in penalty interest and then a higher interest rate with your new lender. However most people aren’t apathetic and it doesn’t take a tragedy for people to use our service, many people just get tired of the stress their combined monthly debt commitments cause them and they want to consolidate all their loans together and improve their lifestyle’.
Home loan defaults and Bad Credit Home Loans
When a borrower defaults or is in arrears on their home loan it means they have missed a due payment. When a payment is missed lenders will charge a higher default or penalty interest until the payment is made. Other legal and penalty fees can also be charged depending on your loan contract. If you have fallen in arrears it is best to catch up or refinance as quick as you can to reduce your costs. If you have defaulted on your home loan please call us on 1300 739 088 to discuss what option you have.
Non Conforming Mortgages
Phone - 1300 739 088
Fax - 1300 131 598
Email - info@nonconformingmortgages.com.au
Head office
(postal address for all office locations)
TOK Corporate Centre
1/459 Toorak Road
Toorak, Vic 3142
Sydney
Level 31
88 Phillip Street
Sydney 2000
Brisbane
Level 7
127 Creek Street
Brisbane 4000
Perth
Level 4
27 St Georges Terrace
Perth 6000
