Buying guide
What happens if I can’t pay my mortgage?
Struggling to pay your bills? You have options. Here's a list of 11 things to do if you can’t pay your mortgage.
AI summary
Struggling with mortgage payments? Talk to your lender immediately to explore options and avoid default fees.
Your bank can offer temporary relief, such as reducing payments, switching to interest-only, or a repayment holiday. For free financial advice, contact services like MoneyTalks. A Kiwisaver hardship withdrawal is a last resort for severe hardship.
Ignoring the problem can lead to a mortgagee sale, so proactive communication is crucial to finding a solution and keeping your home.
11 things to try if you can’t pay your mortgage
1. Take a close look at your finances
2. Get a little help
3. Talk to your lender right away
Your lender will suggest options to help reduce your repayments.
4. Request financial hardship assistance
5. Reduce your repayments
6. Switch to interest only
7. Use funds in your home loan
8. Restructure your loan
9. Try a repayment holiday or loan payment deferral
10. Check your insurance
If you're struggling to pay your mortgage there is help available.
11. Consider a Kiwisaver hardship withdrawal
What if I still can’t make repayments on my mortgage?
Stay calm and seek help
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