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 repayments? The most crucial step is to contact your lender immediately to discuss your situation and avoid default fees.
Your lender can offer several short-term relief options:
- Switching to interest-only payments
- A temporary repayment holiday
- Restructuring your loan term
Also, consider seeking free advice from services like MoneyTalks or exploring a Kiwisaver hardship withdrawal as a last resort. Acting quickly is key to finding a solution and preventing a mortgagee sale.
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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