A home loan arrears means that you haven’t made the required mortgage payment on your loan. This may include:
- Missing a payment
- Making late payments
- Having multiple overdue payments
While you may have every intention of paying your home loan on time, life does happen. Missed payments can occur to unexpected financial situations such as illness, divorce, unemployment, etc.
Home loan arrears are very serious. If it isn’t taken care of quickly, the bank can take back your home and sell it to another buyer.
The experts at Australian Lending Centre understand how difficult home loan arrears can be, which is why we offer a variety of debt consolidation and refinance options to help you keep your home and avoid bank repossession. While long-term financial struggles may indicate the need for additional debt relief products, our experts can help tackle the issue of keeping your home in your possession.
What Lenders Do During Home Loan Arrears
While you might think a bank will approve a refinance so that you can get caught up on your home loan, they won’t. This is because banks and financial institutions see arrears as a serious financial issue; therefore, they don’t want to take on the risk of loaning additional funds to a consumer who may not pay them back. For most banks, if you have had any late payments within the past six to 12 months, you’ll be rejected for a refinance.
We offers bank alternative financing that can help you even if you have a history of defaults, poor credit or your home loan is in arrears. We assess your refinance based on your income and current financial obligations to find a payment that works for you.
The Refinance Process for Home Loans in Arrears
The refinance process is different when your home loan is in arrears. This is because Australian Lending Centre must locate a private lender that can provide you with financing before the banks repossess your home. Our experts must analyse your financial situation and make sure your home loan can benefit from a refinance. If not, we can suggest debt consolidation alternatives or you may have to sell your home to avoid repossession.
If you’re ready to find out how Australian Lending Centre can help with your home loan arrears, contact our financial specialists today at 1300 138 188. Our specialists can tell you right away what you qualify for and suggest some options to help you fix your home loan arrears.
We’re committed to solving Australia’s financial problems. Let us help you get the home of your dreams, recover from excessive credit card debt or just refinance so you can keep your home!