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
If you're struggling with mortgage repayments, act quickly. First, review your finances and seek free advice from services like MoneyTalks. Contact your lender immediately to discuss options before you default.
You may be able to switch to interest-only payments, take a repayment holiday, or restructure your loan. A Kiwisaver hardship withdrawal is also a possibility. Inaction can lead to a mortgagee sale, so proactive communication with your bank is crucial to find a solution.
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
Author
Discover More
This former theatre could be yours, just prepare to pay $3.8m to do it up
Details released for the sale of a former theatre in Dunedin, which requires an estimated $3.8m renovation to fix up.
The priciest property sales this year: Auckland and Queenstown dominate but other towns almost broke in
Explore the 10 priciest property sales of the year. Discover why Auckland and Queenstown dominate the luxury market.
Search
Other articles you might like
