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? Contact your lender immediately to explore your options. You may be able to:
- Request financial hardship assistance
- Switch to interest-only payments
- Take a temporary repayment holiday
Review your finances and seek free advice from services like MoneyTalks. A Kiwisaver hardship withdrawal is a final option, but seek professional advice first. Ignoring the issue can lead to a Property Law Act Notice and a potential mortgagee sale, so proactive communication is essential.
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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