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, contact your lender immediately to explore solutions. They can offer temporary relief and want to help you avoid default.
Key options your lender may discuss include:
- Switching to interest-only payments
- Arranging a repayment holiday
- Restructuring your loan term
A Kiwisaver hardship withdrawal is a last resort. Ignoring the problem can eventually lead to a mortgagee sale, so seeking professional financial advice and acting quickly 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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