I need help to refinance my home loan asap as I’m currently in arrears and about to lose my home after years of dv. Does anyone know anyone who can help with arrears refinance.
I need help to refinance my home loan asap as I’m currently in arrears and about to lose my home after years of dv. Does anyone know anyone who can help with arrears refinance.
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7 Replies
They usually don’t refinance it you are in arrears. Best to see if you can borrow some money from someone and get it caught up.
I am in arrears and I’ve just managed to do this no issues and had a default on my name as well.
As a mortgage broker this is a difficult one. Are you in arrears because of the rate increases or because of the lack of funds? Do you have equity in your home? It is nearly impossible to refinance if you are in arrears even more so now that interest rates have increased beyond the 3% threshold. If your financial situation has changed since you obtained the mortgage ie income change, more kids, new loans etc it will make refinancing harder. Have you contacted your bank to see what hardship provisions are available? Most financial institutions will work with you to avoid repossession. Alternatively speak to a financial counsellor and see what they can do to assist.
I don't think any banks will want to give you a loan if you can't afford your current one and are in arrears.
Can you contact your bank and work out a payment plan to catch up and switch to interest only for a while?
Can you check with your lender and see if there is a no frills loan option that will lower your repayments.
Could you move out, stay with family and rent it out?
Or could you get a housemate to help with repayments?
Can you downsize, sell up and get something cheaper? Although, its best to check your credit rating and how banks will assess you, based on the arrears before considering this one.
Unfortunately, I don't think refinancing is the answer.
Have you got anywhere to stay.? You could store your belongings and rent your home out for a while until you get back on your feet. Rental income is good at the moment. So if this is an option to rent out and give someone else a home and have yours paid at the same time to help, then I suggest you do that. This is what I would do, so I wouldn’t lose my home. It’s a good way to get in front and keep your home.
Might sound silly but have you talked to your bank? If you’ve had it years, you might have options.
Just did this myself recently, very easy smooth process. Broker has saved us not only saving us from losing our home, but has consolidated everything, even paid out the arrears , and found us a lower interest rate so I’m paying $300 a week less and that’s having zero debt/bill outstanding now