4/1/2024 0 Comments Home loan arrangeerWe’ll work with you to explore every possible option first, if that is your preference. Selling your property is the last resort. This allows us to carry out checks to ensure the restructure is suitable for your needs and that you meet our lending criteria. If this is an option you're interested in, we’ll need you to undergo a full credit assessment which will include you completing a loan application. We'll ask you for information about your situation, to see whether a restructure may be possible and if so, whether you’d benefit from consolidating your NAB debts. If you have a credit card or personal loan with NAB, we can discuss restructuring your debt to make it more manageable for you. Also, it may mean that you won’t be able to make an online redraw, however you may be able to redraw if you contact us directly and it’s appropriate for your situation. You need to be aware that arrears and interest continue to grow when you take a payment break or have a payment arrangement, so these options might not be suitable for you. What you need to know about a payment arrangement or break When we speak to you, we'll also discuss how a payment break will affect your situation. When you call, we’ll ask questions about your financial circumstances so that we can work out a plan together to resume repayments. Usually a payment break will be for up to three months. If you won’t be able to make a home loan repayment for a few months, we may discuss a temporary payment break for you. Contact us so we can work together to find a payment arrangement that may be right for you.įind out more about managing your home loan repayments Temporary payment break It’s in your best interest to keep up some payments, even at lower amounts, because it reduces your debt in the long run. When we speak to you, we’ll discuss what this means for your situation. Typically, a payment arrangement will be for one to six months. We may discuss the option of a reduced payment arrangement on your home loan. Temporary reduced payment arrangementĮven if you can’t make your full repayment, it’s best to keep making smaller ones if possible. Learn more about changing repayments and accessing available funds. You can also use your offset transaction account or redraw facility to get access to additional money. If you’re ahead of your home loan repayments or paying more than the minimum amount, you may be able to modify your payments using the NAB app. When you contact us, we may ask you for information about your current financial situation. We can work with you to see if any of the options below suit your circumstances.
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