If you default on your home loan with Commbank Mortgages, it can have serious consequences for your financial situation and credit history. Here are some of the things that can happen if you default on your home loan:
- Late payment fees: If you miss a repayment, you may be charged a late payment fee. These fees can add up quickly and make it harder to catch up on your repayments.
- Default interest rate: If you continue to miss repayments, Commbank Mortgages may apply a default interest rate to your loan. This rate is typically higher than the standard interest rate and can make it harder to catch up on your repayments.
- Default notice: If you continue to miss repayments, Commbank Mortgages may issue you with a default notice. This notice will give you a set period of time to catch up on your repayments, or Commbank Mortgages may take legal action to recover the debt.
- Repossession: If you continue to miss repayments, Commbank Mortgages may take legal action to repossess your property. This can have serious consequences for your financial situation and credit history.
- Credit history: If you default on your home loan, it will be recorded on your credit history. This can make it harder for you to borrow money in the future, and may result in higher interest rates and fees.
If you are having trouble making your repayments, it’s important to contact Commbank Mortgages as soon as possible. They may be able to work with you to find a solution that can help you avoid defaulting on your loan. This could include temporary repayment arrangements or refinancing your loan.
