{"id":61903,"date":"2022-11-11T04:43:36","date_gmt":"2022-11-10T17:43:36","guid":{"rendered":"https:\/\/timesnewsgroup.com.au\/bellarinetimes\/?p=61903"},"modified":"2022-11-10T20:56:15","modified_gmt":"2022-11-10T09:56:15","slug":"interest-rates-are-on-the-rise","status":"publish","type":"post","link":"https:\/\/timesnewsgroup.com.au\/bellarinetimes\/real-estate\/interest-rates-are-on-the-rise\/","title":{"rendered":"Interest rates are on the rise"},"content":{"rendered":"

Interest rates are on the rise and many homeowners are anxiously expecting further rate hikes to be announced from the Reserve Bank of Australia before Christmas.<\/p>\n

The increasing rates inevitably put strain on many households, and sometimes that strain can be significant. So, what happens if you can’t pay your mortgage?<\/p>\n

 <\/p>\n

Asking for help<\/em><\/p>\n

It is okay to ask for help. In fact, it’s important that you ask for help early!<\/p>\n

You may like to contact your bank and try to negotiate your current loan terms or contact a mortgage broker to see if you can refinance your property for a lesser interest rate to reduce your loan repayments.<\/p>\n

It is certainly better to consider these options as early as possible.<\/p>\n

 <\/p>\n

What do I do if the bank has issued me a Default Notice?<\/em><\/p>\n

There is specific legislation that defines when a bank can issue what is called a Default Notice, which is when you have not paid your mortgage repayments within the agreed terms of the loan.<\/p>\n

The Default Notice may come directly from your bank or from their legal representative and is issued to your last known postal address.<\/p>\n

Your options once you have been issued a Default Notice are:<\/p>\n