How we can help with your home loan repayments
We can help if you’re having difficulty keeping up with your home loan payments. The type of assistance we offer will depend on your circumstances, as described below. It’s important that you get in touch as soon as you can, so that we can quickly find the best option for you.
You can call us on 1800 701 599.
Talk to a financial counsellor
If you're feeling overwhelmed with financial decisions, a financial counsellor can help you put a plan in place. Financial counsellors are qualified professionals who provide free, independent, and confidential information and advice to people in financial difficulty. Visit the https://ndh.org.au/, opens in new window or call 1800 007 007. The helpline is open Monday to Friday, 9:30am to 4:30pm (AEST/AEDT).
What happens if you miss a home loan payment
Please contact us as soon as you know that you can’t make a payment, or if you’re having financial difficulties. We may also reach out to you if we see signs that you’re beginning to struggle. The earlier you speak with us, the more options you may have. If you miss a payment, we’ll remind you by SMS, email, letter or phone. If the missed payment is just an oversight, you can pay the overdue amount and you’ll be back on track. If not, please contact us so we can discuss options that might help.
Options that may be available to you
We can work with you to see if any of the options below suit your circumstances. When you contact us, we may ask you for information about your current financial situation.
Accessing available funds
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. You can also use your offset transaction account or redraw facility to get access to additional money. Learn more about changing repayments and accessing available funds.
Temporary reduced payment arrangement
Even if you can’t make your full repayment, it’s best to keep making smaller ones if possible. We may discuss the option of a reduced payment arrangement on your home loan. Typically, a payment arrangement will be for one to six months. When we speak to you, we’ll discuss what this means for your situation.
It’s in your best interest to keep up some payments, even at lower amounts, because it reduces your debt in the long run. Contact us so we can work together to find a payment arrangement that may be right for you.
Temporary payment break
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. Usually a payment break will be for up to three months. When you call, we’ll ask questions about your financial circumstances so that we can work out a plan together to resume repayments. When we speak to you, we'll also discuss how a payment break will affect your situation.
What you need to know about a payment arrangement or break
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. 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.
Restructuring your loan
If you have a credit card or personal loan with NAB, we can discuss restructuring your debt to make it more manageable for you. 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 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. This allows us to carry out checks to ensure the restructure is suitable for your needs and that you meet our lending criteria.
Selling your property is a last resort
Selling your property is the last resort. We’ll work with you to explore every possible option first, if that is your preference. However, sometimes it may be in your best interests to sell your property and hold on to as much of its value as possible. If you decide to sell, then we can help you find a property agent, or assist with rent to help you relocate.
If we haven’t found a solution or heard from you
If you fall behind in your payments and we cannot contact you, or if we can’t find a solution that works for both you and NAB, steps may be taken to sell your property to cover the debt. Learn more about the process of repossession and selling of your property.
If you are not happy with the support being provided you can provide feedback or make a complaint to the Australian Financial Compliants Authority.
Having trouble making your home loan repayments?
Complete an assistance request and we'll get in touch.
Common questions about your credit report
No. You can talk to us about difficulties with your home loan repayments at any time, and this won’t be recorded in your credit history or credit score.
Only financial hardship arrangements that have been agreed to with NAB will be reported by us to the credit reporting bodies. Please read below for details.
Learn more about credit reporting and your credit history.
Your credit file is updated each month to reflect your repayment history information. This shows your repayment history on your lending facility, which then can have an impact on your credit score.
The information can be used by credit providers (like NAB) to assess your future credit facility applications (home loans, personal loans, credit cards, etc.). We provide this information, on a monthly basis, to the credit reporting bodies we work with: Equifax Australia Information Services and Solutions Pty Limited, Experian Australia and illion.
If you agree to a financial hardship arrangement with your credit provider regarding a credit card, personal loan, car loan, home loan or other credit product that is regulated by the National Credit Code, Financial Hardship Information (FHI) - rather than Repayment History Information (RHI) - is reported to the credit reporting bodies we work with, to safeguard your repayment history. FHI indicates that a special payment arrangement is in place due to financial hardship and whether the requirements of any such arrangement are being met.
Your credit report will not include the reason for the hardship arrangement, or the specific details of the arrangement. Financial hardship indicators on your credit report do not impact your credit score.
If you would like further information about comprehensive credit reporting or your credit file, please refer to www.creditsmart.org.au, opens in new window.
If we have not agreed to a hardship arrangement with you, we will continue to report overdue payments if you do not pay your overdue amounts in full. If you do require hardship assistance, please contact us by phone or apply for assistance online by visiting Financial assistance | Support for financial difficulty - NAB.
If your account is overdue at the end of your hardship arrangement, this will be reflected within your repayment history information within 14 days of your hardship arrangement ending, unless we have agreed to provide further assistance.
Financial hardship information – for both temporary and variation hardship arrangements – only stays on your credit report for 12 months. After that time, it is no longer possible to tell from your credit report that a financial hardship arrangement was in place. For further information please visit www.creditsmart.org.au, opens in new window.
You can check your credit file through the credit reporting bodies we work with:
For more information about credit reporting, visit the Australian Government’s Credit Smart, opens in new window website.
Find out more about Your credit report: access, corrections and complaints.
Dealing with the unexpected
Navigating a change of circumstance
Get in touch
If you're experiencing a change in your circumstances, require financial hardship assistance, or think you might need help in the future, please contact us.
Request financial hardship assistance
If you’re having trouble making your repayments, you can request assistance.
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