Rising repayments and household costs can place real pressure on borrowers. If your mortgage is becoming difficult to manage, speaking up early can provide more time to understand the available options.
A review is not only about refinancing
Depending on your circumstances, possible pathways may include reviewing the current loan structure, negotiating with the existing lender, extending the loan term, consolidating eligible debts, refinancing where appropriate, or requesting formal hardship assistance.
Refinancing is not suitable for everyone
A refinance may involve valuation, servicing, fees, a new loan term and lender eligibility requirements. The overall cost and benefit should be considered—not simply the advertised interest rate or a lower monthly repayment.
Speak with your lender if payments are at risk
If you are already missing repayments or expect to, contact your lender’s hardship team promptly. A broker can help you understand lending options, but urgent hardship support should not be delayed while exploring a refinance.
SPECK Finance offers a no-obligation conversation to help borrowers understand where they stand and what questions to ask next.