What happens if I miss a home loan repayment?

If a borrower misses a home loan repayment, several consequences may occur, which could vary depending on the specific policies of Aussie Home Loans and the terms of the loan agreement. Typically, the first consequence of a missed payment will be a missed payment fee charged to the borrower's account. Aussie Home Loans may also notify the borrower about the missed payment, often through a letter or an electronic communication. If the missed payment is part of a pattern of late repayments or if the loan remains in default for an extended period, this could lead to more serious repercussions. For example, the borrower may face increased interest rates or other penalties. Additionally, a continued failure to meet repayment obligations could result in the lender taking legal action, which may include the possibility of repossession of the property. It is important for borrowers to review the terms outlined in their loan agreement with Aussie Home Loans to understand the specific consequences of missing a payment. If you are looking for more detailed information, checking the relevant sections on aussie.com.au may prove helpful.