What happens if I miss a home loan repayment?

If you miss a home loan repayment, there are a few things that may happen. Initially, you may be charged a late payment fee by Aussie Home Loans. This fee can vary, so it is important to check your loan agreement for specific details. Moreover, missed payments can have an impact on your credit score, potentially making it harder for you to secure credit in the future. Aussie Home Loans may also notify you about the missed payment and provide you with options to resolve the issue. It is crucial to contact them as soon as possible to discuss the situation and work out a repayment plan. Failure to take action or continued missed payments could lead to more serious consequences like the lender initiating legal action to recover the outstanding amount.