What happens if I miss a home loan repayment?

If you don’t have enough money in your account on the due date, Westpac will continue to attempt to process the repayment for the next six days, which gives you a chance to put things right.

If the repayment isn’t successfully made within 14 days of the repayment date, the rate of interest that you will pay on any overlimit amount will be the interest rate plus a 5% p.a. default margin. We will attempt to contact you via TXT, a call or a letter to let you know payment is overdue or your account is overlimit and see if we can come to an arrangement to help you get back on track.

Your credit status may be affected when you start missing payments, which could impact your ability to gain credit in the future. And if you continue to miss payments, we may require you to pay all outstanding moneys in full and we may also enforce the mortgage and/or any other security you have against the property, which means selling your property and/or any relevant security.

If you’re struggling with meeting your payments or think you might miss one, the best thing to do is act early - talk to us as soon possible. We’re available on 0800 772 771 weekdays 8am to 6pm.