What happens if I miss multiple payments and can’t make it up?

If you’ve missed multiple payments on your home loan, personal loan or credit card, Westpac may make your full outstanding account balance(s) due and payable. Before we issue you a letter of demand, Westpac will give you time to make an arrangement to pay the amount(s) owing. At this point it is still not too late to enter into a payment arrangement with us.

If a demand letter is issued, Westpac may do the following:

• For a home loan, Westpac will follow the steps set out in the Property Law Act 2007. We may enforce the mortgage and/or any other security you have against the property, which means selling your property and/or any relevant security.
• For a personal loan, overdraft or credit card, Westpac may ask an external collections agency to work in partnership with us to recover the money owed. No additional costs will be charged to recover this.
• Continue to report your outstanding debt with credit reporting agencies as overdue and unpaid (also known as delinquent). This will stay on your file for up to five years and may make it harder to obtain finance across Australasia.
• Take action to close any other Westpac loan, savings or transactional accounts held by you. Any other Westpac credit facilities may also become fully due and payable. Available funds in any other Westpac accounts held by you may be used to reduce your outstanding account balances and Westpac may stop regular outgoing payments such as direct debits and automatic payments from your Westpac accounts.