Repayment Date
Most mortgage due dates are the first of every month. There are millions of mortgages in Australia, so setting up the first of the month as the due date across the board helps keep track of payments. It also helps clients understand the length of a grace period and what constitutes a late repayment. Over 30 years, things can change for a client. Some get married and grow their family, while others find that they need to care for aging parents.
If it’s necessary, clients can delay the repayment date on their mortgage. Several lenders allow clients to change the date on their mortgage online. It’s not something that requires pre-approval from the lender anymore. If a client attempts several repayment date changes, however, the lender may step in.
Clients who change their mortgage repayment date online receive several benefits. The online program calculates the new repayment amount for the following billing cycle. This allows the client to ensure it’s the right move for them. More importantly, it allows them to see that they’re going to pay more interest.
If your client is unsure, rest assured that as their broker, you can contact our loan specialist team too. Mortgage Street is available to answer questions regarding delaying a repayment debt. We’ll go over how the impact changes the payment amount for the following billing cycle.
When delaying a repayment date becomes consistent, we do request to speak with the client. If they’re experiencing financial hardship, we’re willing to take a look at the circumstances. An alternative solution may be more viable and help the client get back on track.
Delay Repayment Date Conclusion
Mortgage Street is among the lenders that allow clients to delay their mortgage repayment date. Keep in mind that the payment for the following billing cycling increases. Plus, the interest rate charge clock doesn’t stop ticking. For more information, contact our loan specialists.