If you default on your ANZ mortgage, there can be serious consequences, which may include:
- Late payment fees: ANZ may charge late payment fees if you miss a mortgage repayment. These fees can add up over time and increase the amount you owe.
- Default interest: ANZ may charge default interest if you fail to make a mortgage repayment on time. Default interest rates are typically higher than the standard interest rate on your loan, which can increase the amount you owe.
- Legal action: If you continue to miss mortgage repayments, ANZ may take legal action to recover the debt. This can involve legal fees, court proceedings, and ultimately, the repossession and sale of your property.
- Damage to your credit score: Defaulting on your ANZ mortgage can have a negative impact on your credit score. This can make it more difficult for you to borrow money in the future, as lenders may view you as a higher credit risk.
It’s important to note that if you’re experiencing financial difficulties and are struggling to make your mortgage repayments, it’s best to contact ANZ as soon as possible to discuss your options. ANZ may be able to provide you with temporary financial assistance or offer other solutions to help you manage your mortgage repayments