Considering Mortgage Refinance?

Considering Mortgage Refinance? Bad Debt and How To Get Help

If you are considering refinancing your loan because you are struggling to make repayments, call and speak to your bank as the first priority.

If you are in financial trouble, you really should speak to your lender first.

In Australia, the major lenders and bank CEO's declared recently that they could give a respite of up to a year to the debtors that have lost their jobs in the global financial crisis. Other alternatives could be to pay only the interest on the loan or lengthen the term of the mortgage.

Credit Cards High interest rates on credit cards should be negotiated by asking for a lower rate or even getting it bundled into a personal loan. Get rid of that credit card and replace it with a debit card if you really need to pay your bills by card.

How to get Some Relief From Bills Contact your creditor and ask for more flexible repayments. Sometimes you may be able to get help from the government. Go to www.choiceswitch.com.au in order to locate your local consumer relations contacts.

Taxation If you are swamped by tax debt, contact the Australian Taxation Office and ask for an extension on your payment schedule or even an annulment if you are experiencing serious finacial hardship.

Go to www.ato.gov.au or phone 13 11 42.

How to Apply for a StepUP Loan The National Australia Bank & The Good Shepherd Youth and Family Service have put together a new product called the StepUP Loan, which you are eligible for if you receive Family Tax Benefit Part A or have a Health Care Card.

This will get you a loan (around $800 & $3000) which may be used to buy furniture, use cars or computers. 3.99% interest is charged for the loan term and also the payments are very flexible.