Subject to some exceptions, an acceleration clause can generally only operate if: Most mortgage contracts will have an acceleration clause. If there is an acceleration clause in the mortgage contract, the lender may accelerate the debt so that the whole of the loan (rather than just the arrears) becomes immediately payable when you are in default. What if the lender is asking for more than the arrears, do I have to pay? If you do not pay, the lender can take possession of your home after completing certain steps. You can call the National Debt Helpline 1800 007 007 for free financial counselling.You should not ignore the default notice. If your circumstances have permanently changed and a change to your repayments won’t fix your problem, you should speak to a financial counsellor about your options. You can call the National Debt Helpline 1800 007 007 for free financial counselling. Its best that you speak to a financial counsellor to help you work out what change to your repayments will suit you best. The bank will not accept your hardship notice unless you can show that you will be able to repay your home loan if the changes are made. How much you can afford to repay & how long the hardship is likely to last.If you are a vulnerable customer (for example, because you are elderly or have a disability).The bank is unlikely to accept your request unless you have good reasons (for example, you lost your job or have suffered a serious illness) Why you need a change to your home loan.How you want to change your home loan (for example, extending the loan term and reducing each payment or postponing payment s for a period).When you give your hardship notice you should include: If you make your hardship notice over the phone you should make notes of what was said. Its best that you give your hardship notice in writing to avoid misunderstanding and so you have a record. This request is called “ a hardship notice ”. You can simply ring the number on the default notice or write to your bank and ask for a change to your home loan repayments. How can I ask for a change to my home loan repayments?
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