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Michelle  S.
Michelle S.
Sydney, NSW

We have recently had some bad luck and have ended up falling behind in our mortgage. I've tried talking to our bank, but they don't seem very interested in coming to the party on some type of plan. Will I be able to re finance and consolidate other debts?

5 years ago


Hello Michelle.
Whilst not a consolation your story is a common one and fortunately there are lenders who can assist in situations where home owners have experienced some ill fortune.
The idea is that these specialist lenders assist you by consolidating your currnet home loan and other debts and you use the next 12 - 24 months getting back on your feet so that your loan can then be switched back again to a main stream lender.
I'd be happy to chat with you if you want further information.

Hi Michelle,

Really sorry to hear about your run of bad luck.

I’m not an expert in this field, but I know that ASIC provide a free financial counselling service. The following is a link to their financial counselling page


I hope it all works out for you

Gerry Ardesi

Hi Michelle
So sorry to hear that you are experiencing difficulty. Your lender is obliged under hardship laws to assist you where they can.

It is hard to give you advice when I do not know your full financial position however there are lenders out there that are able to assist you. I have had great success in the past in doing this for my other clients and would be more than happy to help you.

Please call me on 0414 727 308 to book in a time that is suitable for you.

Hi Michelle

Very sorry to hear you are going through some tough times and I hope things start to get better soon.

Whilst your existing bank may not seem too interested it is very important to stay close to them and keep the lines of communication open. It is always better to be in regular contact and be seen to be trying to get your loan back on track. Given the circumstances this may be quiet frustrating however it will be much better for you in the short and long term if you continue to keep them informed of what’s happening.

You could also make contact with one the finance professionals registered with Eccho and let them know of your current situation. As qualified professionals they may be able to help you develop a plan and provide some options on how you might be able to consolidate your debts.

It is always better to be proactive in these circumstances.

Best wishes

Yes you will. There are specialist lenders out there with products and rates similar to the major banks. Each situation tends to be unique so the more information you can give to a specialist lender the better the outcome usually is. it is important to be honest up front, remembering that these specialist lenders have heard every possible situation. this is no guarantee of an approval but I hope this helps. please let me know if you have other questions.

You must sit down with an independent broker that is qualified to assess your situation
This broker needs to become your gateway to the future so select wisely .
There are always solutions, but do NOT just put a bandaid over this problem ...make certain you broker has a strategy in place to bring you back to mainstream lending once your credit position has returned to normal .
Second or Third tier lenders are a viable option and do not need to be a life sentence.
Good Luck

I see this type of scenario regularly. It would depend how far behind you are behind no your current mortgage loan & your circumstances. Happy to discuss your circumstances in more detail to see what can be done.

Hi Michelle, there are options available to refinance and consolidate your debts. If you have enough equity available to cover your debts. There are a number of 2nd and 3rd tier lenders available. Their products and interest rates are competitive too.
regards Maria McCloskey

Hey Michelle,

Contact your bank again. Always keep them updated and don't ignore the arrears departments (credit solutions) calls. You can apply for financial hardship, which means they will hold off on your repayments for an agreed amount of time or organise a payment plan. But in saying this, the reason for falling behind must be valid. For example: self employed, sole trader unable to work due to illness.
Depending on how far behind you are will determine the banks agreement/actions they will take. As I previously worked for a major bank in credit solutions I can advise you their steps of procedures.
If you don't want to stay with the bank, you can look at refinancing and consolidating your debts, which will help you get back on track.

Stay positive!
All the best.


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