How quickly will missing a payment hurt my credit file?

Immediate fees. 30+ days late = credit file mark for 2 years.

What is hardship and how do I apply?

Reduced payments/holiday/term extension. Apply BEFORE missing payments.

Will my home be repossessed if I miss one payment?

No — repossession is last resort after months of missed payments.

Can I refinance to fix payment problems?

Sometimes — but harder once payments missed. Better to act before.

Should I sell my home if I can't afford it?

Sometimes — voluntary sale better than forced. We model options.

What Happens Refinancing

Who this guide is for

Australian homeowners worried about missing or having missed a mortgage payment — wanting to know consequences and recovery options.

Recently missed a payment due to cash flow
Worried about an upcoming payment
Going through job loss or income reduction
Need to talk to lender about hardship

The local picture

Missing a mortgage payment is stressful but rarely catastrophic if you act early. Most homeowners don't know lenders have formal hardship processes that protect your credit and home.

How Mortgagefy helps locally

Mortgagefy explains the consequences clearly and walks you through hardship application or refinance options if needed.

Discreet, sensitive, free advice.

How it works — 4 simple steps

Free confidential chat

20-minute discreet call about your situation.

Map options

We outline hardship application, refinance, or sale options.

Coordinate with lender

We help structure your communication with the lender.

Recover

You stabilise repayments and protect your credit.

Frequently asked questions

We use offer letters and vesting schedules to value RSUs conservatively. We present current vesting value + projected future vesting as a 3-5 year income average. This gives lenders confidence in your income stability while accounting for market volatility.

Both. We work with W2 employees, 1099 contractors, and consultants. For contractors, we use 2 years of tax returns plus business financials. We have lenders who specialise in contractor income—they understand the variability.

Unvested options have zero value for refinancing. We count only vested equity. If you have a 4-year vest, we use 25% of the grant value (what's vested) plus a conservative projection of future vesting.

If you've been in your new role 6+ months, most lenders will refinance. We'll use your offer letter plus 6 months of pay stubs. If less than 6 months, it's harder but possible with specialist lenders.

Yes, if you have 2+ years of bonus history. We average the past 2 years and present it conservatively. Some bonuses get counted at 50% to be conservative with variable compensation.

ESPP is counted as deferred compensation. If your company matches or you have a discount, we value it as part of total compensation package.

Talk to us about mortgage payment difficulties

Discreet, sensitive 20-minute call.

Start Your Free Assessment Call 0432 634 648

Get your personalised answer in 2 minutes

Free, no obligation. We'll match you with the right lender for your situation.

Model your scenarios: Use our free home loan calculators to estimate borrowing capacity, repayments, and savings.

What Happens If I Miss a Mortgage Payment in Australia?