Are you in financial difficulty with your home loan

1. If you are behind on your home loan, seek help as soon as possible - the sooner you act, the easier it will be to try and come to some arrangement with your existing lender. Do not be afraid to ask your mortgage lender if the repayments can be lowered. If they say no, ask for the decision to be reviewed by someone more senior. One of our experienced mortgage brokers can help you with this.

2. Consider approaching a financial counsellor, community legal centre or legal aid to negotiate with your mortgage lender or get legal advice.

3. Seek as much information as you can and try to make objective and informed decisions. Speak to one of our experienced mortgage brokers and we will work out with you your options. Make use of the large range of finance calculators on the Intellichoice website. The budget planner is a great tool for you to work out your income and what you spend your money on.

4. Be realistic about whether you can afford repayments under a new refinancing arrangement if you are already in default or under financial stress.

5. Seriously consider making the tough decision to sell your home or downsize now rather than tapping into your equity in an attempt to keep your home. If you don't, you could find yourself still having to sell in 6 or 12 months time but getting less money in your hand because of additional fees and interest due to an expensive refinance.

6. Speak to one of our mortgage brokers at the office about switching to another mortgage lender with a lower interest rate and fees.

Most importantly – remember that there are no easy solutions

Avoid mortgage brokers who make unrealistic promises about getting you out of debt or who use advertisements claiming they can help no matter how desperate your financial situation is. Please do not hesitate to call one of the mortgage brokers at Intellichoice if you need assistance by calling 1300 55 10 45!