Mark Stevenson
Mark is the Managing Director of Evolve Lending & Finance. Mark held senior roles in asset finance, consumer credit risk analysis, finance advisory and mortgage broking.
What to do if you can’t make your home loan repayments
What to Do If You Can’t Make Your Home Loan Repayments
Mark Stevenson, Managing Director at Bell Partners Finance (now Evolve Lending & Finance) wrote for The Western Weekender in April 2024 offering practical and reassuring guidance for borrowers facing financial hardship and struggling to keep up with home loan repayments.
The piece opened with an important acknowledgement: even the most financially responsible people can be blindsided by circumstances outside their control. Job loss in a single-income household, illness, or the kind of sudden economic disruption the world experienced during COVID can turn a comfortable financial position into a stressful one quickly. The question is not whether such moments can happen, but how to respond when they do.
Mark’s first and most important piece of advice was not to go quiet. Ignoring calls and emails from the bank and hoping the problem resolves itself is the worst approach. Banks do not want to repossess and sell properties. That outcome is genuinely a last resort, and the process of reaching it is long and involves multiple attempts to find a workable solution first.
The options available to borrowers in genuine hardship are broader than many realise. Repayment pauses, switches to interest-only periods and debt consolidation are all tools lenders can deploy well before the situation becomes critical. The key is to initiate that conversation early and be honest about the position you are in.
Once the acute period of difficulty has passed, or even while still navigating it, working with a broker helps ensure the loan structure is as manageable as possible. If the credit file has taken a hit during the hardship period, a broker can provide the most realistic and constructive advice about what is still possible.
A 30-year loan is a long time. Financial difficulty during that period is not unusual. Having the right support in your corner can make a significant difference to the outcome. Contact Evolve Lending & Finance if you need guidance on where to turn.
