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What Happens to Reporting of Repayment History When You Have a Financial Hardship Arrangement?
What Happens to Reporting of Repayment History When You Have a Financial Hardship Arrangement?

We explain what happens when reporting your repayment history in instances where you have a financial hardship arrangement in place.

Updated over a week ago

If you enter a into a financial hardship arrangement with your lender, this information is recorded on your credit report.

This will be shown by a letter code of ‘A’ or ‘V’ (depending on the type of arrangement) that will go next to your repayment history.

  • ‘A’, which refers to a temporary financial hardship arrangement. This is a type of short-term relief or deferral of credit obligations.

  • ‘V’, which refers to a variation financial hardship arrangement. This is a permanent variation to the terms of a credit agreement, such as a change to the repayment obligations or an extension of the term of the loan.

This information is retained on your credit report for one year. However, your credit report will not include the reason or the specifics for the hardship arrangement, or the details of the arrangement.

You are considered to have missed a payment if you make the payment more than 14 days after the due date. A credit provider isn’t required to send you a written notice before listing a missed payment on your credit report.

We all may experience financial hardship at some time. Getting support is important, and we’re here to help. In addition to contacting us, you may also find help from these external support services.

Unloan is a division of Commonwealth Bank of Australia.

Applications are subject to credit approval; satisfactory security and you must have a minimum 20% equity in the property. Minimum loan amount $10,000, maximum loan amount $10,000,000.

Unloan offers a 0.01% per annum discount on the Unloan Live-In rate or Unloan Invest rate upon settlement. On each anniversary of your loan’s settlement date (or the day prior to the anniversary of your loan’s settlement date if your loan settled on 29th February and it is a leap year) the margin discount will increase by a further 0.01% per annum up to a maximum discount of 0.30% per annum. Unloan may withdraw this discount at any time. The discount is applied for each loan you have with Unloan.

There are no fees from Unloan. However, there are some mandatory Government costs depending on your state when switching your home loan. For convenience, Unloan adds this amount to the loan balance on settlement.

* Other third-party fees may apply. Government charges may apply. Your other lender may charge an exit fee when refinancing.

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