By Jason Given · April 2026 · 5 min read
Losing your job does not mean losing your home. Banks do not want to repossess your property — it is expensive, time-consuming, and they recover less than market value. What they want is for you to communicate, engage with their hardship process, and work toward a resolution.
The critical mistake is going silent. Missing repayments without contacting your lender is what escalates the situation.
The best protection is preparation: maintain 3 months of repayments in your offset or redraw, keep your loan competitive (a lower rate means a lower minimum repayment), and ensure your loan has flexible features that give you options if circumstances change.
If you are concerned about your financial position or want to make sure your loan is structured to protect you, book a free chat. We review your loan's flexibility and recommend changes if needed — at no cost.
No. Lenders do not want to repossess properties — it is a last resort that costs them money. If you contact your lender early, they are required to work with you to find a solution. This typically includes reduced repayments, a temporary pause (hardship variation), or restructuring the loan.
Yes — and as early as possible. Lenders are legally required to consider hardship applications and respond within 21 days. The earlier you reach out, the more options are available. Waiting until you have already missed payments reduces your options and damages your credit file.
Generally no — lenders require current income to approve a refinance. However, if you have a partner with income, or if you secure new employment quickly, refinancing to a lower rate can reduce your repayments and ease cash flow pressure. Lendology can advise on timing and options.