Can a pensioner who has a bond account that’s in arrears apply for debt review and will the house be saved in this process?
Thank you for the question.
A pensioner can most definitely apply for debt review. The success of the debt review application would be determined by the affordability. If the affordability is not enough to cover a reasonable payment toward the bond, you might have to consider selling the property.
The debt review process could have an added benefit in the sense that your bond interest rate will be fixed for a certain period. This really helps when the repo rate is increased by the Reserve Bank.
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