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pwmfht · Joined: 21 Jul 2011 Posts: 1 1.41 Dollars($)

If you can cut years off of your loan by making one extra payment a year what does it do to your loan if you pay 15 days past the due date but before penalty (16 days past). IE: mortgage is due on June 1 but paid on June 15, on June 16 there is a late penalty applied.

gmakerley · Posted: Thu Jul 21, 2011 10:03 am Post subject:

If you're paying on the 15th of every month, you're not incurring any additional interest; and of course you're also avoiding those nasty late charges that crop up on the next day.

sabrinatoss · Posted: Fri Jul 22, 2011 1:19 am Post subject: hi pwmfht !

There is no problem with paying your loan late just be sure that you don't pass through the dates wherein you have to pay for penalty. However, your late payments will reflect on your credit score.

Posted: Fri Jul 22, 2011 7:24 am Post subject:

Huh? Are payments one day past the due date reported late in Australia? Standard in America is reporting if 30 days late. Also most mortgages notes are written with late charge applying if the payment is not received by the end of the 15th calendar day AFTER the due date. That is, the 15th of the month has no bearing.

gmakerley · Posted: Fri Jul 22, 2011 7:31 am Post subject:

Most of the expertise you will find on this forum extends only to the boundaries of the United States. I have yet to notice that anyone from Australia has been posting on here, so I doubt we have any expertise in discussing the laws "down under."

We can talk about shrimp on the barbie and tie me kangaroo down sport, or take me wallaby back jack, but late charges and being late, etc. is not in our milieu of topics.

Technically, if your payment is due on the first day of a given month and goes unpaid, it's late. That the late charge doesn't appear until the middle of the month is a nicety from the lender, and it's been accepted as standard practice.

eskyvest · Joined: 29 Apr 2011 Posts: 8 2.32 Dollars($)

One additional comment is to make sure how long the grace period is. In my experience, I saw some lender did 10 days instead of 15 days. In this case, you have to pay by the 10th of the month so you don't have to pay any late fee.

Val

[External link deleted as per forum rules. Thanks.]

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