If a fixed property (house)
If a fixed property (house) is to be sold to ease financial burden, the existing bond should form part of the initial repayment proposal, together with details of the offer to purchase and approved buyer confirmation as and when this is available. When the transaction is complete, a revised proposal is required. Consumers are to be encouraged to take the best offer because the cost of interest while the consumer waits for a better offer is most often more than the extra money realised from the better offer. If there is a shortfall on the home loan after the property has been sold, then this shortfall must be included in the proposal as unsecured debt. In such instances bond holders may waive the early termination fee.
NDRC Practice NoteLast reviewed 2026-04
Where a bonded property is part of the proposal, the proposed monthly instalment cannot fall below the agreed bond instalment without the bank's express consent. Any reduction below that floor must be negotiated, not assumed.
Drawn from NDRC's active case work. For your situation, see our debt counselling overview.
Cite this clause
National Credit Regulator. (2015). Annexure B — Debt Review Assessment Guidelines, clause 8.4: If a fixed property (house). Guideline 001/2015 (Debt Review Task Team Agreements 2010), p. 45.