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Posted by will-my-samsung-tv-work-here-ozzie 15 years ago.

Can't pay my bank loan before I leave - what will happen?

I have a loan with the National bank in NZ and will be moving to Australia because I was made redundant from my job here. I don't have any money to pay my loan before I leave New Zealand. Will the bank be chasing me in Australia and if so, what authority do they have? Can they put me in jail?

2 replies, the latest on 11 April 2015.
Reply from ally 15 years ago.

Pay your loan out with your redundancy money or make the payments from your income in Australia. The National Bank will chase you in Oz and will list you against Baycorp Advantage if you default. This means you will not be able to get a loan in Australia at all, except from the local loan shark at 50% interest. They can't put you in jail, however they can repossess any property you have and can get a court order that a certain about is taken from your income each pay period for repayment of the loan with all court costs added to your loan.

Reply from hazzagirl 9 years ago.

My house got repossessed i now owe 50 000 i want to return to my own country in Africa as I can't afford to live here anymore and won't be able to pay this money will NZ chase me to Africa. I need to make a living. Had enough.

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