The Federal Government and banking industry is banding together to assist home loan customers as much as possible during these difficult times.
If you suffer a loss of income or employment, or there has been a major change in your personal circumstances due to the current COVID-19 (coronavirus) pandemic, we’re advising clients to follow the below action plan:
1. Call us
We need to know about your changes, and we’ll do everything we can to assist you. The support options being offered by the banks and lenders are regularly being updated so let’s talk through your situation and confirm the best course of action.
2. Contact your lender and pause mortgage repayments
All major banks and lenders are offering COVID-19 affected customers an option to pause mortgage repayments for three to six months. This option is generally only available to customers that have a major change in personal circumstances such as loss of income or employment.
It’s important to note that your home loan will still accumulate interest which means your repayments may be higher when they start again due to the term of your loan remaining unchanged.
Each lender is offering various support options and will be able to provide you with the most up to date information and ensure you fully understand their associated terms and conditions. We recommend you book an appointment via your banks website to receive a call back at a suitable time as call-centre wait times can be over one hour at the moment due to the situation.
Interest rates are also at an all-time low and if you haven’t recently refinanced or negotiated a better interest rate, now is the time to do it. We’ve just saved one of our clients over $6,400 a year in interest payments by refinancing her $400,000 home loan from a 3.79% fixed interest rate to 2.19%. Interest rates have dropped significantly. Contact us as soon as possible to start this process and we will handle this on your behalf so you can avoid long wait times on the phone.
In these unprecedented times, we want to offer you our full support in making the coming weeks, months and year as easy as possible for you. Any queries or concerns regarding your loans please contact us and we’ll promptly assist you.