Home Loan Blog

Despite the fact that most states are out of lockdown and beginning to explore the “COVID normal”, it may still be that some people are experiencing financial challenges or will after Government support is reduced or removed.
I want to reassure you during times of uncertainty I can support you to explore options with your lending. If you have deferred your mortgage repayments, now is the time to look at what to do when the deferral comes to an end. Or, if your circumstances have changed recently and you’d like to explore other options, I can have a discussion with you.
There are four options to consider which may apply to you:

1. Recommence paying in full at the end of the deferral period;
2. Review your loan with options to restructure or refinance;
3. Discuss eligibility to apply for an extra deferral period of up to four months; or
4. Explore what deferral options are available if you don’t currently have an arrangement in place

I can help you navigate through the circumstances you’re currently experiencing and work with you to come up with a plan that will assist you now and into the future.
Other options that may be available to you include:

• request a lower interest rate
• switch to interest only
• extend the loan term to reduce the repayments
• ask for fees and charges to be waived
• consolidate debts to make repayments more manageable

Not all banks and lenders have a specific COVID-19 relief package, but they still have standard hardship policies in place for those facing financial hardship for any reason. Usually, these requests are made directly with the lender, but we can help you prepare for the conversation or suggest alternatives based on your circumstances.
The important thing is to act as soon as possible if you are struggling. Please get in touch to discuss your finance options – I’m here to help.
For further information, you can also visit this link.