During these unprecedented times, you need to know that you can get help from your bank or finance broker.
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Don't wait until your loan falls into arrears. Make a call now and discuss options available.
Banks are offering financial support to home loan customers impacted by COVID-19. This can include deferring home loan repayments for three to six months.
Under a home loan repayment deferral, you do not need to make repayments to your home loan for a period of time.
Unpaid interest during this period is capitalised, meaning it is added to the outstanding loan balance to be paid over the remaining loan term.
If you are ahead in your home loan repayments, there may be options such as accessing your existing redraw balances or using funds in your offset or deposit accounts.
For the majority of us who pay more than the minimum home loan repayment amount, you can reduce your monthly payments to the minimum.
Small to medium businesses are also receiving specialist support with payment deferrals and temporary overdrafts being options that can be considered by your existing bank.
You should also consider - is this the time to review your finances?
Many of us are working from home and spending more of our free time at home too, take advantage of this time to sit down and examine your finances.
What are your goals? Are you on track to reach them? What do these economic changes mean for you? Some people will be looking into financial uncertainty.
Your bank or a finance broker can assist you in managing this.
You need to understand your redraw facilities, offset accounts, your rights in regard to mortgage "repayment holidays", applying for financial hardship with your bank, and how you might take advantage of the RBA rate cut.
At a time where people in the community are self-isolating, quarantined or practising social distancing, be assured you that you do not need to leave your home to seek advice or even apply for finance.
Appointments can be done digitally.
A knowledgeable finance broker can help you navigate lenders fast-moving policy changes.
Banks and lenders are quickly making changes to their requirements to adapt to these unique times we find ourselves in.
Reach out and discuss your circumstances today.
Olympia Andronicos is a credit representative (507463) of BLSSA Pty Ltd ACN 117 651 760 (Australian Credit Licence 391237). Choice Finance Specialists 0418 690 628.