If you are concerned about servicing your loan, reach out for help. The worst thing you can do is to ignore the problem, it will just make it worse.
As Australians everywhere take a close look at their financial circumstances, mortgage brokers stand ready to lend a helping hand.
Whether experiencing financial hardship through job loss, a reduction in work hours, or business disruption, an increasing number of Australians may be struggling to balance their books as a result of the Corona virus, and in many cases are wondering how they will continue to pay the bills.
Difficulty with repayments
According to research conducted by Finder in early 2020, about one in five mortgage borrowers, or about two million Australian households, were struggling to make repayments, despite record low interest rates.
And with the challenging circumstances that have emerged since, it is anticipated that these pressures will only increase forcing more people to require financial assistance.
Financial relief strategies
In this difficult time lenders have responded by announcing financial relief strategies. In an official Australian Banking Association (ABA) statement, CEO Anna Bligh said, “Banks stand ready to support customers and if anyone is in need of assistance, they shouldn’t wait but come forward as soon as possible”.
Different lenders have different assistance options. These may include, waiving fees on early term deposit withdrawals, interest rate freezes on loans, options to defer or restructure home loan repayments, and emergency credit card limit increases.
If you have any questions or concerns about your existing loans, need further guidance on hardship assistance, or have other questions about your loan arrangements, give me a call.