How can we help as strategic mortgage brokers?
Here are some ways that we can help as your strategic mortgage broker:
- Refinancing to a lower interest rate or interest-only repayments, especially whilst your income is unchanged.
- Releasing equity to give you cashflow if your income may be affected.
- Debt consolidation to make repayments manageable.
- Advice regarding your mortgage or buying a new property.
Now is the best time in your lifetime to refinance and save yourself interest, increase cash flow and maximise your cash runway.
Call us on 1300 896 045, email us directly or contact us here.
How can we help as a private banking team?
- Help you with extending your Interest only period with the bank and assist you through the process.
- Help you with fixing your loans to get the best of the rates cut offs that have been passed on by RBA.
- Negotiate better discounts from the banks for your loans.
- Contact lender to see what they are offering for mortgage relief.
- Remember, if you ever have any questions or need assistance with your lending, please feel free to contact us anytime. Think of us as your private banker for all of your lending needs.
An update from Commonwealth Bank
Home Loans
Home loan customers requesting financial assistance during this time will be able to defer their repayments, with interest capitalised, for up to six months. For the duration of the support period no repayments are required. However during this time, interest and charges will add to the loan balance. At the end of the support period, your required repayment amount will increase so you repay the total balance over the remaining loan term (including interest and charges added to the balance during the support period).
There are other options that may be able to assist during this time, including:
- Accessing any additional money you may have available in redraw in your eligible loan
- Consider if Interest Only payments are right for you
- Reducing your repayments to the minimum monthly repayment amount
- Utilising money in your Everyday Offset (if available to you)
Fixed package rates have been reduced to our lowest ever advertised rates. Including 2.29% p.a. (3.99% p.a. comparison rate) for new 1, 2 and 3-year Fixed Rate home loan Owner Occupied customers paying Principal and Interest repayments with Wealth Package. The rates are effective from 30 March 2020, however, will be available to:
- existing requests to switch and split, and
- all applications that fund between Friday 20 March and Monday 30 March, where Rate Lock has not been chosen
Business customers
- Offering an unsecured loan of up to $250,000 (lending criteria applies) with no establishment or account fees, and no repayments required for six months for business with less than $50m turnover. After 6 months, interest would accumulate at a low 4.5%, with principle and interest repayments required.
- Automatically deferring BetterBusiness Loan and Asset Finance repayments for eligible small business and community group customers with total lending limits with CommBank up to $3 million in April, May and June 2020. From July, customers will be able to opt-in to receive a further three month deferral if needed in line with the ABA loan deferral arrangements. We’ll communicate with our customers about how they can make repayments if they do not wish to be covered by the auto-enrolment and continue to explore other options to assist
- Reducing rates on BetterBusiness Loans, Business Overdrafts and other products by 25 basis points, effective as at 24 March 2020
- Providing additional resourcing and extended hours for commercial lending teams to ensure faster decision times
We’ll also support our small and medium business, and community group customers who may be facing financial difficulty by providing financial assistance, including:
- Deferring repayments on overdraft products, for 90 days
- Waiving merchant terminal fees for impacted customers with CommBank merchant terminals, for 90 days
- Waiving early redraw fees on business term deposit accounts (including Farm Management Deposit accounts)
- Waiving establishment fees and excess interest on Temporary Excess products
- Deferring repayments on vehicle and equipment finance loans, and providing tailored restructuring options that meet individual customer needs
If you have a Relationship Manager, they will be able to assist you at this time. Otherwise, you can contact our dedicated Business Financial Assistance team on 13 26 07. They are open 24 hours 7 days a week.
