Covid-19 – Relief from loan repayments

We recognise this is a very uncertain time for many Australians. Throughout this period, we remain focused on delivering our loyal clients with our continued high level of multi-award winning personalised service.  

During this time, we understand that many of you will be feeling anxious about your ability to meet loan repayments. Whether you run your own business or uncertain about your employment, our team is here to support you through. 

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.  

How can your lender help?

Here are some ways banks and lenders are helping customers with home loans who are facing financial difficulties due to the coronavirus:  

  • Deferring scheduled loan repayments, also known as a repayment holiday.  
  • Offering interest-only repayments. 
  • Waiving fees and charges. 
  • Adding overdue repayments to the balance of your loan, so you are no longer in arrears and being charged late fees.  
  • Extending the loan term to reduce the number of repayments.  

Many lenders have issued guidance on the virus outbreak, including measures such as deferred repayments and fee waivers for people experiencing hardship.

You can find out more here. This article will be kept current by MPA magazine.

Bank offerings:

  • NAB, Westpac and ANZ are offering three to six-month loan holidays to mortgage customers, largely focused on first home buyers, those who lose their job or suffer loss of income as a result of Covid-19.  
  • ANZ is the first to announce a cut to the standard variable rate by 15 basis points. 
  • NAB, WBC, CBA said small business loans can expect at least another 100 basis point cut. 

It may also be worthwhile considering refinancing to extend your loan term out, swap to interest only repayments or withdraw equity to keep as a buffer to get ahead of the curve while valuations are stronger. This is particularly so if you anticipate a reduction in income.  

Don’t hesitate to reach out to us if you have any questions or would like to speak with a Strategic Mortgage Broker about your circumstances.  

We wish you and your loved ones the very best of health. 

More information on bank offerings: 

List of lender hardship hotlines

AMP

ANZ

Bank of Melbourne

Bankwest

Citibank

Commonwealth Bank

Firstmac

ING

Liberty

Macquarie Bank

ME Bank

NAB

Suncorp

Westpac

 

 

By |2020-03-26T10:29:13+11:00March 20th, 2020|

About the Author:

David Johnston
David is the Founder and Managing Director of Property Planning Australia, author of ‘How to Succeed with Property to Create your Ideal Lifestyle’, co-author of ‘Property for Life – Using Property to Plan Your Financial Future’ and a widely-published media commentator. With more than 20 years of experience, David is passionate about educating others to make informed, and ultimately, more lucrative property investment decisions. David established Property Planning Australia in 2004 – with the vision to educate and empower Australians to make successful property, mortgage strategy and money management decisions.  Property Planning Australia’s operations have earned acclaim and national industry awards for its unique fusion of property planning, education, money management, mortgage strategy and risk management. All supported by multi award winning customer service.