During these uncertain times, many Australians will be experiencing hardship due to the economic and social impact of the Coronavirus.
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.
However, if you are servicing a home loan and suddenly find yourself in financial hardship, there are options available to you.
Financial Relief from lenders
Australian banks and lending institutions have responded to the difficult financial environment by announcing financial relief strategies. Each lender has their own set of relief options, which may include:
- waiving fees on early term deposit withdrawals
- interest rate freezes on loans
- options to defer or restructure home loan repayments
- emergency credit card limit increases
Talk to a Mortgage Broker
Your local Mortgage Broker has the knowledge and experience required to guide you through this challenging period. The importance of mortgage brokers in assisting customers with hardship and facilitating access to credit cannot be overstated. For many Australians – particularly those in rural or regional areas – mortgage brokers may represent the only source of assistance available.
Your Mortgage Brokers’ expertise in helping customers navigate the complex home lending market – and their intimate understanding of their customers’ personal circumstances – means they are uniquely positioned to provide critical support for customers when discussing hardship and available options with lenders.
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, contact us at Hunter Lending Solutions for a confidential chat.