If you are concerned about servicing your loan, reach out to your local mortgage broker for help.
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 Coronavirus, 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.
It is important to remember that mortgage brokers have the knowledge, experience and relationships necessary to assist people experiencing or expecting to have trouble paying their home loans as a result of changing circumstances.
In times like these, 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 – brokers may represent the only source of assistance.
Expertise of brokers is of critical support
The Mortgage & Finance Association of Australia (MFAA) recommend a Brokers’ expertise in helping customers navigate the complex home lending market – an 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.
Contact Trevor today on 0420 422 320 for more information on how we can help you get the right loan for your new property.
Helping you achieve home ownership & financial independence
Reach Lending Group is all about taking the journey with our clients to achieve home ownership and financial independence. We come highly experienced and offer a service of excellence to educate and equip you to reach your financial goals sooner.
Whether it be buying your first home or growing your investment property portfolio we walk with you every step of the way. Helping you with your budget, finding the best home loan solution for your individual needs, negotiating with your lender, keeping you informed along the way and taking care of all the time-consuming paperwork and processes involved.