From all at Integrity Finance, we hope you and your families are doing well in these crazy times.
Unfortunately we probably all know someone, or potentially it may be yourself, that has had their employment situation altered due to the Coronavirus and general slowdown/shutdown in the economy. Whilst the Government has tried to assist with their JobSeeker or JobKeeper stimulus package, sometimes this is slow to apply for or it may not apply to you. We understand this can potentially put some pressure on being able to continue making your home loan repayments and we wanted to let you know that we are here to help where we can.
Mortgage Repayment Pause
Many banks have introduced a ‘Mortgage Repayment Pause’ which can allow you to ease the cash flow burden by not having to make a repayment for at least 3 months (with the potential to extend this further).
We do note that this is not free money and the interest that is accrued each day is added to your home loan (so your loan actually increases rather than decreases) but if this means it can allow you to keep living and take the stress away from having to make a repayment then it may be something to consider. We can discuss the pro’s and con’s of this with you.
It is not something to be embarrassed about, as we mentioned earlier, the Coronavirus has affected so many people in so many ways so please don’t hesitate to contact us to discuss what options your lender has offered.
How else can we help?
Another way we can potentially help is by having your current interest rate reviewed to see if the rate can be decreased, resulting in a lower repayment moving forward. We would love to assist you in seeing if we can achieve a lower rate with your existing lender, so if you wish for us to take a look at this please send gie us a call.
Again, please do not hesitate to contact us as we are here to help. Even if we do not have all of the answers immediately we should be able to point you in the right direction.
Tom Bailey & Nicholas Berry
Integrity Finance (Aust) Pty Ltd
Nicholas Berry Credit Representative Number 472439 and Thomas Bailey Credit Representative Number 472440 are Credit Representatives of Integrity Finance (Aust) Pty Ltd – Australian Credit Licence 392184.
This information is of a general nature and does not take into consideration anyone’s individual circumstances or objectives. Financial Planning activities only are provided by Integrity One Planning Services Pty Ltd as a Corporate Authorised Representative No. 315000 of Integrity Financial Planners Pty Ltd ABN 71 069 537 855 AFSL 225051. Integrity One Planning Services Pty Ltd and Integrity One Accounting and Business Advisory Services Pty Ltd are not liable for any financial loss resulting from decisions made based on this information. These articles are not owned by Integrity One Planning Services. Please consult your adviser, finance specialist, broker, and/or accountant before making decisions using this information.