Are you experiencing financial hardship?
We are here to help!
Banks and financial institutions are required to offer hardship assistance if you find yourself in financial difficulty.
With the onset of Coronavirus (COVID-19), banks and financial institutions have announced a raft of new stimulus packages to assist individuals, households and small businesses experiencing hardship.
If you would like to know more about the Coronavirus (COVID-19) support packages offered by banks and financial institutions, you can check their individual websites or contact us for assistance.
In the meantime, should you be experiencing financial hardship, here are some options to consider.
Pause Your Home Loan Repayments
If you ever experience financial hardship, particularly due to COVID-19, you may apply with your lender to put your home loan repayments on hold for up to six months.
Please note, interest will continue to be charged and added to your loan during the period your repayments are paused.
This means that your home loans will be charged interest on interest.
However, if you do require immediate financial assistance, this is one option that can help preserve your money until you get back on your feet.
To apply to pause your repayments, you can contact your lender direct or we can assist.
Consolidate Your Debts
To reduce your overall monthly commitments, you can apply to roll up all of your debts into one loan with the intention of reducing your overall monthly repayment.
Naturally there is a lot to consider but we are here to help.
If your home loan has a redraw facility and you have made additional repayments, you may have accumulated a buffer that you can now redraw to assist you in your period of hardship.
Reduce Your Repayments
Given the recent reduction in home loan interest rates, your present repayments may be higher than the minimum required.
To assess whether you can reduce your repayments, contact us so we can calculate for you.
You can find more information on claiming a hardship variation and what thresholds apply by visiting ASIC’s MoneySmart website: