Search
  • MAIS Finance

Concerned about servicing your loans?

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

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, Speak with James Ross of MAIS Finance whom can give you strategies to assist.


1 view0 comments

Recent Posts

See All

Exit costs when refinancing

Refinancing can be a great way to save money if you believe you are paying too much for your loan, but there is more to it than just finding a loan with a lower interest rate and making the change. Be

Capital gains tax

If you buy and sell an investment property, you may be required to pay capital gains tax (CGT) on that sale. It’s important to understanding this tax when buying or selling a home. What is CGT? This i

 

MAIS Finance

0402 065 254

  • Facebook
  • LinkedIn
  • Instagram

Disclaimer

Privacy statement

Compliments and Concerns 

General Advice Warning
All strategies and information provided on this website are general advice only which does not take into consideration any of your personal circumstances. 
Please arrange an appointment to seek personal financial, legal, credit and/or taxation advice prior to acting on this information.

Credit Representative: 475856 is authorised under Australian Credit Licence 389328.
Ross Family Trust ABN 35 630 396 452 T/A MAIS Finance