01 Oct Ending Loan Payment Deferral? Here Are Your Options
If you’re one of the thousands of borrowers who had chosen to defer their home or business loan, your bank will start to reach out to you in the next few weeks.
According to data from APRA, 11% of total housing loans worth $195 billion have been deferred as of 30 June 2020. Lenders have begun contacting their customers to discuss what could be their next step. We acknowledge that the last six months have been stressful. We’re here to tell you that even if your mortgage deferral period is coming to an end, you still have options!
We know that you might still be finding ways to get back on track and Soul Finance Group is here to help.
What Are Your Options?
Here are potential options that you may be able to consider:
- Restart making repayments
- Extend the loan term to reduce your repayments
- Extend the repayment holiday
- Review your loan with option to refinance or debt consolidation
- Switch to interest-only repayments for a period of time
- Or switch to fixed-interest home loan
- Renegotiate current interest rate with your lender
- Sell your property
- A combination of these and other measures.
The option most suitable will depend on your individual financial circumstances. Knowing these options, you’ll know that you’ve fully explored the other potential avenues. If you’d like to explore any of the options mentioned above before your lender phones you, get in touch with me today! Call 0408 081 082.
Credit Representative Number 486927 is authorised under Australian Credit Licence 389328.
This article provides general information only and has been prepared without taking into account your objectives, financial situation or needs. We recommend that you consider whether it is appropriate for your circumstances and your full financial situation will need to be reviewed prior to acceptance of any offer or product. It does not constitute legal, tax or financial advice and you should always seek professional advice in relation to your individual circumstances. Subject to lenders terms and conditions, fees and charges and eligibility criteria apply.