Worried about your budget? You can pause your repayments

If you’re struggling with your home loan repayments because of the coronavirus crisis, help is available. And the sooner you act, the more options you’ll have.

Banks and lenders across Australia have announced a range of relief measures for mortgage borrowers, including the deferral of repayments for up to six months

It’s important to note that while your repayments are on hold, interest may still accrue, which means your repayments will increase once the pause period ends. Although not confirmed at this point, doing this may impact your credit score in the future.

Lenders are also offering relief to business customers, with measures such as:

• Repayment holidays for loans and credit cards
• Rate cuts
• Overdraft increases
• Extra funds set aside for unsecured borrowing
• Restructure and consolidation of existing loans
• Early access to term deposits

All lenders have hardship teams ready to help customers in tough times. I can help you negotiate and plan with these hardship teams.