Home owners turning repayments back on

Feeling more confident about your financial position than when the COVID crisis began? If so, now be a good time to resume your mortgage repayments.

More than 400,000 borrowers have taken advantage of six-month deferrals since the crisis began, according to the Australian Banking Association.

However some banks are now reporting that there’s an accelerating trend of borrowers switching their repayments back on.

For those in a position to do so, this can be very beneficial. The sooner you turn your repayments back on, the less interest you’ll accrue on your loan balance and you’ll shorten the extra time added to your loan term.

It is important to note that not all repayment freezes are the same and you need to speak to your bank about your options.

You can find the contacts details for all Australian banks here.