23 Mar Impacted by COVID-19? Now is the time to speak with your lender.
Mortgage holders who have had their income impacted by the COVID-19 outbreak are being encouraged to speak with their lender now.
Earlier this month the RBA cut the official cash rate by 25 basis points to a new record low of 0.50% due to the impact of the COVID-19 outbreak on global financial markets. At the time of writing, the RBA is expected to call an emergency meeting two weeks ahead of schedule to discuss dropping the rate further to 0.25% as global economic conditions rapidly deteriorate.
If you’re one of the many Australians who have been affected – or have concerns that you soon will be – rest assured that you can talk to your lender about hardship options without it affecting your credit report.
In a statement released by Commonwealth Bank CEO Matt Comyn, Mr Comyn states:
“We encourage our retail customers who may be facing hardship due to impacts of the virus to contact us so that we can provide them with assistance, for example hardship options including deferral of loan repayments.”
What are some other options?
If you don’t believe you need to seek financial hardship, but you’d still like a bit of extra breathing room, it may be worth considering refinancing or renegotiating your home loan.
There have been four rate cuts in the past year – including one last month that reduced the RBA’s official cash rate to a record low of 0.5%.
And here’s the thing: lenders don’t automatically drop your repayments when the interest rate falls.
So if you haven’t asked your lender to reduce your home loan rate over the past year – or even the past month – give them a quick call to find out what they can do to reduce them now.
We can help.
The team at Apis Financial are here to help you navigate challenging times such as these.
We are here to help you:
- Keep on top of your budget
- Create a budget
- Speak with your lender and make any necessary changes to your loan facilities
- Understand how much equity you have available in your property
- How to access and use the equity available in your property
- Fix rates, or see if switching to Interest Only is an option
- Use your offset to your benefit
- Enable and use your redraw in need
Our team are highly experienced and we don’t charge any fees for this type of assistance.
Get in touch
We understand that these are challenging and uncertain times, please be assured we’re here for you no matter what lies ahead.
If you’d like us to help you explore your options, please get in touch – we’re ready to assist you any way we can.
Disclaimer: The content of this article is general in nature and is presented for informative purposes. It is not intended to constitute financial advice, whether general or personal nor is it intended to imply any recommendation or opinion about a financial product. It does not take into consideration your personal situation and may not be relevant to circumstances. Before taking any action, consider your own particular circumstances and seek professional advice. This content is protected by copyright laws and various other intellectual property laws. It is not to be modified, reproduced or republished without prior written consent.