As we near the end of week one of lockdown the reality of this situation is starting to kick in for most.
There is no ‘one size fits all’ in any climate and is this is no different. We would love to chat with you and assist with easing the financial uncertainty that is being felt at this time. We are in the position where we have a direct line to your bank at a time where they are under enormous pressure trying to service all of their clients.
We now have some details around the COVID-19 packages the Banks have issued. As you would expect the various offerings are similar. Here are some of the key elements we are seeing across the board. • Minimum Repayments; If you have been paying off your loan faster than you needed to, you might be eligible to pull back your repayments to the minimum. Alternatively you may be able to extend the term back out to the maximum allowable – which will also reduce your loan payments.
• Interest only; The ability of switching to Interest only, the period being offered is up to six months. This will extend the term of your loan by the period you are on interest only31
The great news is these changes can be made immediately even if you are on a fixed rate. The changes can also be undone sooner if your circumstance change for the better.
The test is easy for this – “has/will your income be reduced due to COVID-19?” If the answer is yes, you should talk to us. The Banks also have other options available for use. We are here to help.