Mortgage Repayment Support

Australia’s big banks are trying to do their bit to take the financial pressure off Aussies during this trying times.

Depending on who you bank with, your lender may have offered to potentially ‘pause’ your mortgage repayments for the time being if you’re facing financial difficulty due to the Coronavirus. If you are struggling, it’d definitely be worth reaching out to your bank and finding out what they can do for you, as most banks are offering some kind of relief. 

Here’s what we know is being offered by the Big 4:

CBA – The Commonwealth Bank has offered to defer loan repayments for all (potentially still subject to an assessment) customers for up to 6 months. Keep in mind that you’ll still have to pay back the amount you’ve deferred after the deferral period – it’ll get tacked on to your home loan balance and you’ll pay it back over time.

NAB – NAB is offering a similar thing to CBA, a deferral of mortgage repayments for up to 6 months. The difference is that after the deferral period, you’ll have to increase your mortgage repayments to make up for the ones you’ve missed.

Westpac – Westpac is allowing customers who’ve lost their job or suffered an income loss to defer their repayments for 3 months, then be reviewed and potentially defer for a further 3 months. Also likely to have to undergo one of the above methods to make up for the missed payments.

ANZ – ANZ is also offering a similar thing to Westpac, being a 3 month deferral, followed by a review and potentially a further 3 month deferral. They’ve also passed on a 0.15% drop in their interest rate after the emergency rate cut by the RBA early this month.

There are a number of other offers by smaller lenders as well, so be sure to check out what your lender is offering to help you out.

While we’re on the topic, now might be a very good time to review your mortgage rate and consider refinancing if it’s not competitive, as interest rates are currently at an all-time low in Australia and there are some great deals out there.

If you would like to review your mortgage and consider other lenders then we have a panel of 30 plus lenders to help you shop around, Anna our Mortgage Broker is here to help.

March 24, 2020