JobKeeper, JobSeeker & Your Current Home Loan

JobKeeper, JobSeeker & Your Current Home Loan

Deferred Payments for any loan, including Home Loans, Personal Loans and Car Loans can be the solution and also the problem at the same time.

COVID-19 has caused Banks to open their doors, allowing those who lost their jobs to defer their payments for up to 6 months.

As COVID appears to be on ongoing issue we need to adjust to the fact some of the income you receive can come from Government Grants or Jobkeeper, and understand how this will affect any potential loan application.  Constant lockdowns and interrupted employment can affect your loan applications.

Some lenders are offering Interest Only repayments instead – you will find this will differ from lender to lender.

Where does this leave you when you are trying to consolidate?  You might have a vision of the staid banker shaking his head, reaching for his blood pressure tablets, desperately wanting to write the loan, but with the Royal Commission ghost from the past, haunting him.

This is why Brokers exist in the world – from necessity.

These COVID-19 times have never happened before to be honest, and the lending horizon will change in more ways than you realise.  This is not all bad, as new loan products will continue to surface over time.

For our clients, we need to find the best course of action for you.  In a word – we need to be sensible and consider your own situation.

This will be a time when you  may take a crash course in negotiation, and we are happy to help you with this as well.  Will your creditors accept smaller payments based on your income instead of the full payment? Keeping your income coming into the household, keeping your family happy, keeping your creditors happy may be your objective.  Some families may need to relate to each other differently – less money in the household for instance, so it will be an adjustment for everyone.

If you need further support to help you through these tough times, and to help negotiate your situation, please don’t hesitate to contact us on 0403 211 361 and we can help refer you to a number of resources