Q&A #2 – the impact of lockdowns on your mortgage

Second part of our series of FAQs on some of the main concerns we hear from clients regarding the effect of lockdowns on their mortgage.

FAQ: I have been approved for a home loan that has not yet settled and my job is impacted by COVID; will the bank still lend me the funds?

You must let your broker / Lender know when there is a change in your circumstances since your home loan approval. For example, if you start receiving COVID payments in lieu of wages because you are unable to work. For the time being, Government lockdown payments are not considered as acceptable income by most banks. So your Approval is likely to be withdrawn until you start earning wages / income again. All Lenders have slightly different rules; please reach out and I’ll help you navigate this! 

Please reach out!