Today we’re sharing the 3rd of our 4 FAQs on the impact of lockdowns on your mortgage.
FAQ: I lost income due to Covid lockdowns and therefore can’t pay my mortgage; what can I do?
First of all, contact your lender or your mortgage broker. Measures were taken by many banks and non-bank lenders in order to support eligible affected customers, such as:
- a repayment holiday or deferral of up to six months
- a waiver of fees, including free offset withdrawals and late payment fees.
If your lender hasn’t sent you communication already, you should contact them asap! A repayment holiday is best, but do consider a hardship variation as well. This would allow you to change the loan terms or reduce payment amounts for a while. Get in touch with your lender to find out what information is required, and expect a response within 21 days.