Last Q&A of our Lockdowns series:
FAQ #4: If I take a payment holiday now, will it impact my ability to refinance in the future?
When assessing any loan application, lenders look at your serviceability – that’s your ability to make repayments. That includes your repayment record for any previous loans. So if you have taken a repayment holiday or made a payment variation due to hardship, it may very well reduce your chance of success if you can’t show a record of perfect recent repayments, usually for 6 to 12 months, depending on the lender.
Let’s have a chat, I might just know the requirements for your preferred lender.