Q&A #4 – the impact of lockdowns on your mortgage

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. 

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