28 Jun 2022

How long can you defer your mortgage for?

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Banks in Australia, since the beginning of Covid-19, have offered mortgage deferrals for their borrowers. However, not everyone qualifies, and this does not last forever. Actually, it has cost banks over 1.4 billion to defer mortgages.

So, how long can you defer your mortgage? Since not all companies offer this relief, there is no one term. Instead, most companies have given four to six-month extensions for families suffering a loss of income due to Covid-19.

However, instead of deferring your mortgage, there are other solutions that can decrease your repayment method temporarily. Consider, for instance, reaching out to your bank or lending company directly. There is usually an office or department that is in charge of handling hardships and looking for solutions.

If there is a hardship department or office, speak to them and discuss your situation. Over the phone, in person, or online, you can give them evidence and proof that you cannot afford your current repayments. However, during this process, they won’t freeze the payments, but consider lowering the repayments until you are back on your feet.

Deferring Mortgage Conclusion

Overall, deferring mortgage payments does not last forever. Actually, most companies only offer extensions of 4-6 months. It is lucky to find extensions that last longer! Instead, contact one of our Mortgage House representatives to discuss repayment options that work for you and your financial situation!

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