28 Jun 2022

Is mortgage deferral a good idea?

LoanPal

Requesting a freeze on home loan repayments is not an option for everyone. Although some banks now are offering freezing loan repayments because of Covid-19, not everyone qualifies, and it is not forever. Instead of looking for a mortgage deferral program, it is best to look into ways to manage your mortgage loan.

Mortgage deferral is only a good idea if you really need assistance. It is not an option that is sustainable and cannot help you in the long run. However, speaking to an Australian official financial counsellor is a good first step. These financial consultants are experts and can help you create a budget that works with your special constraints.

Also, some mortgage lenders and banks have hardship officers. If you are struggling to pay your home loan and want to work out a budget, it is good to fill out the form. First, though, call your bank or lender to ask for more information. Speaking to a lender with experience is recommended. If approved within 21 days, you will start making new repayments fortnightly or monthly until your financial situation betters itself.

Freezing Loan Repayments Conclusion

Don’t panic if you cannot pay for your mortgage! Situations happen! Not everyone, though, qualifies for the special and restricted Covid-19 mortgage loan help. Instead of deferring your loan, though, you can make a new budget or speak with your bank/lender. Our Mortgage House lenders are friendly, knowledgeable, and ready to find solutions!

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