13 Jul 2022

What is short-term financial assistance?

Non-Bank Financial Institution

Banks and lending companies can offer borrowers and bank customers short-term financial assistance. This type of assistance does not last long and is usually an extension of up to six months on loans and revolving lines of credit. Consider that everyone gives different resources and types of short-term financial assistance. 

In Australia, for example, there are government agencies and nonprofits that also offer short-term financial assistance. If you need this assistance, though, it is important to have evidence and documentation. Missed payments or a letter stating that you do not have a job can suffice. In other words, short-term financial assistance is available to Australians that are in financial hardship due to events outside of their control. A prime example of this is a major disaster like a tornado, flash flood, or forest fire.

Most mortgage lenders will not provide money. Instead, mortgage lenders and banks give pauses and repayment breaks on loans and other monthly or fortnightly bills. Usually, though, these breaks are short and, thankfully, are not reported to the credit bureau. 

Mortgage House lenders understand that life is complicated and anything can happen. Try calling our mortgage experts to inquire about hardship, financial help, and short-term assistance.

Short Term Financial Assistance Conclusion

It never hurts to ask for help, especially when you have a random hardship. When the hardship is short-term, Australians are lucky as mortgage lenders, banks, and nonprofits are ready to help with short-term assistance programs. These programs only run for about six months, though, and vary depending on the situation.

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