We know many Australians are facing uncertainty in the current COVID-19 (coronavirus) situation. During these unprecedented times, we want to let you know that we are very much still open for business and we are committed to conducting business as usual to deliver the best outcomes for our clients. If your friend, family member or loved ones are struggling with financial hardship we would like to share with you the following information:
• Speak with a LadyBird Home Loan advisor if you are worried out your ability to make loan repayments in the next 3-6 months.
• Understand the equity in your current property
• Look to reduce interest rate or consider where appropriate interest only strategies for the short term to reduce cash flow strain via refinancing or renegotiating with current bank.
• Utilise offset accounts to reduce interest costs and store any excess funds.
• Understand redraw facilities and what is or is not available. Is there other access to credit?
• Possibly reduce repayments back to the minimum if paying more than required. (Again this is a temporary strategy)
• Understand rights under current mortgage for such things as 'repayment holidays' when in times of distress or default.
Even if your friend or family member is not a LadyBird Home Loans client and they would like to know more, please call the team to discuss in more detail - 1300 523 924.
Disclaimer: The materials and information contained in this document and distributed by LadyBird HomeLoans Pty Ltd (Australian Credit Licence 382350) for use as an information source only and are not to be taken as a substitute for independent advice.