Coronavirus Support for Affected Mortgage Holders - Pearl Financial

Coronavirus Support for Affected Mortgage Holders

By Shane | Uncategorized

Aug 10
covid-19 support for affected mortgage holders

With ongoing COVID-19-related restrictions imposed across Australia, especially in identified hotspots in New South Wales, Victoria, Queensland and Western Australia, the government is again extending coronavirus support and financial assistance to affected workers and businesses.

Workers in hotspots declared by the Australian government can use the myGov and Centrelink websites to access financial aid. This help comes in the form of the COVID disaster payment and the pandemic leave disaster payment, subject to certain conditions.

For mortgage or home loan holders, each state has its own mortgage assistance program, as in the case of the Queensland and NSW governments. Aside from government assistance for mortgage holders, major Australian banks are also extending help.

1. Bank of Queensland (BOQ)

Eligible mortgage customers affected by the recent spate of lockdowns may receive support from the Bank of Queensland in the form of deferred mortgage repayments for a limited period. Other options include interest-only payments and special arrangements regarding arrears.

2. Commonwealth Bank

The Commonwealth Bank of Australia offers several forms of mortgage assistance to eligible customers.

Depending on their situation, customers may reduce repayments or access money available for redraw.

There are also tailored options available to customers who want to restructure their home loan or switch to a fixed rate or a combination of fixed and variable rate payments, subject to certain conditions. Those significantly affected by the lockdowns may seek a home loan repayment deferral. The bank has also extended its freeze on foreclosures from September 2021 to the end of February 2022.

3. National Australia Bank (NAB)

The National Australia Bank is extending help to mortgage customers affected by the lockdown, including a temporary reduction in mortgage repayments, temporary repayment deferrals and home loan debt restructuring. Other services for COVID-affected customers include debt consolidation as well as financial counselling and wellbeing support.

4. Westpac

Eligible customers of the Westpac Group, namely Westpac, St. George, Bank of Melbourne and BankSA may apply to avail of deferrals or reductions to home loan repayments and interest rates, loan term extensions, waiving of fees and debt restructuring.

5. Australia and New Zealand Banking Group (ANZ)

The Australia and New Zealand Banking Group also offers its customers impacted by COVID lockdowns help in their mortgage payments. These include short-term repayment relief, waiving of fees, home loan debt restructuring and more affordable fixed-rate home loans.

If you are one of the many mortgage holders in need of assistance with home loan repayments, please visit your state government website. You may also check the website of your mortgage or home loan provider to check if you qualify for COVID relief.

Shane
Author: Shane

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