Following on from the Financial Crisis Assistance article, we have been reviewing options for homeowners and investors with home loans or investment loans.
The other 5 articles in this series are:
Low-Income Earners
Superannuation Pension and Centrelink Recipients
Small and Medium Business
Larger Businesses
Landlords & Tenants
You can also refer to our other articles by clicking on the links above for your personal situation.
We have been reviewing the major impacts for homeowners and investors, and these are as follows:
1: Bank Loan Repayment Holidays:
Most banks have now announced measures to provide between 3 month and 6 month repayment holidays on home loans. This can assist you in terms of the crisis. This is in addition to any government funding and grants that you receive.
Most banks are stating that there has to be an application for hardship, so please make sure that you consider this carefully before making an application.
We are not sure yet how the banks will consider an application in terms of your credit rating, so please contact us for assistance before making any enquiries or applications.
2: Early Access to Super:
As we set out in our other articles, there is an option to claim on some of your super. There is a specific way to do this, so please contact us if you need assistance.
3: Credit Card and Other Debts:
Approaching your credit card institutions and other debt providers that you currently have can assist if you are having any payment difficulties. Particularly any of your rates and taxes (Water Corporation, Council, Land Tax) as they may be willing to provide longer terms for payment where needed.
4: Tenants:
If you are an investor with a rental property, it is currently uncertain as to how COVID-19 is going to affect landlords and rents. There is expected to be more information becoming available, and as an active property manager, we are currently working through many situations with our clients and landlords to get the best outcomes possible in these difficult circumstances.
We are here to help:
AAG is still working for you and we’ll keep you informed of all of the critical issues as they come to our attention.
We will help you with your finances and your financial welfare.
We are here to support you with all concerns however small or large. Please email us at consulting@ww2.austasiagroup.com, or via phone on 08 9227 6300.
Best Regards,
Simon Chesson
Director