Access Finance Partners in East Perth, Western Australia | Loan service

Access Finance Partners

Locality: East Perth, Western Australia

Phone: +61 8 9328 9966

Address: Ground Floor, 2 Brook Street 6004 East Perth, WA, Australia

Website: http://www.tilennistiles.com.au/services/finance-broker

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10.01.2022 Will a mortgage holiday be treated as a period of arrears? On Monday, the Australian Prudential Regulation Authority (APRA) announced that banks will not be able to treat customers who have chosen to take up a Covid-19 support package as having gone through a period or arrears, or as having restructured their loan. Where a borrower who has been meeting their repayment obligations until recently chooses to take up the offer not to make repayments as part of a COVID-19 support... package, the bank need not treat the period of the repayment holiday as a period of arrears, the announcement said. Similarly, loans that have been granted a repayment deferral as part of a COVID-19 support package need not be regarded as restructured. APRA will be writing to all authorised deposit-taking institutions (ADIs) to advise them of the specific reporting treatment for loans subject to these support arrangements. Why will my mortgage balance be higher? To continue with the vacation analogy, this is because a repayment holiday is more like taking ‘leave without pay’, rather than annual leave. Unlike annual leave, where you get a break from work and get paid for it, when you take ‘leave without pay’ you just get the break, along with the security that your job (in this case mortgage) will still be there when you get back. Similarly, when you’re on a mortgage repayment holiday, your loan repayments are just put on pause (not forgotten about). This means your loan balance will still be sitting against your bank’s check book, and in most cases, still accruing fees and charges making your returning mortgage balance higher. Depending on your bank, this may lead to your loan term being recalculated and extended, so that your usual monthly repayment won’t need to be increased. In other cases, you might need to increase your monthly repayments to meet the original term. Are mortgage repayment holidays worth it? Depending on your circumstances, a mortgage repayment holiday may well be worth it. Even though you will be coming out the other side with more debt, for those who are truly experiencing financial difficulties due to the ongoing impacts of Covid-19, a mortgage holiday can give you the time you need to regroup. However, other options should also be considered. For example, if you have been making extra home loan repayments through a redraw facility, you might be able to use these to help cover you financially. Remember, your mortgage broker or lender should be able to help you access your options.

08.01.2022 Deferring home loan payments St George https://www.stgeorge.com.au//financia/apply-for-assistance... Westpac https://www.westpac.com.au//customer/apply-for-assistance/ CBA .https://www.commbank.com.au/latest/coronavirus.html Members Equity https://www.mebank.com.au/support/coronavirus-information/ Macquarie https://www.macquarie.com/au/personal/coronavirus ANZ https://www.anz.com.au/promo/covid-19/ Bankwest https://www.bankwest.com.au/help/coronavirus-support ING https://www.ing.com.au//tips-hints/financial-hardship.html. P&N https://www.pnbank.com.au/about/news/2020/covid-19-updates/ AMP https://www.amp.com.au/home-loans/info/Home-loan-relief NAB https://www.nab.com.au//c/covid19-help/home-owners-support Nicky Viney [email protected] Access Finance Partners Pty Ltd

07.01.2022 How your digital spending habits could affect your chances of getting approved for a home loan Future home owners will have to think twice about ordering in on a Friday night as banks look to follow customers’ financial footprint in a bid to better assess their borrowing capacity. Big changes are afoot in the industry thanks to open banking a yet-to-be-legislated scheme that will allow banks access to consumers’ financial data at an unprecedented granular level....Continue reading