As we explain in our holiday repayment blog, the ‘holiday period’ does not come ‘interest free’ as many are assuming. If you are wanting to better manage your cash flow during this difficult time but you still have the ability to make some repayment amount towards your home loan, it might be worth considering changing your repayments from principal and interest to interest only. While this means you would not be lowing the principal amount, it does mean that your debt is not increasing as it would during a repayment holiday.
You can do this by contacting the financial hardship team at your bank. Your should then explain your personal situation and discuss a payment plan. Another option is to get in contact with our team as we can assist you with a loan application.
Regardless of your situation, we are here to help you. Let’s work together to create a plan to help you and your family through this challenging time!
Our Covid-19 blog is full of more useful information and additional resources, so please make sure you click here to check it out!
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