Mortgage Repayments – The Big Four
Currently all the big 4 banks are offering options to alleviate the financial stress of homeowners with mortgages.
Currently the banks are offering some, if not all, of the following products;
- Insurance cover in the event of illness and involuntary unemployment. Only eligible for those who previously purchased the insurance products.
- Redraw funds – If you are ahead of repayments, you will have available funds in your home loan which you can access.
- Adjust direct debit – if you are paying more for your home loan than required you can reduce your repayments to the minimum amount.
- Reduced repayments – if you have had a home loan for more than 12 months you may be able to reduce your repayments for up to 6 months, by as much as 50%.
- Under circumstances of COVID-19 you maybe able to defer and/or freeze mortgage repayments
Below is the information from each of the big bank’s regarding deferring or freezing mortgage repayments.