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Lenders begin contacting borrowers who have deferred loans

Tim Russell | September 14, 2020

If you’ve deferred your home or business loan then it’s likely your bank will reach out to you in the coming weeks. Here’s what to expect and what options are available to you.


As the initial wave of six-month loan payment deferrals comes to an end, banks have started contacting customers to discuss the next step, which could include further support, assistance or deferral.


Of the more than 900,000 loans which have been deferred during the pandemic, at least 450,000 borrowers will be contacted as they approach the end of their loan deferral in September and October.


That includes 260,000 mortgages and more than 105,000 business loan deferrals to small and medium businesses that will be assessed.


The important thing to know is this: you have options


No one likes to be caught flat-footed. And if you’ve deferred your loan, the last six months have understandably been quite a stressful period.


Rest assured, however, that there are a range of options we can help you consider before the bank phones to see if you can resume your pre-covid loan repayments.


Those options include:


– switching to interest-only repayments for a period of time


– renegotiating your rate with your current lender


– refinancing to another lender


– debt consolidation, or


– a combination of these and other measures.


And if none of the above options are feasible right now you can seek a further four-month deferral with your lender – but at least you’ll know that you’ve fully explored the other potential avenues first.


We’re here for you


If you’d like to explore some of the above options before your lender contacts you then please feel free to get in touch today.


We’re here to help you with your loan any way we can – whether that be deferring, refinancing, or renegotiating.


Kind regards,


Tim Russell

About Me

Tim Russell

Current Rating: 4.92 / 5
Mortgage Broker
Multipart Finance
www.multipartfinance.com.au
North Sydney, New South Wales
0400530868
► Who is Multipart Finance?
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Put Simply, We assist those who want to grow their wealth through property investment.

When it comes to being a wealth creator, our experience is that those that do, like to push the boundaries. And when you push the boundaries, there is generally a finance hurdle that needs to be overcome.

Our offering specialises in identifying that hurdle and solving it for our clients in the quickest and most stress free way possible.

► How we help can help you
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In this tough regulatory environment, what we have seen is an emergence of smaller funders who can do things that the big 4 can't. Whilst we still deal with the major banks on a daily basis, we have also aligned ourselves with lenders who have a niche offering we know the majors can't solve.

Bottom line, we'll either get you the best finance solution or we'll tell you why now's not the right time and provide a game plan for you on what you need to do in order to achieve your goal.

► Want to know more?
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Call: ✆ (0400) 530 868
Email: ✉ tim@multipartfinance.com.au
Visit: ☛ https://multipartfinance.com.au