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How to deal with the banks during Covid-19

How to deal with the banks during Covid-19

Are The Banks Our Friends Again?
 
The answer is, probably not, but it appears  they have become a lot easier to deal with and seem a little more open to discussions about the rate of interest on your loan as well as deferring repayments.
 
The majority of stories I’m both hearing and reading about is that lenders who had chosen to lock in to a fixed interest rate loan  suddenly find themselves paying a much higher rate than the current available rates. It appears that the banks are helping this group of people to close out their existing fixed rate loans without fees or penalties and then allowing them to either choose a new fixed rate loan at a lower rate or move to a variable loan.

As has been widely reported, the Government has also set up a support fund to encourage banks to engage with those borrowers who will need to defer their mortgage payments due to a significant change in their circumstances.
 
I would encourage you, whether its for your home loan or a loan relating to an investment property, If you have a little spare time, call your bank and have a discussion about how they can help you!

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