What to do if you can’t pay your mortgage
24 June 2020
Many Aussies are feeling the effect of COVID-19 on their finances, including people who might be struggling to make their mortgage repayments now or in the near future. However, there are a few things you can do to help you get on top of your finances during this difficult time.
Talk to your bank immediately
If you are experiencing a temporary rough patch or can see one on the horizon, your first port of call should be to speak to your bank. They can help you take stock of the situation before things start to spiral, and may help give you more breathing space during a stressful time. That’s why Suncorp Home Loan Adviser, Heidi Aspinall, reiterates that speaking to your bank first is incredibly important.
“We are here to help customers. The earlier you let us know, the earlier we can try and help you put a plan in place to get you back on track, depending on your circumstances” says Aspinall.
We want to help support our customers. The earlier you can let us know, the earlier we can try and help you put a plan in place.
Applying for home loan support during COVID-19
We recognise that many of our customers may be experiencing difficulty with their loan repayments during this time. That’s why we’ve introduced loan support specifically designed for those impacted by COVID-19. If you’re eligible, temporary financial support options may be available to you, including potentially deferring loan repayments or switching to an interest-only loan.
These options may not be suitable for everyone so it’s important that your consider your own circumstances and seek professional advice first. To see if you’re eligible, please complete and return the Financial Assistance Request Form, and we’ll get back to you as soon as we can.
Otherwise, if you’d rather speak to someone over the phone, you can also get in touch with our dedicated Customer Assist team, where you’ll need to provide some information to make a case for our team to assess. One of our specialists will then work through your options with you and what relief you may be able to get.
Seek advice from a professional
If you’re feeling swamped, it may be best to seek advice from a professional. They’ll be able to take a deep dive in to your finances and help determine what your best course of action is for the future, including potentially consolidating your debts, refinancing your home, and other longer term plans.
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Information is intended to be of a general nature only and any advice has been prepared without taking into account any person's particular objectives, financial situation or needs. You should make your own enquiries, consider whether advice is appropriate for you and read the relevant Product Information Document before making any decisions about whether to acquire a product.
Loans are issued by Suncorp-Metway Limited ABN 66 010 831 722 AFSL No 229882 Australian Credit Licence 229882 (“Suncorp Bank”) to approved applicants only. Please read the credit contract or other terms and conditions applicable to your loan before making a decision. Fees, charges, terms and conditions apply and are available on request.