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Lenders begin contacting borrowers who have deferred loans

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 to consider before the bank phones to see if you can resume your pre-covid loan repayments.

Those options, depending on your lender might 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.

Your bank will be keen to work with you to find the best solution and we’re always here to help you with your loan any way we can – whether that be deferring, refinancing, or renegotiating.

Disclaimer: The content of this article is general in nature and is presented for informative purposes. It is not intended to constitute tax or financial advice, whether general or personal nor is it intended to imply any recommendation or opinion about a financial product. It does not take into consideration your personal situation and may not be relevant to circumstances. Before taking any action, consider your own particular circumstances and seek professional advice. This content is protected by copyright laws and various other intellectual property laws. It is not to be modified, reproduced or republished without prior written consent.