With the initial 6-month mortgage deferral period now ended for borrowers impacted by coronavirus, you should get in touch with your lender to discuss what your options are.
If you choose to defer your home loan payments, the interest that builds up in the period you defer will usually be added to the home loan, so it may take you longer to pay off.
Talk to your bank or lender to find out:
- what their policy is and how any deferral might impact your loan balance before making any decisions
- whether deferring home loan payments will put you in arrears, as this can affect your credit rating and ability to borrow in the future.