Many home loan providers, including banks and non-bank lenders, announced measures to support eligible customers impacted by coronavirus who may fall behind on their mortgage repayments. These measures included:
- repayment deferrals of up to 6 months
- fee waivers
- offset account withdrawals at no cost.
With the initial 6-month period over, many lenders are contacting borrowers to discuss options, including the possibility of an extension.
If you've not been contacted, it's very important to get in touch with your lender to find out what your next steps could be.
Some income protection insurance policies cover home loan repayments if you’ve lost your job, as well as if you're unable to work due to sickness or injury.
Contact your insurance provider to check your level of cover.