Do I have to pay my mortgage?
Many of the banks, including the big four, are deferring mortgage repayments for households impacted by COVID-19. Check with your bank or mortgage broker to confirm whether your lender is offering mortgage support and how to qualify.
Deferring means putting a pause on making your mortgage repayments. The banks are offering three to six months support under their financial hardship policies.
Pausing repayments would give a home owner with a $400,000 mortgage access to an additional $11,006 over six months, or $1,834 per month, according to NAB.
Should you refinance your mortgage?
Refinancing your mortgage when you are under financial pressure can feel over-whelming, but it can be one of the smartest and most important financial moves you can make.
According to UNO home loans, Australians pay over $4 Billion a year in mortgage 'waste'. That is, home owners pay $4 Billion in excess interest each year.
With the reserve bank rapidly dropping interest rates and the banks announced new fixed-home loans, it might be worth a call to your bank of broker to see how much you can save.
Free home loan check
Rollit Wealth has partnered with UNO home loans to provide a free loanScore service. Within minutes, the loanScore will check your loan against the other loans offered by your bank and 24 other lenders. You will receive a score indicating the health of your loan and how much you can save over the next 3 years.
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