We welcome Simon Orbell, Mortgage & Finance Advisor and Director of Smartmove Mortgage Advisors as a Guest Editor to our blog.
With so many changes happening in the banking and lending environment, Simon gives a quick update on a few things you may need to know.
The swift onset of COVID-19 caught us by surprise and the Australian banks and mortgage lenders were no different. However, the banks were very swift to offer unprecedented levels of support via deferred payments and financial assistance at this difficult time. The Australian Banking Association has released official information, detailing what individual banks are offering and how this help can be accessed. Click here to view.
Many banks have also reacted by offering some very sharp 2 and 3 year fixed rates ranging between 2.09% & 2.29%.
If you are looking to restructure or refinance your home and/or investment loans, our advice is to act fast as some lenders have already made changes, while others are expected to follow suit when it comes to tightening credit policy to new loan applications.
Restrictions are being placed on industries that are most affected by the economic challenges created by COVID-19. This is also the case for those in casual, contract or self-employed style employment roles.
Despite all of the above, we are still able to create solutions for our clients utilising our wide access to the lending marketplace and ability to negotiate great rates for clients. If you need any assistance in this tough time feel free to reach out by calling (02) 9968 5000 or emailing [email protected].
As always please seek professional advice before making financial decisions for your personal circumstance.