23
September
2020
|
08:45
Australia/Sydney

Mortgage repayment deferrals are expiring: customers need to act now

Summary
  • Banks and lenders are contacting customers whose repayment deferrals are expiring.
  • Contact your bank or a financial counsellor if you have deferred your mortgage repayments.
  • ASIC provides free information and tools on Moneysmart to help you with financial decision making.

Six-month mortgage repayment deferrals end soon

In response to COVID-19, banks and other lenders offered their customers the ability to defer repayments on their mortgage for a period of up to six months. A significant portion of these repayment deferrals will expire during September and October.

Banks and other lenders have already started to contact customers whose repayment deferrals are expiring. Contact could be by letter, email, digital communications or phone calls.

Contact your bank or a financial counsellor

If your repayment deferral is expiring and you cannot commence full repayments on your mortgage, it is important to respond to communications from your bank or lender. They will be able to work with you to find the most suitable option for your circumstances. The earlier you act, the more options there are likely to be available to assist you.

If you feel overwhelmed, reach out for help sooner rather than later. You can get free and confidential advice from a financial counsellor by calling the National Debt Helpline on 1800 007 007.

Useful resources

  • If you are experiencing money or personal issues, it can be hard to know where to turn. You don’t have to go it alone. 
  • ASIC provides free information and tools on Moneysmart to help you with financial decision making. 
  • A difficult financial situation can have a negative impact on your mental health. You can talk to Beyond Blue 24/7 on 1800 512 348 or Lifeline on 13 11 14.
"If you feel overwhelmed, reach out for help sooner rather than later. You can get free and confidential advice from a financial counsellor by calling the National Debt Helpline on 1800 007 007."
ASIC
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ASIC is Australia’s corporate, markets and financial services regulator.