Lenders begin contacting borrowers who have deferred loans

Sep 10, 2020

If you’ve deferred your home or business loan then it’s likely your bank will reach out to you in the coming weeks. Here’s what to expect and what options are available to you.

As the initial wave of six-month loan payment deferrals comes to an end, banks have started contacting customers to discuss the next step, which could include further support, assistance or deferral.

Of the more than 900,000 loans which have been deferred during the pandemic, at least 450,000 borrowers will be contacted as they approach the end of their loan deferral in September and October.

That includes 260,000 mortgages and more than 105,000 business loan deferrals to small and medium businesses that will be assessed.

The important thing to know is this: you have options

No one likes to be caught flat-footed. And if you’ve deferred your loan, the last six months have understandably been quite a stressful period.

Rest assured, however, that there are a range of options we can help you consider before the bank phones to see if you can resume your pre-covid loan repayments.

Those options include:

– switching to interest-only repayments for a period of time
– renegotiating your rate with your current lender
– refinancing to another lender
– debt consolidation, or
– a combination of these and other measures.

And if none of the above options are feasible right now you can seek a further four-month deferral with your lender – but at least you’ll know that you’ve fully explored the other potential avenues first.

We’re here for you

If you’d like to explore some of the above options before your lender contacts you then please feel free to get in touch today.

We’re here to help you with your loan any way we can – whether that be deferring, refinancing, or renegotiating.

Disclaimer: The content of this article is general in nature and is presented for informative purposes. It is not intended to constitute tax or financial advice, whether general or personal nor is it intended to imply any recommendation or opinion about a financial product. It does not take into consideration your personal situation and may not be relevant to circumstances. Before taking any action, consider your own particular circumstances and seek professional advice. This content is protected by copyright laws and various other intellectual property laws. It is not to be modified, reproduced or republished without prior written consent.


Testimonials

Testimonials

Reviews from clients

Elbre & Lynette N.

Ormeau Hills, QLD
Cindy is amazing. She went above and beyond and then went further than that. We have come a long way with her over the past 7 or so years, and she has become like a member of our family. She always ensured that we got the best interest rates and value for money. She stepped in to save a transaction at settlement to ensure we did not lose the house we purchased by spending hours on the phone to ensure everything went through without a hitch. We cannot fault this amazing lady and hope to continue our working and personal relationship with her😊

Scott B.

Bogangar, NSW
Cindy is dead set the best. Awesome, down to earth, super efficient and knows her stuff. Highly recommend her services as she achieved what we thought was impossible in such a short period of time and with zero fuss. Thanks again n2n Finance, best experience ever!!

Rachel C.

Greensborough VIC.
I can not thank Cindy enough for her help over the last 2-3 months. Myself and my partner have been able to purchase our dream first family home because of her. Not only is she upmost professional but she also makes you feel so comfortable when you need to contact her with any questions( and I had a lot). The dedication that she puts in to her work and relationships with clients is nothing but admirable. Thanks so much again Cindy, we look forward to working with you again in the future.

Erin M.

Reservior VIC.
Cindy was an absolutely pleasure to deal with. This was my first home loan and I was pretty naive to how it all works. Cindy put up with my late night emails and calls answering all my questions and never once made me feel like an annoyance. I felt supported throughout the whole process and really felt as if Cindy had my back. Cindy came highly recommended to me through my Aunty and she did not disappoint. I’ve now recommended her to friends who have also had nothing but a seamless experience with her. 10/10. Thanks Cindy! You’re an absolute legend.

Peter B. and Sandra B.

Narre Warren VIC.
Cindy is hands down the best in the business!
She assisted us with our first ever investment properties and she explained absolutely everything we needed to know. If there was anything we didn’t fully understand she would go over and over again until we did. Cindy is very knowledgeable and professional and by the end of your dealings she will feel like a friend to you. Cindy has also assisted my son with finance in purchasing a home and we have absolute confidence in recommending Cindy to any family or friends we know.

Matthew G. and Bel G.

Ashmore, QLD
This was our first dealing with a mortgage broker and n2n Finance made the whole process of the refinancing of our loan so easy. Cindy was amazing in answering our questions and made us feel we were in good hands with our decision. Thanks Cindy!

Karen L. and Ray L.

Gold Coast, QLD
Fantastic service, Cindy provided us with plenty of options. Our loan with her was 2 years ago but we will be using her for our next property purchase. Totally recommend dealing with Cindy.

Ty C. and Connie C.

Kilmore, VIC
We were referred to Cindy by a member of the family, and it was the best thing that we have been advised to do. Would like to thank you for all the advice, support, encouragement and simpleness in making the change so easy. Thank you Cindy.

Toula & Maria - FRIGG Cafes

Absolute legend in finance, Cindy is more than a leading source, she takes the time to comfortably get to know you and your financial circumstances and needs then looks for a solution.  She sources what is the best option. Even if you are having trouble raising finance from the big 4 banks, Cindy is well networked in the Industry and has many gateway options to assist. We highly, highly, highly recommend Cindy and N2N, great service with results.

Phil J. and Jo J.

Banora Point, NSW
Cindy was an extremely professional, knowledgeable and accommodating when it came to refinancing our home loan. She listened and took the time to understand our personal situation and worked hard to make the change quickly and efficiently and got us a great rate too. I would recommend Cindy to anyone looking to give their bank the flick and save some money. Thanks Cindy.
Read more...