Financial Hardship

[Matt007]

Hi All
I'm trying to find out about the recent legislation the Government passed regarding mortgate relief for borrowers who had lost their jobs. I'm trying to find out specifically what is or may be available under the legislation, and whether anything actually compels the lenders to comply with it, or if its just worthless paper at the end of the day. I have heard tell of deferred payments for certain periods with capitalised interest once repayments begin, or simply altering the end date of the loan contract etc.
I'm with Adelaide Bank at present, and just investigating options.

Any ideas or advice would be greatly appreciated.
Cheers
Matt.

 

[LynnH]

Matt

As far as I am aware there is no legislation in relation to this. The banks have stated that they will consider giving relief to individual borrowers who have lost their jobs for up to 12 months, and on a case-by-case basis.

Happy to be corrected if anyone has more up-to-date info .....

Cheers
LynnH

 

[sparky23]

Just give the bank a call as some may be more helpful than others. Just make it a general enquiry if you don't want them to know who you are yet.

 

[Token Funder]

Hi All
I'm trying to find out about the recent legislation the Government passed regarding mortgate relief for borrowers who had lost their jobs. I'm trying to find out specifically what is or may be available under the legislation, and whether anything actually compels the lenders to comply with it, or if its just worthless paper at the end of the day. I have heard tell of deferred payments for certain periods with capitalised interest once repayments begin, or simply altering the end date of the loan contract etc.
I'm with Adelaide Bank at present, and just investigating options.

Any ideas or advice would be greatly appreciated.
Cheers
Matt.

All banks subscribe to the Banking Code of Practice which provides a range of obligations around borrower hardship. If you ring and ask to speak to someone about actual/impending hardship or difficulties, they're obliged to have a look at your circumstances.

All that said, be prepared to "show it all" to get some consideration.

 

[Bradsdad]

Hi All
I'm trying to find out about the recent legislation the Government passed regarding mortgate relief for borrowers who had lost their jobs. I'm trying to find out specifically what is or may be available under the legislation, and whether anything actually compels the lenders to comply with it, or if its just worthless paper at the end of the day. I have heard tell of deferred payments for certain periods with capitalised interest once repayments begin, or simply altering the end date of the loan contract etc.
I'm with Adelaide Bank at present, and just investigating options.

Any ideas or advice would be greatly appreciated.
Cheers
Matt.

This is straight from my BDM Matt....


Hi Stephen,

Unfortunately we do not have a set policy and any financial hardship case would need to be delt with by our customer relations department and collections department.



As suggested already, contact direct with the lender is suggested.



Regards
Steve