Repayment holidays – how lenders are responding
There is a popular saying that ‘all lenders are bastards’ and most of us may have had reason to believe that at some stage. But we must say, that in 20 years of broking, we are impressed with how quickly lenders are responding. This is a very testing time for them too, but all the people we work with at lenders are all hands on deck to help their community of clients through this.
If nothing else, this global issue has brought about some quick decision making and great community spirit. Some ways lenders are providing support include:
- Lowering rates
- Developing better policies on how repayment holidays work (in conjunction with authorities)
- Making announcements fast
- Allocating more staff to responding to borrowers under stress
Just so you aware, with the huge increase of activity between borrowers and lenders, we are noting that almost EVERYTHING is taking more time at lenders, this includes
- New loan applications
- Loan switches
- Requests for rate reduction
- Responses to ‘repayment holiday’ requests
We will do our best to update you on these lead times, but extra waiting time should be expected.
The property experts at Vision Property & Finance can guide you in maximising the return on your property and securing a quick sale, positioning you for success in 2020 and beyond. Contact our Sydney office on 02 8354 3000, talk to our Newcastle office on 02 4014 1999 or get in touch with us here.