Mortgage Payment Holiday Deal
2009
Mortgage Payment Holiday Deal
Please don’t for one moment think things will be alright if you lose your job because of the recession. The Governments announcement of a deal with major Banks for a Mortgage Holiday if you are retrenched is a diversion. Don’t get me wrong, I think this Government has done what it can, fairly bravely in fact to try and help. It cannot however tell the banks what to do. We have seen they are powerless when it comes to the Banks, despite propping them up with the deposit guarantee, remember the major Banks have not passed on the full interest rate drops.
If you still have a job or a profitable business, I suggest you contact your lender and question they as to the availability of a holiday period if you should become retrenched or out of business. If they dodge the question, find a lender who will accommodate you or shift your loan to interest only for the next 5 years. Another idea may be to borrow some more money from your Bank while you have a job, put that money in an offset account, so that you may use it to help fund you through any period of unemployment. Heck the Government does it? Rates are at historical lows.
Contact a Reputable Mortgage Broker
if you want immediate action.
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