Cairns real estate: Mortgage deferral extensions available
The offer of a four month extension on loan deferrals is a chance to get out from under mortgage stress and be proactive. Here are some expert tips.
Cairns
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CAIRNS homeowners have been urged to take charge as mortgage stress has prompted a four-month extension to mortgage deferrals.
Borrowers who will struggle to make payments at the end of a six-month deferral may be eligible for the extension.
But mortgage broker Roger Ward recommended homeowners get on the front foot to avoid difficult conversations with their lenders.
“They must be open with their banks, be upfront and work out a plan to manage the situation,” Mr Ward said.
Research by financial comparison website Mozo found of those who had taken out a mortgage holiday, 43 per cent didn’t think they would be able to service their loan when the holiday period ended, and 53 per cent were worried they might be forced to sell their homes within six months.
Mr Ward said much of the stress came from uncertainty over their employment when JobKeeper payments ended, scheduled to coincide with the end of the initial deferral period in September.
First National Real Estate Cairns Central principal David Forrest said it would be unlikely the government would not adapt or extend its assistance, if considered critical.
ROGER WARD’S TIPS
Originally published as Cairns real estate: Mortgage deferral extensions available