COVID-19: An update from Gerry Bosco
I hope I find you and your family safe and well.
Over the past week there have been promising signs around the country as the battle against the coronavirus continues. We have seen the number of reported infections reduce and have started to see a 'flattening of the curve.' While we may not be out of the woods yet, the signs are encouraging and I hope you and your family continue to remain safe and healthy through this time.
As the COVID-19 (coronavirus) situation evolves, I wanted to keep you updated on some of the issues and support packages available to both employees and employers who find themselves facing financial hardship.
Please click on the links below for information and summaries on the packages available as well as a warning about scammers who are operating superannuation scams.
You can also keep up to date with the Australian Government’s support packages by clicking here.
Is this the time to review your finances?
Many of us are working from home and spending more of our free time at home too, so now may be a good idea to take advantage of this time to sit down and examine your finances. What are your goals? Are you on track to reach them? What do these economic changes mean for you?
Some people may be looking into financial uncertainty. I am available to assist you in managing this. I want to ensure you understand your redraw facilities, offset accounts, your rights in regard to mortgage 'repayment holidays', applying for financial hardship with your bank, and how you might take advantage of the RBA rate cut. Reach out and book a video or phone call with me if you'd like further information on this matter.
Appointments can be done digitally
As many of us in the community are self-isolating or practising social distancing, I’d like to reassure you that you do not need to leave your home to seek advice or even apply for finance.
Please reach out to me and we can find a solution that works for you, whether that be via a video or phone call. We have the right technology to enable us to do business efficiently without the need for face to face interaction.
I can help you navigate lenders fast-moving policy changes
Banks and lenders are quickly making changes to their requirements to adapt to these unique times we find ourselves in. I am in regular communication with banks and lenders so that I can be across these changes and help you navigate them.
Missed Loan Repayments & Comprehensive Credit Reporting
Now is a good time to remember that “Comprehensive Credit Reporting” commenced on 1 July 2018. Changes were made to credit reporting that may affect you the next time you apply for a car loan, personal loan, mortgage or credit card. Click here to learn more about Comprehensive Credit Reporting.
There is only a small window of approximately two weeks from when the repayment falls due to having the late payment recorded on your credit report. When applying for credit in the future, banks and lenders will be looking at the credit reports to see if there are any late payments in the past 2 years.
It is very important to be proactive & to contact lenders as soon as you know you are going to make a late payment.
If you are concerned that you are not able to make your repayments, please let us know and we will advise you what steps to take with your lender.
We will continue to provide you with regular updates over the coming weeks via emails, our blog and our Facebook page but in the meantime, please do not hesitate to get in touch with us with any queries that you may have.
As always, reach out if you have any concerns regarding your finance and lending situation.
Take care and stay safe.
Kind Regards Gerry Bosco
Finance & Loan Consultant
Ph: 0437 698 781