Short YouTube video (March 25, 2020) featuring Karina and Aaron Whybrow from Diagnostics and Finance discussing how banks and lenders are responding differently to COVID-19 financial hardship. They note inconsistent terminology across lenders (deferred holidays, contract extensions, case-by-case approaches), advise viewers to contact their bank or brokers promptly, and offer Diagnostics and Finance's help to review individual circumstances.
Hi, guys, it's Karina and Aaron here from Diagnostics and Finance. We just wanted to reach out virtually and touch base with you all in regards to what we're seeing come through our inboxes and over the news in the last couple of days. So, Aaron, what have you seen in your inbox lately?
It's every second email from a home loan provider or bank is in relation to COVID 19. The thing I'm seeing a trend is that everyone is using a different word. Whether it's deferred holiday, it may not be a holiday. You're going to have contracts extended by six months and that's in only three or four lenders. And as brokers, we have about 30 lenders and we've placed. And Diagnostics and Finance has placed a lot of clients across a lot of different lenders. So it's hard to get a grasp on which way they're going to go. And each bank's going to take their own approach to what they're going to do. So it comes down to case by case scenario. Have you seen anything else different there, Corinna?
Yeah, I think the banks are all taking a different stand on it. So for us, it's really about. We've got so many people on our panel that we're trying to siphon through what, what's important information and what's important to you. And I think if you're in a time that you're a little bit uncertain, maybe contacting your lender immediately to have a conversation with them, especially if you're affected by the immediate closures of businesses. Alternatively, you can reach out to us, send an email and we can have a look at your circumstances and see what your bank's doing for you.
And we put some time aside for people that are in a little bit of stress, haven't we?
Yeah, we definitely have. It's something that we really strive to make sure that we're putting you guys first. So reach out, send us an email, contact your bank, ask any questions. We're all in this together.
Absolutely. And if that bank confuses you and wants some untangling there, that's what we do and we can point you in the right direction.
