Repayment Holiday from COVID

Have you recently finished up your repayment holiday? Hi, it's Carina from Diagnostics and Finance and I wanted to talk to you about your home loan repayment hold that you might have gone on during COVID to give yourself some peace of mind and ease with some cash flow through the pandemic. Now, what we're finding with lenders for clients that are looking to refinance is they're seeking a minimum of three months off your repayment hold before they'll consider a refinance. Now, whilst your repayment hold hasn't affected your credit rating, what it does affect is the ability for the new incoming lender to see your ability to make your repayments on your home loan. So what they're wanting to see is three months off the repayment hold with clear history, or they're wanting to have a look at what you've done with those funds in the meantime. So have you used that to pay off significant consumer debt, like a lump sum payments to credit cards or personal loans to get those down? If you're wanting to refinance you've recently been on repayment hold, give us a call. We'll be more than happy to have a look at your ability to refinance to a new lender. Bye for now.