Mortgage holders should seek advice amid health crisis: expert

“The current events in Australia are proving to be very challenging for a lot of people with drastic changes to income, employment and overall disruption to your financial security as a result of the COVID-19 pandemic,” Mr Alabakov said.

Options launched by banks for mortgage relief include switching to interest only and deferring repayment, among others.

However, these are not “one-size-fits-all” solutions, according to the mortgage expert.

“Banks have now officially launched different options to provide mortgage relief in a number of different ways. These options include switching to interest only, deferring repayments for up to six months, unlocking equity to provide security to meet your commitments or extending your loan term.

“But it’s not a one-size-fits-all solution, there are a number of different options to consider and people are best to seek independent advice from an expert rather than make a hasty decision,” he highlighted.

Home owners are strongly encouraged to take advantage of the services provided by property professionals in order to be able to make smart decisions amid the ongoing health crisis.

Mortgage brokers are now offering assistance and innovative solutions to anyone who needs help to review their current mortgage commitment.

Some of them are willing to give a free consultation to work out the best strategy for specific home owners and ultimately help them navigate their way through this difficult time.

“Mortgage holders need to carefully consider their options, but they should not wait too long. As the days and weeks go on and the situation deteriorates further, banks will become inundated with customer calls relating to hardship,” Mr Alabakov concluded.