More help extended to flood-affected borrowers

By webmaster

Mortgage insurer Genworth Financial has expanded its hardship solutions package for borrowers struggling to get back on their feet following natural disasters.

Working with lenders, the new package expands existing initiatives to support extended loss of income, offering a range of repayment break options such as a 50 per cent repayment break for a further three months on qualifying loans.

The necessity for new borrower relief initiatives was evidenced in the March 2011 Genworth Homebuyer Confidence Index, which showed that over one in five respondents affected by recent natural disasters believed they will not be able to recover for at least six months, while around 45 per cent of affected households are looking to take on more debt to aid their recovery.

Genworth chief executive officer Ellie Comerford said an anticipated spike in hardship applications over January and February, combined with Genworth's determination to continue to assist borrowers during these difficult times, prompted the new initiatives.

"We recognised that flood-affected borrowers were likely to struggle for longer and leveraging our international expertise, we have developed a borrower relief package that recognised the terrible financial strain borrowers can face in the wake of natural disasters," she said.

"Up until now existing measures have, understandably, not been specifically tailored to address natural disaster-related borrower strain and focused on short-term income loss rather than the longer term impacts associated with natural disasters and the economic impact they can have on affected regions," Ms Comerford said.

More help extended to flood-affected borrowers
SPI logo
Thank you.

Your enquiry has been sent to a local Aussie Mortgage Broker.

We will be in contact with you shortly.

error occurred.
Unfortunately Aussie cannot attend to your home loan related enquiry at this stage as you must be a citizen or permanent resident.
Do you need help finding the right loan for your investment?
What Aussie do for you:
  • Give expert mortgage advice to help you find great investment loan deals
  • Help you maximise return by lowering financing costs
  • Save you time and effort by helping with the paperwork
First name
Last name
Mobile Number
Are you an Australian Resident?
promoted stories

Top Suburbs

Highest annual price growth - click a suburb below to view full profile data:
BLUE BAY 49.18%