Covid Special – Covid 19 and Your Home Loan – What you need to know

Covid 19 and Lending, with our Guest, David Thomas

 

The saying your home is your castle, has probably never been more true. We’ve been bunkering down during Covid-19 which has had a big impact on many personal and family finances.

Financial Planner Luke Smith spoke with David Thomas from Trilogy Funding. Trilogy Funding is the property investor’s mortgage broker. They help first home buyers, first time property investors and experienced property investors secure the right kinds of loans for their circumstances. They can also help people who would like to explore their home loan options, as a result of the coronavirus. David Thomas is the Managing Director and he’s supported by an able team of expert mortgage brokers in Canberra.

They begin the discussion though about how Trilogy helps people make the most of their loan options and work through three common Covid-19 scenarios.

I’ve had a total loss of income as a result of Covid-19

  • Can I put my repayments on hold?
  • Why is it important to take action on a loan before defaulting on a repayment?
  • How will it impact your credit score and future loan?

I’ve had a slight loss of income as a result of Covid-19

  • What are the things we can do to help our short term cash flow?
  • Can I look for a better loan deal? Move to interest only repayments? Move to a longer term loan?
  • How long does it take to get a new loan and are their costs generally?
  • Do lenders treat clients the same or do they take into account your own specific situation?

I’ve had no change in my income as a result of Covid-19

  • Can I get a better deal?
  • Can I consolidate debts and get a better rate?
  • What is a better deal? I’ve heard interest rates are low right now
  • Can investors get better loan deals on those kinds of loans?

Are the any other strategies that can be considered?

Also available on Apple Podcasts ‘The Strategy Stacker – Luke Talks Money’

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Would you like some advice around your own home loan finances right now?

 

Coronavirus and home loan replayments
Covid 19 and Home Loans

Make an appointment to catch up with Luke over the phone or via video conference. Face to face appointments at the office will return once the Covid-19 has passed.

Envision 2CC offer:  Your first appointment is at our cost – even over the phone or by video chat. Make an appointment to confidentially discuss your super and financial matters. Call Envision Financial Services on 6260 4749. You can also use our contact us form to make an appointment for a confidential discussion about your situation.

Luke is also happy to refer you to Trilogy Funding should you need Mortgage Broking Advice. You can call David Thomas on 1300 657 132, email him at david.thomas@trilogyfunding.com.au or visit the trilogy funding website https://www.trilogyfunding.com.au

Luke will return to talk about financial planning on 2CC Talking Canberra next Friday from 4.30pm. Tune into listen live or visit our website again to catch up on the podcast. You can also check out our YouTube Channel at Envision Financial Canberra.

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