How to navigate mortgage issues now the COVID-19 repayment ‘pause’ is over

Tom Elliott and a senior financial planner have offered their advice to those concerned about their mortgage now the COVID-19 “repayment pause” is over.

The six-month pause on repayments has expired, but Victoria is still in lockdown.

It’s believed around 1 in 10 people with a mortgage took advantage of the pause.

Matt Hale, Director and Senior Financial Planner at Rising Tide Financial Services, said anybody who was concerned about their ability to make repayments should be “pro-active” and “open and transparent” with their bank.

Tom Elliott, who has lengthy experience in the financial field, also offered his advice.

“The best thing you can do is take a plan to the bank,” he said.

“A cash budget with living costs, car costs, all that sort of thing.

“If you go to them and you show that you’ve put some thought into what you’re doing, that ticks a lot of boxes for banks.

“It’s not a guarantee, but it is something banks love to see.”

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