What steps can I take to look after my current situation?
During this unsettling period, it might be a good idea to review your home loan arrangements and make changes required to prepare for any challenges that may come up later.
Steps you can take, might include:
- Reducing your home loan repayments to the minimum contractual amount
- Using your available redraw to repay your home loan
- Speaking with a Champion Broker to review your home loan and assess if a better loan option or structure might be available
What questions should I ask my Champion Broker when reviewing my home loan?
There are many questions but here are some starters:
- Are there savings to be made by switching to another loan with a lower or fixed rate, taking into account other fees and charges and cashback offers?
- Am I better off lowering my current repayments and pocketing short-term savings or staying with my existing repayments and shortening the life of the loan?
- What should I consider if I enter a loan deferral arrangement?
- What are the benefits of a Variable versus a Fixed home loan?
- Should I switch from Principal and Interest to an Interest Only loan to save?
I have experienced an impact to my health or my income due to COVID-19 and am concerned about meeting my mortgage repayments, what should I do?
We’re sorry to hear about your situation and want to reassure you that we’re here to help you during this challenging time. There are ways to manage your home loan to reduce the risk of hardship. Lenders on our panel are offering a range of solutions to support their customers who are affected by COVID-19. Reach out to your Champion Broker or your lender through the below contact list for what help you can access.
What does a loan deferral mean?
A loan deferral or repayment holiday means pausing your repayments for an agreed period of time. The length of time will depend on what your lender is able to offer. It may be accessible as an automatically available offer or might be offered on a case by case basis.
During the deferral period, interest will continue to accrue on your loan balance and will still need to be repaid. When considering a loan deferral, it’s a good idea to ask your lender about what to expect when the deferral period finishes. Your repayments may increase, or your loan term may be extended to repay the deferred principal and interest amounts.
I am currently in the process of buying a property or refinancing. Has anything changed with my pre-approval or application?
Currently, the government has put measures in place to prevent gatherings including open houses and indoor auctions, which may affect customers looking to purchase a property. It’s also important to follow guidelines on social distancing measures to keep yourself and others safe.
There may be changes to the application process or to your individual application and it’s best to contact your Champion Broker over the phone, video chat or email to understand how these changes may affect you.
What if I can’t physically visit an Champion Broker for an appointment?
Our Champion Brokers are still hard at work providing home loan services for customers. Although they can’t assist in person, they’re available over the phone, via video chat or on email.
If you aren’t already in touch with an Champion Broker, you can call us or submit an enquiry on our website and we’ll be able to connect you with an Champion Broker from your local area.
What happens if JPs and other ‘authorised people’ are not accessible to verify IDs
As a business, we’re working on providing more options to enable us to continue providing home loans services while maintaining the social distancing guidelines put in place by the Australian government.
Please get in touch with your Champion Broker, who can provide you with more information about what actions you can take according to the policy of your lender. If you don’t have an Champion Broker, contact us and we’ll connect you with a local Champion Broker.
I have mortgage insurance. How should I activate it?
If you have an ALI Group Mortgage Protection Plan policy through Champion Broker, benefits may be payable in relation to COVID-19, subject to the terms and conditions of the policy and your individual circumstances. To discuss your policy or to make a claim, please call us.
I am currently in the processing of buying a property, has anything changed with my pre-approval?
The first step to take is to check in with your Champion Broker. You don’t need to leave your home to get help – our brokers are available over the phone, by email or via a video chat, and they’ll be able to discuss your pre-approval based on your personal circumstances.
There are a few things to be mindful of during this time:
- Health advice from the Australian Government, which limits public gatherings including open houses and auctions.
- Changes to your personal circumstances that might affect your ability to proceed with a full home loan application. Each lender will have a different approach to assessing your loan application, so it’s best to work with your broker to understand what options will be available based on your scenario before going ahead with a purchase.
Are lenders going to change credit policies that will make it harder for borrowers in impacted industries like travel and entertainment to get a loan?
Champion Broker with the help of our agreegator connective is working closely with lenders on our panel to understand any changes and ensure Champion Brokers are armed with the information they need to help you with your home loan needs during this uncertain time.
Every customer’s situation is different, and we recommend speaking to your Champion Broker to discuss your personal situation. While there may be changes to lender credit policies, we’d like you to know that we’re here to help, and your Champion Broker can discuss what options are available to you so that you can move forward with your plans. If you don’t already have an Champion Broker, please call us or request a free appointment online so we can help you get in touch with a broker from your local area.
Are Champion Brokers still open for business?
While we can’t meet with you physically, we will continue to support you through your home loan journey virtually. Our dedicated Champion Broker’s in your local area are still available, via phone, email or video call, whatever works for your best.
How does a virtual meeting with an Champion Broker work?
You won’t need to leave your home to discuss your home loan with an Champion Broker. We’ve made it easy for you to ‘meet’ with your broker virtually, whether it’s over a phone call, email or a video chat on your phone or computer. Contact your Champion Broker to book an appointment and they’ll arrange a virtual meeting that works best for you.