Mortgage repayment reprieve for unemployed
April 6, 2009
Unemployed mortgage holders will get a mortgage repayment reprieve thanks to a deal reached by the Rudd government and the big four banks.
The big four banks have agreed to temporary mortgage hardship variations of up to 12 months for mortgage holders who have lost their jobs.
The banks will also consider extending mortgage contract periods, repayment reductions and interest-only loan repayment options.
While it will be up to the banks to decide which of its borrowers gain mortgage relief, the hardship variations will serve to help mortgage holders coming to terms with sudden unemployment.
"The Government's purpose in its negotiations with the banks ... read more...
