COVID-19 Tenant Update #3 - 27/03/2020
As you may be aware, we cannot bring you any news on possible rental/landlord assistance packages from the Government as these decisions are taking time to work out as they are extremely complex and critical to be set in place properly.
Our customers remain front-and-centre in all our thinking. In the spirit of true partnership, we want to help our customers through these unprecedented conditions with support and understanding.
One of the hot topics at present is banks offering to hold off mortgage payments for property owners or landlords for 3 or 6 months for those affected. While this sounds like a good deal, anyone taking up an offer like this needs to be aware that the interest component of their loans will be capitalised. Which means, while they may get a break or reduction in payments, they will still incur the additional interest when payments recommence.
Just as homeowners’ priorities other than feeding and taking care of their families, is their home, so too is it a priority for tenants to ensure their home is the safe and secure haven for your families during this very stressful period.
With this in mind, we are offering to manage payment plans to tenants who are impacted, so that when the rent assistance packages come through this will allow us to manage this and minimize and control the devastating flow on effect. It is so crucial that everyone understand this we are each part of a domino effect.
We do understand that many households will experience times of hardship. At this point in time, we remind you that payment of rent is critical in keeping people in their homes or not falling so far behind.
We would like to offer the following to help people navigate their options and we encourage you to consider the following:
- Discussion with your Employer as to whether your job is likely to be reinstated once the health crisis subsides?
- Checking and insurance policy for Income Protection Insurance?
- Engage sooner rather than later with Centrelink with respect to an allowance which will likely also include? Ie. Rental assistance? More information can be found here: https://www.servicesaustralia.gov.au/individuals/subjects/affected-coronavirus-covid-19
- Check with your Superannuation Fund as to whether you can access any of your super. More information can be found here: https://treasury.gov.au/sites/default/files/2020-03/Fact_sheet-Early_Access_to_Super.pdf
- If you have any mortgages or personal loans, please check with your financier as to whether you can defer payments due to hardship?
We are receiving calls and emails daily from people who have been affected and assure you we are listening, explaining and assessing and managing these situations.
We will continue to keep you updated, thank you so much for your patience, your kind emails of support and please, please take care, and stay safe.