Support your landlords (and retain them)
Are your landlords experiencing hardship? Here's five ways that I can help:
Assist with payment-deferral options for their mortgage.
If your landlord’s tenants have lost their job or asked for a rental reduction, a broker can request a payment-deferral on their mortgage. This is when a lender defers repayments for a period of time.
Every lender has their own rules and requirements on these payment deferrals. It’s important to know that the landlord will be required to pay the interest that accrued while the loan was deferred.
Discuss hardship options with the landlord.
It’s important for landlords to understand what their options are in these difficult times of financial hardship, however, they could spend hours on hold if they call their lender directly. A broker can look into their options first, and can help them navigate and understand what their options mean for their individual situation. And remember, it doesn’t cost you to speak to a broker. We are paid by the lender you choose.
Check that landlords are on the most competitive rates and products.
I have access to a panel of over 60 banks and lenders, and thousands of products. I can negotiate on your landlord’s behalf and make sure that their loan is still the right one for their current situation. Check out how much your landlord could save with just a 1% p.a. decrease in interest rate.
Refinance* or reprice to get the most competitive deal.
If tenants have job security, a broker can reprice or refinance the landlord. A few reasons they might want to refinance are:
- Take advantage of the recent RBA cut.
Now might be the right time to see if we can find a more competitive rate that is suited to their current needs. A lower interest rate could result in lower interest costs and might just save you a heap of savings over the life of your loan.
- After some new loan features?
There could be a bundle of features that could give the landlord more power over their finances when they refinance* their mortgage. It might be the new rates that could save them money or the option to repay their loan faster without having to pay penalty charges. Some loans won’t charge a monthly account fee or a fee for withdrawing money when they need it.
- Flexibility to change your loan period to suit your circumstances.
Your landlord may want to lengthen their loan period to help make their monthly or fortnightly repayments smaller if their situation has changed. Or, they may want to shorten their loan term by making additional payments without being penalised for paying your money into your own account! Whatever their circumstances, I can help see what their options are and what is most suited to them.
Connect them with landlord insurance to protect their investment.
I can connect your landlord with our partners at Concierge for landlord insurance to protect their investment. The insurance covers malicious damage, contents, public liability (personal insurance). Visit loanmarketinsurance.com.au for more details.
Loan Market Landlord Insurance
*Disclaimer: Any refinancing/access to home equity is subject to lender imposed terms and conditions including but not limited to loan serviceability, valuations and confirmed capacity to service both any existing and revised lending arrangements. This document has been created by Loan Market Pty Ltd (ABN 89 105 230 019, Australian Credit Licence no. 390222). It provides an overview or summary only and it should not be considered a comprehensive statement on any matter.You should before acting in reliance upon this information seek independent professional lending or taxation advice as appropriate specific to your objectives, financial circumstances or needs. Information included has been sourced from third parties and has not been independently verified. Accordingly, Loan Market Pty Ltd is not in any way responsible for nor provides any warranty express or implied as to its accuracy or relevance. 1Online discount. A premium discount of up to 10% is applied to your first years premium when you buy a new home insurance policy online including the following optional covers (if applicable); Accidental damage, Flood, Motor Burnout and Portable Contents. This discount is not applied on renewal. A premium discount of up to 10% is applied to your first years premium when you buy a new Landlord insurance policy online including to optional covers if selected. This discount is not applied on renewal. 4Minimum premiums If you are eligible for more than one discount, Allianz applies them in a predetermined order. This means any subsequent discount will be applied to the reduced premium amount after applying any prior discounts and the effect of the subsequent discount will be reduced. For example, the aggregate effect of applying two 10% discounts consecutively means that you will not see the full benefit of both these discounts. Discounts do not apply to taxes or government charges. Discounts do not apply to optional covers for Domestic Workers Compensation / Landlord Workers Compensation, and may not apply to other optional covers (if available and selected). Any discounts/entitlements may be subject to rounding and may only apply to the extent that any minimum premium is not reached.