(Covid) home loan deferred

Anon Imperfect Mum

(Covid) home loan deferred

Hi IM’s I just wanted to ask if anyone put their home loan on hold when covid hit and some people lost work? At the end of the 6 months did your bank hit you with a big bill of interest that was accumulated over the 6 months or was it just added to your loan and do you still pay the same amount weekly, fortnightly or monthly? My husband put our loan on hold due to us both losing work and we were hit with a 4K interest debt and we’re expected to pay it straight away. When my husband originally put the loan on hold we were told it would be added to our home loan and the payments would not change but that isn’t true and now the repayments are much much higher … it’s probably a silly question but after speaking to another person the other week they have told me that the bank should not have done this and it should have just been added to the loan and the repayments should have stayed the same. Unfortunately I can not call the bank myself as it’s just my husbands name on the loan etc. we are with commonwealth bank for the loan.

Posted in:  Life Lessons

2 Replies

Anon Imperfect Mum

I did this and no thankfully! I was surprised. Well worth doing if you need to.

like
Anon Imperfect Mum

I am with ANZ and it was just held, no extra at the end or anything. I sold one of my houses so I know, it didn’t change it. Wasn’t charged extra.

like