Our COVID support page provides you with some information about managing your loans and your finances during this time.

Frequently asked questions

Here at Smartline, we are still open for business and we are ready to help and support you with all your lending needs.

What kind of financial assistance is available from my lender?

Your lender will determine what kind of financial assistance you may be able to access depending on your personal situation. Financial assistance varies from lender to lender and may also change over time. However, it may include things such as waiving fees, interest rate freezes, lower rates on business loans, deferrals of loan repayments, loan restructures and access to additional credit. A list of lender contact details can be found here.


Can I still take out a new loan if I am social distancing or in quarantine?

Yes. The health and wellbeing of our clients is paramount, so we have taken steps to make sure we can continue to provide a high level of service to our clients. You can arrange a new loan or a refinance via video conference call in place of face-to-face meetings.


What if I lose my income and I can’t make repayments on my mortgage?

Many Australians may find their income is affected by the spread of COVID. If your income is at risk, and you are worried about making repayments on your mortgage, you need to contact your lender as soon as possible to discuss your situation. A list of lender contact details can be found here.

If you go into arrears on your mortgage without applying for financial hardship through your lender, it could affect your credit rating. This could make it more difficult for you to apply for financial assistance later on, and could even affect your ability to get a loan in the future. Your credit rating won’t be affected if you are granted a loan deferral due to financial hardship from COVID.

Find out more


How can I stay on top of the latest policies regarding COVID?

Don’t forget that this is an evolving situation and policies are constantly changing. We suggest you keep a close eye on the government policy updates.

The federal government’s MoneySmart website has some invaluable information about what to do and who to contact if you need financial help during this time.


What can I do to maximise my financial health?

There are a number of things you can do to maximise your finances during this period.

  1. Don’t make any rash decisions out of panic. There’s no need to stockpile food or sell all your shares. Here’s a few tips on what to do first to protect your finances.
  2. Talk to one of our mortgage advisers about your loan to ensure you are on a competitive interest rate and have the most appropriate loan for your current situation. You may want to consider refinancing your loan if you can’t get a good deal with your current lender.
  3. If you have some spare time during lockdown, it could be a great time to get your finances in order.

Can I still buy and sell property during COVID?

Yes. Private inspections are still permitted and the industry has adapted so that you can now also do virtual inspections and some properties are selling at online auctions. Private sales are of course still occurring.


 

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