Eightfold Financial Services Group

Many will face hard financial decisions in the coming months. Home loan payments are one of our biggest costs. Eightfold and our banks are ready to help you.

We're keeping an eye on the banks daily updates so we can stay best placed to advise you on your options. We're here to care and just a call away. Click below for more info.

Covid-19 Home Loan Assistance | Eightfold | Financial Services Group NZ Find out how the banks are assisting clients facing financial hardship through loss of income due to Covid-19. What are your options, where to seek help. %

Financial Hardship - Home Loan Options

With the Covid-19 Pandemic, many people are experiencing difficult times and uncertainty. This includes loss of income and the lack of ability to continue to meet home loan repayments.

Every person’s situation (and bank) is different and we do expect further announcements from the banks outlining their support plans but in the meantime here are some things you can do to take the pressure off and be assured we are here to help and advise.

Change your repayments
If you are paying more than the minimum amount, you can reduce your repayments back to the minimum amount immediately. This can usually be done through Internet Banking. Remember, there may be a cost if you later decide to increase these repayments during the fixed rate period.

Interest-only period
This may be available temporarily where you can still show that you can service your home loan on a reduced household income. A full application will be required and accompanying documentation to support this request will also be required. Not all Banks are offering this option as yet.

Mortgage repayment holiday
This may be available for customers needing to take a break from your home loan repayments for a period of up to 3 months. The Bank will continue to charge interest during this period but will defer the payments (and interest) to the end of the holiday. Ultimately this adds an additional cost to the home loan, but the short-term cash flow benefit may assist. Importantly repayment holidays are generally for 90 days only so you need to consider whether now is the time to apply or not. Usually customers need to apply directly to your Bank for a repayment holiday (i.e. not through your Broker). Please note that self-employed may need to provide additional supporting information (financials and updated business strategy) when applying. Each Bank has a different process and criteria for applying for a repayment holiday.

Insurance
If you have Mortgage Protection, Income Protection or Business Interruption Insurance then you should discuss this with your Insurance Broker.

We will keep you updated as we receive advice on any new bank support packages over the coming days.

The key is to communicate early and provide any information that is required for the Banks to be able to assist. For self-employed and business owners you may need to show that you have taken or are considering steps to reduce costs where possible and provide the banks with up to date management accounts and financial reporting.

Please do not hesitate to contact us if you have any questions. We're here to help,

This is an issue we see a lot of when clients do due diligence on buying a family home or investment property. It's often minor but can be a factor in the bankability of the property so not something to be ignored. It's also something to think about if you're selling a property you've owned for a while that might have unconsented add-ons like a deck or deck roofing. Often easy to fix. Not something you want to upset the sales process. Talk to Eightfold if you need help.

Should we fix our house before we sell it? OPINION: We've discovered problems with the house we're trying to sell.