Australians granted a six-month deferral on loan repayments, can this affect your credit rating?

According to The Australian Banking Association (ABA)  announcement any Australian who is granted a six-month deferral on loan repayments be it on a  mortgage or other credit products, will not have their credit rating affected. Eligibility will depend on previous credit history, provided they were up to date with repayments before COVID-19″*.

“If a customer is granted a deferral on their mortgage and other credit products because of COVID-19, banks will report customers as not having missed a repayment, provided they were all up to date when granted relief,”* ABA CEO Anna Bligh said.

The Australian Government announced new measures in March to provide support to affected workers, businesses and the broader community. For more information visit the website.**

If you need a COVID-19 support package, contact your bank/lender directly to discuss your options. You will be supported! Don’t stress.  
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Author : Charles Vincent Kaluwasha

Founder and CEO of C J Investiment. Charles Kaluwasha is a real estate entrepreneur and developer, specializing in building 2-5 unit properties in Melbourne City and Gold Coast. He currently owns 3 investment properties. He has rehabbed, Flipped and/or lease-optioned over 3 single-family residences using funds from private investors. He has secured 2 investment apartments in Melbourne and Gold Coast to be completed early 2020. A developer of C J Academy/mentorship program helping investors and homeowners with basic and advanced financial education and real estate investing strategies to create passive wealth.


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