Mythical Creature wrote:Dutchy wrote:RB wrote:Bum Crack wrote:They should be doing compulsory 8 weeks automatically for every household mortgage holder no questions asked.
They could waive payments for 8 weeks if they're happy never to collect them.
I don't think they can extend the term of the loan contract automatically though. Customers would have to opt in.
Its deferring repayments (and interest) not waiving repayments, loans will be extended for an extra 6 months so these payments dont need to be caught up in 7 months time.
I have a small business loan with NAB through my family trust.
If I want to extend, what do I need to do?
Do I just click a button on the website or do I need to call?
I don't need to extend, but if it's described as above I see it as a free hit, albeit with 6 more months of dividends being put into the trust account
Cheers
Its not a free hit as interest is still charged over the 6 months.
PM me and if you are happy to deal with me I can arrange or I can point you in the right direction.