๐๐ฎ๐ป๐ธ๐ ๐จ๐ฟ๐ด๐ฒ๐ฑ ๐๐ผ ๐๐ฒ๐น๐ฝ ๐๐ผ๐ฟ๐ฟ๐ผ๐๐ฒ๐ฟ๐ ๐ถ๐ป ๐ง๐ฟ๐ผ๐๐ฏ๐น๐ฒ
Australia's financial services regulator, ASIC, has written to 30 of Australia's largest home loan lenders to remind them of their obligation to support customers experiencing financial hardship.
ASIC said it was seeing evidence of increasing financial distress, due to higher interest rates and inflation, so lenders needed to have appropriate arrangements in place. ASIC told lenders they should:
* Be proactive about telling borrowers how and when they can seek help
* Think of sustainable solutions to their customersโ problems
* Communicate regularly with customers during and at the end of the assistance period
Despite ASICโs observations, the number of distressed property listings has been falling, according to SQM Research data (see graph).
In July, there were 5,277 distressed listings throughout Australia, which was 1.1% lower than the month before and 15.7% lower than the year before.
Subiaco finance brokers are here to help
Interest rate rises are here, but you donโt have to fear with the right broker on your side.
The team at Sonam Capital are here to empower you through financial knowledge. Weโll take the time to get to know you and your unique situation and speak in a language you can understand, with strategies you can implement for the best possible outcomes.
Nick, Wayne and Amanda at Sonam Capital are your Subiaco finance specialists.
