My Expert® has been helping clients through both good and challenging times for more than 20 years. The COVID-19 pandemic, however, has impacted our lives on a scale that none of us could have ever imagined.

In recent months, many have found themselves in financial stress and in need of assistance. According to a survey by the University of Melbourne, at least 30% of us are financially stressed over the impact of COVID-19, with the largest proportion of these in the 18-44 age group.

If you are someone who experiencing financial difficulties as a result of the pandemic, we want you to know My Expert® is here to help.

Lenders offer mortgage support

We have outstanding relationships with all our lenders, so if you’re in financial stress it’s important that you speak to us and discuss the range of options that might be immediately available to you.

For example, if you’ve lost your job or suffered loss of income as a result of COVID-19, many of our lenders will allow you to apply to defer your mortgage repayments for three months, with the possibility of a further three months following review. It’s important to be aware, however, that your loan repayments will be higher after the deferral period, as the deferred interest will be capitalised and any deferred principal payments will have to be paid off during the remainder of the loan term.

The importance of risk insurance

Real life events like loss of job and income are a clear reminder why it’s so vital to have an appropriate level of personal risk insurance in place to protect your home and family. Our Wealth advisers can help you review your current coverage, or suggest appropriate products that will give you the peace of mind that comes with knowing your family’s assets and financial future are protected.

Whatever your current circumstances, we’re here to help. So if you’re in financial stress please understand you’re not alone and reach out to us by calling 1300 My Expert (1300 693 973).

Disclaimer: The information provided in this blog is general in nature only and does not constitute personal financial advice. The information has been prepared without taking into account your personal objectives, financial situation or needs. Before acting on any information in this blog you should consider the appropriateness of the information having regard to your objectives, financial situation and needs and it is important for you to consider these matters and to seek appropriate legal, tax, and financial advice.

Pinnacle Advisory Pty Ltd. Trading as My Expert Wealth ABN no 36 638 505 950 is a corporate Authorised Rep of MG Wealth Advisors Pty Ltd AFSL n. 496089 ABN no. 20 617 338 137.