COVID-19 Owner Update #3 - 27/03/2020
As you may be aware, we cannot bring you any news on possible rental / landlord assistance packages from the Government as these decisions are taking time to work out as they are extremely complex and as you may understand could and will undoubtedly have a major impact on the market far beyond the rent payment or rental amounts.
We are monitoring and responding to the situation as it evolves daily. Our customers remain front-and-centre in all our thinking. In the spirit of true partnership, we want to help our customers through these unprecedented conditions with support and understanding.
One of the hot topics at present is banks offering to hold off mortgage payments for 3 or 6 months. While this sounds like a good deal, anyone taking up an offer like this needs to be aware that the interest component of their loan will be capitalised. Which means, while you may get a break in your payments, you will still incur the additional interest when your payments recommence.
At this stage it is our strong recommendation that we are NOT offering rent reductions or free rent periods to tenants BUT offer payment plans to tenants instead so that when the rent assistance packages come through this will allow us to manage them so as to not have a such a devastating impact on the market. Additionally, we have landlord insurance issues to be considering during these times, so we are not putting any future claims at risk.
We need for tenants and landlords to understand each other’s situations as best we can to work out how to best manage this in the future. Our aim is that everyone comes out of this in the best possible position under the circumstances.
We are receiving calls and emails daily from people who have been affected and assure you we are listening, assessing and managing these situations.
We will continue to keep you updated, thank you so much for your patience, your kind emails of support and please, please take care, and stay safe.