How do I pause home loan repayments?
By obtaining a loan deferral with your lender, you are able to pause your repayments on your loan for an agreed period of time. This process can either be automatically applied online or be offered on a case by case basis depending on your lender.
What happens after obtaining a loan deferral?
After obtaining your loan deferral, your repayments will be paused during the deferral period. However, interest will still continue to accrue during this time that will need to be repaid by the time the loan term ends. Before going ahead with a loan deferral, it is always recommended for you to ask your lender what to expect when the deferral period finishes. Your repayments may increase or your loan term may increase to repay the interest and principal amounts accrued from the deferral period.