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Reach out to banks for advice - Editor's letter

Published Jan 31, 2021

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Breathe!

Your bank balance may look bad and debt may be increasing. You may be wondering how you will, as things stand, hold on to your home.

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It’s easy for anxiety to be rising.

But banks are saying: Don’t panic! Reach out.

Read the latest Property360 digital magazine below

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Banks told us this week that they will endeavour to help and advise clients who are possibly unable to fully service their bonds. So don’t wait for them to come to you – reach out to them for advice.

The knowledge you are in trouble and that your home could be repossessed is terrifying, but there are still things you can do.

Your bank will detail this for you as they try assist you. You could also try to get your home sold at a price that works for you. Estate agents say there are plenty of buyers for properties at the right price.

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No one wants to have to sell their house, but even if you do, it doesn’t mean you can’t be a homeowner again. It is never really the end of the road as long as you remain resourceful and resilient.

Read more:

Let’s be more grateful, gracious and giving than usual over the holiday season – Editor’s Letter

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I’m reminded of an acquaintance, now aged 82, who by anyone’s definition would have been out on the street after she lost everything about 30 years ago – but for the love of her friends.

So instead of being homeless she leads quite a glamorous life thanks to the love of her home-owning friends with whom she spends two or three months each year.

One of her friends actually built on a granny flat for her at their coastal home, and another gives her the keys to their country home in the summer.

The world is changing. And yes, of course the wealthy home-owning friends need to have big hearts, but really – it’s never really the end of the road.

Hang in there.

Vivian Warby

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