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ISCOVER
Staff Reporter
The Mortgage and Finance Association of Australia has thrown its weight behind ASIC’s ‘mortgage health month’ initiative.
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As part of the corporate regulator’s ‘mortgage health’ campaign, stressed borrowers are given the ability to understand their predicament through the use of mortgage calculators as well as other resources.
MFAA chief executive Phil Naylor said he welcomed the ASIC initiative because it was crucial for borrowers to understand there were solutions to their problems if they acted early.
“Any initiative which gets accurate information and advice to these people, is a constructive move,” he said.
He said MFAA-approved mortgage brokers were already bound by the Hardship provisions of the MFAA code, which requires that mortgage brokers use their expertise to assess, advise and communicate on behalf of their clients.
Mr Naylor said the three steps that stressed mortgage borrowers had to go through were to acknowledge the problem and its size; to take expert advice on how to get through the problem; and communicate early and honestly with the mortgage provider.
“When stressed mortgage borrowers act early, their problems are reduced,” he said.
“Of course, having expert advice and someone to talk to is a bonus offered by MFAA-approved mortgage brokers.”
