As the world comes to terms with the unfolding COVID-19 situation and we get used to the ‘new normal’, I wanted to let you know we are committed to helping our clients at Pink Finance through what will likely be very hard and challenging times ahead.

We have had many calls over the last few weeks requesting financial support and guidance, assisting our clients who may have lost their jobs or had their hours reduced and are needing mortgage relief over the coming 3-6 months.

Firstly, the good news for everyone is the banks are providing a lot of different options that can be tailored to each individual case. Let’s go through a few of the options:

1. Reduce your payments and use your redraw or offset account to make up the shortfall in repayments – this is the best outcome as your loan term or your repayments are not impacted

2. Switch from P&I to IO – if you do this for 6 months – the option at the end, depending on the lender will be to increase your loan term by the months that you went to IO, or the repayment will increase to cover the 6 months of principal that was not paid down so you are playing catch up on that principal

3. Nominate an amount you can afford to pay

4. Repayment pause or ‘payment holiday’, not as glamourous as it sounds, as it is more interest capitalisation which will certainly add to your loan balance


One of their preferred options is 2) changing your mortgage from Principal and Interest (P&I) to an Interest-Only (IO) option. This then reduces your repayment options over 3-6 months giving you more cash flow temporarily.

Another option being widely touted by a lot of the press is option 4) a ‘payment holiday’ which freezes your repayments during this period but extends the life of your loan by 3-6 months. This is in effect ‘interest capitalisation’ and adds unpaid interest to the principal balance of your loan. Although it gives you more cash flow in the interim you have compound interest working against you.

However, every individual is different and each person has various circumstances that are impacting them. We have a modelling calculator that we are now using that goes through the many financial scenarios and we are using it to provide individual analysis of your loan and modelling for your situation. We can see whether moving to interest only, ‘payment holiday’ or a hardship scenario affects your loan balance, the interest you have to pay and maturity dates of your loan.

An example of the four different options on a $600,000 mortgage with an interest rate of 3.04% is shown below.

Pink Finance AFG Covid-19 mortgage action plan calculator

To help you navigate the COVID-19 situation and the impacts it might have on your job, business or mortgage we have pulled together some useful links and information.


If you run a business there are a number of national and state-based government initiatives that are now in place to help:

If you have lost your job

We are here to help you and support you especially in these unprecedented and uncertain economic times, so please do get in touch if we can assist you.


  • As a first home buyer, Nicole & her team took the stress out of what can be an overwhelming experience. She was incredibly thorough, knowledgable & efficient. I would recommend her to anyone seeking financial services!

  • Thank you so much to Nicole and the team for my recent loan refinance. The professionalism, communication and efficiency from start to finish throughout the process was exceptional. The customers’ needs are always their top priority and it’s great to have extra money in your pocket each month! I have no hesitation in recommending Pink Finance amazing services and know many others that say the same.

  • So grateful for Nicole and her team. They were so amazing from the start to end. We were able to change our loan and start achieving our goals thanks to the exceptional service from Pink Finance. Always so accommodating. Best broker we have ever dealt with. Thank you.

  • It was our pleasure dealing with Nicole Cannon when we decided to refinance our home loan. Her professionalism and knowledge made the process a lot easier. Her dedication and prompt service really separates her from the rest.

    We would not hesitate to recommend Pink Finance to anyone looking for a professional tailored service.

    We will definitely utilise the service of Pink Finance for our next investment.

  • You provide emotional as well as transactional support which is appreciated given the stress typically associated with property purchasing!

  • Nicole and her team were absolutely wonderful to partner with for our home refinancing and purchase of investment properties. We are delighted with the outcome, but in fact also enjoyed the whole process thanks to the team at Pink Finance. Will be recommending them to all our friends and family.

  • Fantastic service and knowledge. Excellent.

  • Nicole is a consummate professional in every way. She responded to our urgent query with great speed and if it wasn’t for her assistance we would never have been able to move fast enough to buy our home. Her expertise helped us navigate a complex market quickly to identify the right lender for us. From start to finish she made the whole process as pain-free as possible. She’s just awesome to work with and we are ever grateful to her for helping us secure our home.

  • Your professional and expert knowledge in your field has been a fantastic resource for new clients. The ladies have a great understanding and ability to convey this information to clients. I have put my trust in them and have always been reassured that they would help me through this process the whole way. A supportive and encouraging team and I would highly recommend to all people considering their service.

  • A very professional and courteous service with information constantly being updated. I would highly recommend this Nicole Cannon to anyone.

  • Nicole Cannon is the best broker I have ever worked with and I have used many other brokers over the years. She took the time to understand my needs and has a very proactive and pragmatic approach to sniffing out the best deal. Nicole also has an impressive network and her knowledge of the industry is second to none. Not only will I recommend her to all my friends, I shall be using her again and encourage others who read this to use her as well!

  • I have two small children and my wife and I are both working, so our time is extremely tight and finding time to do anything during normal business hours is almost impossible. Nicole was always not only completely accommodating of our schedule and able to meet us after hours at short notice, she always did so with a big smile and a friendly manner.

    As well as being friendly and easy to deal with, Nicole really knows her game. She was well schooled in the best deals in the market each time we met her and did whatever it took to get us the best home loan overall. I’ve been unimpressed by other mortgage brokers in the past, so had done my homework though other lenders and could never beat the deals that Nicole was not only bringing to me but doing all of the hard work in getting the applications completed. I would recommend Nicole to anyone. 10/10.

  • Very fluent service and understanding what I need! I was thoroughly impressed by Nicole’s attention to detail and a focus on exactly what I required.

  • Nicole was very professional and yet approachable. She organised my daughter and her partner’s first home loan. She did a great job, and graciously answered myriads of questions. Nicole made the process simple and took the stress out of loan hunting for them, allowing them to concentrate on finding a home. She then juggled the refinancing of multiple loans for us which enabled us to act as guarantor for our daughter. Nicole suggested amalgamating our loans with the same provider as my daughter and also guided us through the sale of an investment property. Unexpectedly, Nicole managed to save us a lot of money on our own mortgages as well.. an added bonus! We highly recommend Nicole, and have already passed on her name to friends and colleagues.

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0414 633 793