The economic meltdown resulting from the COVID-19 pandemic will be devastating for owners and investors in both the property and share markets. The share market crash will result in superannuation balances plummeting to unprecedented levels, leaving people unsure as to how they will cope financially during their retirement years.
Landlords are concerned about their rental income. The state governments in Australia are introducing legislation that give the Landlord zero rights. See the proposed legislation the Queensland government is about to enact HERE. Do landlords give tenants a discount to keep them; allow them a six months deferment; or, have their properties vacant and wait for the new Tenancy Legislation? Landlords may be able to get their banks to defer mortgage loans on their investment properties HOWEVER it will cost them thousands in capitalised interest payments and add years to the terms of their mortgages. Landlords are now in uncharted territory.
Banks need to manage their risk factors and many landlords who have redrawal facilities may find that amount frozen and those who have a line of credit (LOC) may have those withdrawn. What are we going to do for cash because the present government handout is insufficient for the average family with 2-3 kids?
The media has suggested that the prospect for employment or re-employment is bleak.
Who knows how long the existing lockdown will last? Fears on the looming meltdown of our economy has long term consequences for all.
NOW is the time to take action to protect your assets from desperate and angry creditors.
James Cagney can assist:
1. You in protecting assets from hungry and angry creditors.
2. You in preparing a last will and testament, an enduring power of attorney and enduring guardianship.
3. Landlords in negotiating with lenders for longer terms.
4. Landlords in negotiating with tenants.
5. Landlords with budgeting and focussing on long-term finances.
6. Mortgage holders to reduce the amount of interest paid and pay loans off sooner.
7. Stressed families drowning in debt and being hounded by ruthless debt collectors.
Call James Cagney on 0416 137 645 or contact him HERE.
|Tags: The economic meltdown for investors.|