Effect of Loan Deferral on new Application

Hi there,
Just wondering what impact a 3 month loan deferral due to lack of rent from Resi tenants losing job would have on an application to purchase a new property in - say 6 months.
Was planning to purchase an investment property this year, using equity for a 20% deposit.
As tenants have lost jobs and are paying less rent, am tempted to ask for a 3 month loan deferral, rather than scrounge the loan payments myself.
But I am concerned this may dampen banks view of me as a good candidate for a new investment loan in 6 months. My job income is still good, but loss of rental income of course makes things harder.
Assuming tenants get jobs back within a few months (or get Jobseeker payments etc) and rent starts to flow again, improving my serviceability .....
Any word on how banks will view people who have accepted a loan deferral??
Also, will this impact credit history or credit score??
Thanks

 

Yes I think it would effect new apps because by taking a repayment holiday you are saying you are affected.

 

Confirmed with a number of banks - if you're taking a repayment holiday it's because you supposedly need financial assistance - they will not lend new money to you while you're on a repayment holiday for an existing loan

 

This makes sense.

 

I can also confirm. If you're using a financial assistance package, other lenders aren't going to want to do anything that may put you under additional financial stress, so don't even think about seeking more finance.

 

Pete do you think will carry forward for a period of time after the repayment holiday? Like a bad credit mark on your file post ‘financial hardship’

 

And after the deferral is complete?

 

To clarify - I would not imagine any bank would loan to me while under a deferral period. My query was what their view would be AFTER deferral period finished, eg 6 months after, assuming normal rent had resumed, and my serviceability was OK otherwise.

 

In the long run after the deferral period, when you're back in work and the economy is in recovery mode, I don't think lenders will care too much if you've used the deferral period.

There will likely be a period where lenders are cautious about certain jobs. They're probably going to want to see that a business starting up again is financially stable. It wouldn't surprise me if some lenders wanted to see 6 months in the same job before they lend.