Home Owner Assistance Program (HOAP)
A sudden job loss, reduced income, illness, marital breakdown or other life changing situations, can have a devastating impact on a homeowner’s financial well-being and threaten their ability to meet their mortgage repayments.
Genworth’s Home Owner Assistance Program was designed to provide short-term support to help families stay in their homes while they sort through their difficult situation.
In some circumstances it isn’t always possible for the borrower to stay in their home, or keep an investment property, as their situation cannot be resolved. By providing an opportunity for the borrower to sell their property with the support of our property experts along with additional support such as debt release, the homeowner can exit their property in a dignified and most cost effective manner.
By avoiding mortgage in possession, we not only help prevent a family from losing their home, but we also avoid a claim and help preserve the stability of our housing market. While a solution is not available in every case, we take great pride in helping those we can, mainly through loan term extensions, reduced or deferred repayments or capitalisation of arrears.
In Australia alone, we have already achieved great success with this program helping over 67,000 borrowers since inception in 2006.
Here are just a few examples of what Genworth has done to help homeowners in Australia stay in their homes:
Needing to taking time off to look after a sick loved one can quickly drain our financial reserves. The loss of income can threaten our ability to repay a mortgage and to keep the family home.
Homeowners in Victoria took extended time off work to care for their seriously ill child; with both borrowers unable to work they quickly fell behind in their mortgage repayments. Genworth was able to assist by agreeing to defer their home loan repayments for 12 months to allow them to spend valuable time with their child. Once the child was back to full health, the borrowers were able to recommence their repayments and the arrears were absorbed back into the loan.
Having work hours and income reduced unexpectedly can severely impact a borrower’s ability to meet their mortgage repayments.
A homeowner in Queensland had his work hours reduced due to his employer going through a period of financial difficulty. This occurred while his wife was on maternity leave after the birth of their first child, so the borrower was in a distressed state when he contacted his lender. Genworth was able to assist by approving a reduction in mortgage repayments down to an affordable level. Once his hours returned to normal levels, the arrears amount was absorbed back into the loan allowing the borrower and his family to return to normal repayments and remain in their home.
Losing a loved one is a painful emotional experience; it can also leave family members with a significant reduction in household income that can threaten their ability to repay their mortgage.
A homeowner in NSW lost her husband after a long period of illness. As it can take some time for the deceased estate to be finalised, the homeowner was unable to meet the full loan repayment amount. Genworth was able to assist the borrower by agreeing to an affordable repayment arrangement. Once the estate was finalised, the loan was paid out and the surviving borrower was able to keep her home.