Specialist lenders mortgage insurer Genworth has entered into a partnership with Lifeline to highlight the impacts of financial stress on families.
The partnership, announced this week, is aimed at raising awareness of the warning signs of financial stress in order to promote early intervention.
Commenting on the partnership, Genworth chief executive Ellie Comerford said mortgage stress could hit hard –particularly in an environment of rising unemployment, rising living costs and daily life pressures.
Both Genworth and Lifeline said that over coming months they would work together on an education campaign about mortgage stress, hoping to link it to the work of the Australian Securities and Investments Commission (ASIC) and the Federal Government, via MoneySmart.
The Genworth announcement said the company sought to help families manage mortgage stress and avoid the associated anxiety through extending hardship provisions to homeowners, giving them the time to stabilise their finances and avoid defaulting on their mortgages.
