Government and financial regulators are urged to work with financiers to help Australians free up equity from their properties.
Gary Brinkworth, CEO of Herron Todd White, said that allowing easier access to home equity could help struggling individuals and businesses amid the COVID-19 epidemic.
"We believe that the time has come to act, to provide additional liquidity to eligible owners to help them weather these uncertain times, thereby creating an opportunity to survive this downturn and establish a strong position that will contribute to the economy, "he added. said.
Many Australians, said Brinkworth, are "wealthy in assets, poor in cash". This decision to facilitate access to equity will help them rebound quickly and create a financial safety net.
However, it is also essential to discuss the impact of COVID-19 on the value of properties.
"The integrity and discipline of the current loan system can be preserved and used to help homeowners get through this difficult time," he said.
Read also: Beginner's Guide to Accessing Equity in Property
Brinkworth said property assessors have a role to play in preserving the integrity of the financial system while allowing Australians to unlock additional cash during these periods.
In addition, Brinkworth believes that the real estate sector has been a viable source of wealth creation given the sustained growth in value over the decades.
"Government incentives and cooperation from different stakeholders should allow us to realize the potential of this initiative at a time when people need it most," he said. "We are calling on government and regulators to make this happen."
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