With the current situation of the COVID-19 pandemic, at Get Smart Financial we are here to help and support clients.
If you’re dealing with the impact of the COVID-19 pandemic there are practical ways your bank can help. Assistance could include; deferring loan payments, waiving fees and charges, helping with debt consolidation, etc.
We we will be updating this article as need be if there are additional update from the banks to keep you informed.
We have listed some bank’s relief package measures to address customers affected by Covid-19, as well as some useful links;
Commonwealth Bank (CBA)
Commonwealth Bank has announced a package of support for all home loan customers.
This package includes the option to defer Home loan repayments for up to 6 months, with interest capitalised.
In addition, you can access redraw facilities, considering a repayment holiday, reducing repayments to the minimum monthly repayment amount, or apply to change your repayments to interest only payments.
Should you seek deferral of Home Loan repayment, please log on to your NetBank account or call 13 2221 6am to 10pm.
For more information on CBA’s Corona Virus Relief Package, click here.
Macquarie introduced a comprehensive package of support measures to help dealing with impact of Covid-19. Immediate support measure for households & business includes the option to defer Home Loan repayments for 6 months.
You can request a payment pause by completing this online form.
Clients will be best served to complete and submit the application online rather than ringing due to large increase in volume to the call centre.
For more information on Macquarie’s approach to Financial Assistance, click here.
NAB has announced a range of measures to assist businesses and homeowners. These complement the federal government and Reserve Bank of Australia’s stimulus packages.
NAB Personal Customers will be able to pause home loan repayments for up to 6 months, if experiencing financial challenges, including a 3-month checkpoint.
For a customer with a typical home loan of $400,000, this will mean access to an additional $11,006 over six months or $1,834/month.
To talk to someone about how NAB can help, please complete the Coronavirus (Covid-19) Form, here.
Westpac has supported customers, businesses and community through good and tough times and will to be there as the COVID-19 situations evolves.
Westpac customers who lost their job or suffered loss of income as a result of COVID-19 you can apply for 3 months deferral on you home loan repayments with extension for a further 3 months available for review. You can apply here.
Consumer customers can also request assistance by completing the Financial Hardship form.
To find out more details on what support is available, click here.
Heritage have well-established Pandemic Management Plan in place and are actively implementing these measures. Financial Assistance Relief Package includes:
1. hardship provisions to help impacted customers
2. deferral of scheduled loan repayment
3. waiving of fees associated with restructuring of loans needed, such as switching from P&I and IO
4. waiving or refunding fees incurred due to virus impacts, for example missed payments.
If you are financially impacted please reach out to Heritage as soon as possible 24/7 on 131422
Bankwest is providing additional support to home loan customers who may be facing financial difficulty at this time with an option to defer home loan repayments for 6months.
Customers with a retail home loan (regardless of income type) who may be in need of support can have their home loan repayments deferred for six months. All home loans regardless of product, purpose or repayment type can have a deferral applied.
The option to defer will be available in Bankwest Online Banking under 'Self-service' > ‘Loan support'. Before starting the process, make sure contact and address details are up to date under 'My details & security'.
Customers experiencing immediate financial hardship, please contact Bankwest to discuss the support options available and what they mean for individual circumstances.
Customers who have variable home loan, an redraw your extra repayments using the Bankwest App or Bankwest Online Banking – here’s how or use the Home Loan Access Request Form with variable rate home loans and fixed rate home loans. Note that a minimum withdrawal amount of $1000 applies.
For more information about pausing your repayments, please see our FAQs.
For full information on the bank’s Coronavirus Support, click here.
Bankwest contact number is 1300 134 107.
On Monday, ME announced its own package of measures to support all our customers. The announcement sparked many calls from our customers seeking more detail on what these measures are and if they are eligible for them.
To help respond to customers’ enquiries about ME’s Customer Support Package, below are some more details on the options available to customers.
Home Loan Repayment Holiday/Pause:
The option to pause home loan repayments for up to six months, with a review at three months.
How does pausing home loan work?
• For home loan customers impacted by COVID-19 and the current economic uncertainty, ME has introduced a repayment pause for home loan customers.
• Customers will not need to make repayments for up to six months, with a review at three months.
• Interest and charges will continue to accrue during the repayment pause.
What is the process to request a repayment pause?
• Customers will need to contact call centre to action a repayment pause on 13 15 63
• ME will check in with the customer after 3 months to determine if the repayment pause needs to continue. If yes, will continue for another 3 months.
What if a customer needs a repayment pause for longer than 6 months?
• These customers will be assessed on a case by case basis by Customer Assist team.
Will customers accrue interest during the pause?
• Yes, interest and charges are accrued during the repayment pause.
•Accrued interest will be capitalised and added to the customer’s home loan balance and repayments will be adjusted.
•These future payments may be higher.
This information will be helpful for customers that are not currently in hardship and are trying to understand what their options are if they go into hardship in the future.
If a customer is currently in hardship, please call on 13 15 63 or fill out the form here.
For more information on the bank’s Financial Hardship Assistance, click here.
Bank of Melbourne (BOM)
BOM have announced extensive support measures to help consumer and small business customers impacted by the outbreak of COVID-19.
Customers who have lost their job or suffered loss of income as a result of COVID-19 can contact the bank for 3 months deferral on their Home Loan mortgage repayments, with extension for a further 3 months available after review.
For customers who need to defer Home Loan repayments, click here.
Consumer customers can also request assistance by completing the Financial Hardship Form. After filing in the form customers will receive a phone call from the bank.
To find out more details on what support is available, visit the bank’s website here.
Bluestone have a range of options to support customers impacted by COVID-19.
Some of these options may include:
To discuss the options available, customers can call at 13 2583 or complete the enquiry here.
Virgin Money introduced Fast Track Hardship Assistance for customers who have been affected by Coronavirus (COVID-19), recent weather events or bushfires.
The Fast Track process offers impacted customers urgent access to a range of financial relief measures, which may include:
Assistance measures will be assessed on a case-by-case basis. For customers who are impacted, may call Virgin Money on 1800 701 997. For more information on COVID-19 hardship assistance, click here.
For more information on support and assistance, click here.
Customers can access the emergency assistance website.
Pepper Money customers who are impacted by the pandemic may be able to:
Alternatively, customers contact Pepper Money on 1800 356 383 8am-5:30pm Monday-Friday to discuss financial relief options.
For more information on COVID-19 hardship assistance, click here.
ING customers who have suffered a loss of income or employment due to COVID-19, can have a three-month payment pause on home loan repayments. An extension for a further three months (total 6 months) may also be available on request and is subject to financial assessment.
Customers can also consider a number of different options;
1. may be able to access money available in redraw
2. might be paying down home loan with larger than required repayments.
3. can reduce repayments to the minimum monthly repayment amount.
To apply for COVID-19 Hardship assistance please call on 133 464 available 8am - 8pm, 7 days a week.
For more information on Financial Hardship and other repayment options available, click here.
Bankfirst customers who are impacted by COVID-19 can call the back directly to discuss the situation on 03 9834 8530.
For customers who are having difficulty making repayments, the following types of assistance may be available;
To apply for Financial Hardship Assistance, click here.
For more information on the bank’s response to COVID-19, click here.
Firstmac existing hardship policy is well suited to the COVID-19 pandemic, offering; a repayment holiday for 3 months with the option to extend for a further 3 months.
In response to the COVID-19 crisis, the bank assigned additional local staff to their Hardship Team so they can speak to each customer personally and will work through a solution to their individual circumstance.
For customers experiencing hardship, please call on 13 12 20 and one of our Hardship Consultants will help them with consideration and empathy.
Adelaide Bank announced financial assistance package for all customers affected by COVID-19, it includes;
Full information on the bank’s COVID-19 assistance, click here.
Bendigo Bank offers Financial Assistance package for customers need financial help which can include;
For customers affected by financial hardship and require a repayment release please call Mortgage
Help Centre on 1300 652 146.
Full information on the bank’s COVID-19 assistance, click here.
For AMP clients facing financial hardship as a result of COVID-19, can request to pause home loan repayments for up to three months with the option to extend for a further three months.
Repayment holiday details:
• A pause in home loan repayments for three months, with the option to extend for a further three months, for clients who are experiencing ongoing financial challenges as a result of COVID-19.
• All home loan clients aﬀected by COVID-19 are eligible – this includes all variable and fixed loan types, including owner occupiers and investors on both principal and interest or interest only repayment schedules and SMSF loans.
• Clients who are 30+ days in arrears, or have existing hardship arrangements in place are not eligible for the repayment holiday offer, however can seek help through our normal hardship support.
• During the repayment holiday, unpaid interest will be capitalised which means it will be added to the loan balance and when repayments start again they will be higher for the remainder of the loan term.
During your repayment pause, unpaid interest will be capitalised which means it will be added to your loan balance and when repayments start again, they will be higher for the remainder of the loan term and may incur a higher amount of interest over the life of the loan.
To start the process, enquire here or phone 13 30 30 between 8am-8pm Monday-Friday, or 9am-5pm Saturday and Sunday (AEST).
For further details on financial hardship, click here.
For the latest update relating to COVID-19, check out the bank’s dedicated page here.
ANZ home loan customers experiencing financial difficulty due to COVID-19, may be able to support by putting home loan repayments on hold for six months, with interest capitalized.
If customers pause repayments, ANZ will check after three months. It will not impact their credit rating during this period.
The bank also decreased variable interest home loan rate by 0.15%pa, effective today 27 March 2020.
Customers can contact ANZ Customer Connect them on 1800 252 845.
For more information on the bank’s relief measures, click here.
Choicelend customers who are dealing with the growing challenges of COVID-19 may be eligible to pause their home loan repayments for a 2 to 6-month period.
Choicelend is also further reducing their variable home loan rates by 0.10% p.a. for both new and existing loans, bringing the combined variable rate reduction this month (March 2020) to a total of 0.35% p.a.
Other options are;
Customer can also apply for repayment pause via an online form that will be available on website within the next 48 hours.
For more information on the lender’s support package, click here.
Australian Finance have outlined contact details below for customers who might have been impacted by COVID-19.
If customers are not sure which lending program they currently have with their loan, please call on 1300 888 684 or email firstname.lastname@example.org for assistance.
For more information on specific contact for each lending program, click here.
Suncorp has announced a range of measures to assist our businesses and personal customers. These complement the federal government and Reserve Bank of Australia’s stimulus packages.
Suncorp is offering lending customers impacted by COVID-19 the following on an “opt-in” basis:
1. Repayment Pause:
A deferral of repayments for all home loans, for a period of up to six months (interest will be capitalised).
2. Move to Interest Only:
Conversion from principal and interest repayment structure to interest only for a period of time for their home loan.
Customers who have made additional repayments on their variable home loans are able to access cashback (up to the value of the advance repayments minus the value of one month’s repayment) to assist them with expenses. For fixed rate home loans, customer need to make a special request for Suncorp to grant an exception, allowing them to access cashback on their loan.
4. Modify Repayments:
Customers who have made additional repayments on their home loan and are ‘in advance’ and are able to reduce or suspend their repayments (up to the value of their advance payments).
Customers can apply for financial hardship and action the above options by submitting an Online Request Form. Customer Assist team will contact customers to advise the outcome of the review once complete.
Customers can call Customer Care team on 13 11 55 (Monday to Friday, 8am-6pm Mon-Fri AEST).
For more information on the bank’s support for COVID-19, click here.
For customers who have been affected by natural disasters or COVID-19 and are concerned of their financial position, Resimac’s common type of assistance they provide include:
For Resimac-funded loan, please email email@example.com. They can help with enquiries and discuss the relief options available to customers experiencing financial hardship.
For more information on the lender’ financial hardship assistance, click here.
Auside is offering support to customers directly affected by COVID-19 to help ease the financial pressures caused by such events.
Home loan, personal loan and business loan customers requiring financial assistance as a result of COVID-19 may have several options available to them.
To apply for financial assistance due to COVID-19 may complete the online form or call 1300 077 969.
For complete details of the bank’s support and to complete the online form, click here.
Beyond Bank customers who are facing hardship due to loss of income or change in circumstances as a result of COVID-19 have restructuring option.
Restructuring options to support home loan customers including:
For more information, click here.
Citibank have a range of ways to help based customers individual circumstances, which may include things like varying the amount and frequency of repayments.
For clients that has been directly impacted by COVID-19, the bank will require a clear description of how the customer has been impacted and the personal financial summary and supporting documentation will be waived.
Impacts of COVID -19:
For more details on the bank’s financial hardship assistance and to how to apply click here.
Alternatively call Debt Management Solutions team on 1300 300 470 from 9am-5pm, Monday - Friday (AEST) except public holidays.
Homestart have programs in place to help to try and ease some financial stress on their customers.
These are some of the things we may be able to offer you depending on your circumstances:
Customers who have had a change in circumstances, such as loss of employment or illness, contact the Customer Care Team on 8203 4756.
Customers experiencing financial difficulty and are unsure if will be able to meet repayment obligations, contact Customer Assist Team on 8203 4081 Monday to Friday 8am – 5pm.
For more information on their financial hardship assistance, click here.
To follow HomeStart important update, click here.
Keystart have devised a wide range of measures to assist customers who are experiencing financial hardship during these uncertain times.
As the lender Is experiencing high volume of call, customers can apply for financial hardship assistance by filling out this form here.
For more details on the lender’s COVID-19 support, click here.
La Trobe Financial has announced it will offer hardship assistance for small business customers who are financially affected by the spread of COVID-19. These small businesses could be tourism operators, growers and exporters of fresh produce or businesses reliant on imports.
The type of hardship assistance offered may include:
• A deferral of scheduled loan repayments;
• Waiving fees and charges;
• Temporary interest only periods to assist with cashflow; and
• Debt consolidation to help make repayments more manageable
For small business customers affected by COVID-19, please contact hardship assistance team directly on 1800 620 639 to find out if you are eligible for assistance.
For the complete information on the Lender’s Media Release, click here.
For clients that needs help as a result of COVID-19 may reduce monthly payments and reduced interest rates on on Credit Cards, Personal loans and Motor loans.
Customers can complete the hardship assistance online using this form.
For more information on how they can help, click here or call on 1800 220 718.
Liberty has support measures tailored to meet customers individual needs and circumstances.
For customers impacted by COVID-19, some options may include:
The best way to discuss individual circumstances is by calling on 13 11 33 or emailing firstname.lastname@example.org. Customers can also direct message us via our Facebook page.
For more information, click here.
These are the latest numbers for clients needing to seek genuine Hardship Assistance from current funding lines:
Origin 1300 224 656
La Trobe 1800 620 639 | Email is email@example.com
Pepper 1800 356 383 | Email is firstname.lastname@example.org
Advantedge 1300 155 426
Previous funding line contact numbers are:
Resimac 1300 793 741
Firstmac 13 12 20
ING 1300 349 166"
MyState’s new measures to support customers who may be experiencing financial hardship due to COVID-19, include:
1. Home loan, personal loan or commercial loan customers can defer their payments for a period of up to six months with a check in at 3 months.
2. Allowing early access to Christmas Accounts without penalty.
2. Raising the maximum threshold on MyState’s high interest Bonus Saver Accounts from $150,000 to $250,000.
4. Allowing customers to redraw any amount (from $1) on home and personal loans, with fee- free redraws in-branch or through the Customer Care team as well as online, which has always been free.
For full information on relief measure and to submit application, click here.
Customer Care Team 138 001.
For P&N Bank customers affected by the current COVID19 situation, and you are unable to repay your home loan as a result.
All eligible members can apply for a repayment pause on their home loan for up to 6 months (subject to review at 3 months). This applies to both owner-occupied and investment loans for principal & interest or interest only repayment terms.
Interest will be capitalised during the repayment pause. After the payment pause, scheduled minimum monthly repayments will need to be increased to repay the loan within the original repayment term.
Customers who require repayment assistance, complete this form.
For more information on the bank’s financial relief package, click here or call on 13 25 77.
St. George home loan customers that are impacted of the pandemic may:
Repayment relief for small business customers:
Eligible St.George small business customers who need help to manage their cash flow can defer principal and interest payments1 of business term loans (excluding credit cards, overdrafts, cashflow/invoice/trade finance, commercial bills), Business Auto, equipment finance facilities and equipment loans for six months.**
For more information on the bank’s small business customers relief measures, click here.
Teachers Mutual assistance packages are outline below:
The assistance packages are outlined below.
For Home Loans
• For variable rate home loan, may be able to reduce the amount of minimum monthly repayment and retain the same loan term.
• If paying more than your minimum monthly repayments, may have funds available to redraw, can use those funds to make the minimum monthly repayments.
• If have funds available in your offset account, can use those funds to make the minimum monthly repayments.
If the above options are not available, please contact to discuss whether eligible for a three-month deferral.
There will be no impact to CCR reporting on loans that have agreed repayment pause arrangements.
Direct number 1800 862 265 is or alternative General call centre number is 13 12 21 who will direct the call to the dedicated Financial Hardship team.
For complete assistance package information, click here.
Think Tank have a range of measures are available from restructuring loans, releasing equity, altering terms and repayment arrangements from P&I to Int only, to deferrals.
All customer enquiries should be directed to email@example.com.
Clients can complete the financial hardship assistance enquiry form.
Here is a downloadable list of Australian Bank’s Financial Hardship team that you can contact on the web or on the phone.
With the current situation of the Covid-19 pandemic, Get Smart Financial is here to help and support clients.
If you’re dealing with the impact of the Covid-19 pandemic there are practical ways your bank can help, and could include; deferring loan payments, waiving fees and charges, helping with debt consolidation, etc.
We have listed below just some bank’s relief package measures to address customers affected by Covid-19, as well as some useful links 👉 https://mailchi.mp/1ea96a054570/available-financial-hardship-packages-for-covid-19
If you have any concerns please do reach out to us by booking in time through our book me link, phone or email, we are here to support our clients at this critical time and will do all we can.
BOOK ME 👉 https://getsmartfinancial.youcanbook.me/
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In the last few weeks I have been having quite a few conversations with clients around interest rates and how to save more money on your lending, but also around contingencies, insurances, and the overall economic climate - particularly now we are confronted with the potential fall out of the COVID-19 pandemic.
Notwithstanding health and well-being as our utmost priority, there are a few other things to think about to help at least ease your mind and financial situation amidst this global crisis. Keep safe everybody, and as always, reach out if you would like to discuss further.
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“Here’s to strong women. May we know them. May we be them. May we raise them.” – Unknown
“Nothing can dim the light which shines from within.” – Maya Angelou
"Nothing in life is to be feared; it is only to be understood. Now is the time to understand more so that we may fear less" - Marie Curie
Time to review your home loan rate? You bet!
Money is cheap and this is absolutely the time to see how much you can save, and how you can pay down that debt faster, and we’ll do all the hard work for you at no cost to you!
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As was widely predicted, the board members of the Reserve Bank of Australia have today made the decision to cut the official cash rate by 0.25%. The official interest rate is now at a new record low of 0.50% pa.
All eyes are now on the banks to see whether they will pass this on to their customers.
Debt-free in 2020?
Most people dream about being debt-free. With record low interest rates, if you have equity in your home it may save you a lot of money to relook at your home loan with a view to paying off all of your debts.
If you have a number of higher interest rate debts, consolidating your debts will allow those higher interest debts to being rolled into your home loan, so they would be covered by a lower interest rate. Credit card debt is a perfect example. Many people have more than one credit card; often, they are close to the limit. Take a look at the interest you’re paying on your cards. Then, compare them with your home loan interest rate.
Any other loans you may have – personal loans, overdrafts etc – can also be consolidated into a single monthly payment. And because it’s spread out over a longer period of time, as per most home loans, the addition to your monthly mortgage payments may be surprisingly low.
Refinancing your biggest asset has many advantages. But remember, it’s not as easy as simply switching banks to a lower interest rate – it’s a complex issue that needs careful consideration. However, if you do it right, you could save a bundle.
If you have any questions regarding this or any other aspect of your mortgage, please feel free to give us a call.
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Rachael Bland – Founder & CEO