COVID19 and Hardship Packages - where to start - process and contact details

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

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

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

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.

For more details on how Westpac can help and full support package for home loans, click here.

To find out more details on what support is available, click here.

Heritage Bank

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

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.

ME Bank

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

Bluestone have a range of options to support customers impacted by COVID-19.

Some of these options may include:

1. Accessing any funds, built up in redraw facility to cover payments
2. Payment arrangements, where repayments can be spread over future months to cover a short-term cash flow issue
3. Partial payments, customers can temporarily pay a lower amount
4. Repayment holiday, suspension of repayments for a period of time
5. As a last resort, if customers decide to sell their property, the bank can offer a range of options to help with this process too, which could include suspended payments for 3 months for eligible customers.

A Bluestone Hardship team member will be able to discuss the above options and make an assessment based on information the customer has provided. Once a hardship arrangement is in place, the bank may conduct reviews during the assistance period.

To discuss the options available, customers can call at 13 2583 or  complete the enquiry here.

For full information on the banks support measure for customer impacted by COVID-19 ,click here.

Virgin Money

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:

1. the ability to defer mortgage and/or loan repayments;
2. the option to make Interest Only repayments;
3. special arrangements in relation to arrears; or
4. waiver of other fees and charges related to non-payment

​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

Pepper Money customers who are impacted by the pandemic may be able to:

1. accessing extra repayments made on the loan;
2. adjusting monthly repayments in response to the recent interest rate reduction;
3. the temporary postponement or reduction of loan repayments, or arranging a longer-term loan variation.

Customers can send an online enquiry here and customer will receive a response within 2 working days.

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

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
​
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;

1. Reduce repayments for a period of time
2. Put repayments on hold for a period of time
3. Make normal repayments and get help with missed repayments
4. Restructure loan over a longer term to reduce repayment amount

​To apply for Financial Hardship Assistance, click here.

For more information on the bank’s response to COVID-19, click here.
 
Firstmac

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

Adelaide Bank announced financial assistance package for all customers affected by COVID-19, it includes;

1. Home Loan and Business Loan customers can apply for relief on loans for up to six months
2. Waiver of fees for the restructuring or consolidation of loans
3. Waiver of interest rate reduction for early withdrawals on term deposits prior to maturity

To apply for relief on home loans, contact Mortgage Help Centre on 1300 650 259.
Full information on the bank’s COVID-19 assistance, click here.

Bendigo

Bendigo Bank offers Financial Assistance package for customers need financial help which can include;

1. Home loan relief for up to six months
2. Fees waived to restructure or consolidate loans
3. Discounted interest rates on new personal loans for Bendigo Bank customers
4. No interest rate reduction for early withdrawals on term deposits

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.
 
AMP

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

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

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;

1. If customers have paid ahead on their home loan, they may be able to access the additional money repaid using their available redraw. If customers are paying above their minimum contracted repayments, they may wish to lower their repayments.

 

1. Home loan payments can be adjusted to their minimum contracted repayment.

These can be done by contacting Customer Care on 1300 300 989 Monday to Friday 8am to 7:30pm (AEDT).

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

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 [email protected] for assistance.

For more information on specific contact for each lending program, click here.
 
Suncorp

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.

3.Cashback:  
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.
 
Resimac

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:

1. Deferred repayments
2. Long term repayment arrangements
3. Time to seek financial / counselling advice
4. Reduced repayments
5. Capitalisation of arrears

For Resimac-funded loan, please email [email protected]. 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.
 
Auswide

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.

1. defer repayments, with interest capitalised, for up to six months
2. switch from Principal & Interest payments to Interest Only for a period up to 6 months
3. restructure your loan payments and pay a reduced monthly payment for up to 6 months.

 
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

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:

1. Defer loan repayments for a period of 3 months which after review may then be extended for another 3 months if considered appropriate. Interest will be capitalised and the term of the loan extended.
2. Waiver of fees for the restructuring or consolidation of loans
3. Waiver of interest rate reductions/penalties for early withdrawal of term deposits prior to maturity.

Customers can complete the financial assistance form here or call 08 7201 2403.

For more information, click here.

Citibank

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:

•         Tested positive to COVID-19
•         Have experienced reduced income OR become unemployed in the past 2 weeks working in a restricted industry

 
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 Finance

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:

1. An extension of the loan term
2. A reduced short-term repayment
3. A short-term deferral on your repayments
4. Capitalisation of arrears 

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

Keystart have devised a wide range of measures to assist customers who are experiencing financial hardship during these uncertain times.
 These include:

1. Defer repayments
2. Reduced repayments
3. Extend term of home loan
4. Free, confidential counselling

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

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.

Latitude

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

Liberty has support measures tailored to meet customers individual needs and circumstances.

For customers impacted by COVID-19, some options may include:

1. Waiving loan fees or charges
2. Deferring scheduled loan repayments

1. Restructuring existing loans free of associated costs

The best way to discuss individual circumstances is by calling on 13 11 33 or emailing [email protected]. Customers can also direct message us via our Facebook page.

For more information, click here.
 
Mortage Mart
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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 protected]
Pepper 1800 356 383 | Email is [email protected]
Advantedge 1300 155 426
Previous funding line contact numbers are:
Resimac 1300 793 741
Firstmac 13 12 20
ING 1300 349 166"

MyState

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.
 
P&N Bank

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

St. George home loan customers that are impacted of the pandemic may:

1. redraw funds,
2. reduce repayments
3. defer repayments

For more information on the bank’s home loan customers relief measures, click here or call on 13 33 30.

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

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

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 protected].

​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.