A wrap up of what the lenders have put in place for customers during COVID-19 disruptions.
- Deferring home loan repayments for up to 6 months
- Reducing home loan interest rates
- Defer home loan repayments for up to 6 months
- Reducing home loan repayments to the minimum from 1 May 2020
- Dropping interest rates across a range of products
- Branches are staying open
- Defer home loan repayments for up to six months, if experiencing financial challenges, including a three-month checkpoint.
- Access a 10-month term deposit rate of 1.75% p.a. for 10 months, effective March 24. This is for personal customers only, with deposits of $5,000 to $2 million.
- Access fixed home loan rates of 2.39% p.a. for 1 year, 2.29% p.a. for 2 and 3 year, and 2.79% p.a. for 5 year (owner-occupier P&I), effective March 25. First home buyers will have access to a rate of 2.19% p.a., fixed for two years.
- Access over $20bn in redraw and more than $30bn in offset.
- Reduce repayments on variable rate loans.
- $10B home loan lending commitment (those who want to borrow, and qualify, will have access to funds)
- Reduced fixed home loan rates
- Those who suffer lost income due to coronavirus can defer loan repayments for up to 3 months
- Increased term deposit return interest rates
- Defer repayments for up to six months
- Reduction on three year fixed rate loans for new owner occupied P&I loans and
- Existing customers who switch to the package
- A deferral of scheduled loan repayments
- Waiving fees and charges
- Interest free periods or no interest rate increases
- Debt consolidation to help make repayments more manageable.
- Home Loan and Business Loan customers can apply for relief on loans for up to three months
- Waiver of fees for the restructuring or consolidation of loans
- Credit card customers can apply for an emergency credit card limit increase
- Discounted interest rates on new personal loans taken out by existing Bendigo Bank customers
- Waiver of interest rate reduction for early withdrawals on term deposits prior to maturity
- Deferral of payments and extensions for Equipment Finance on a case by case basis
- Defer home loan repayments
- Switch to Interest Only option
- Early access to term deposits without fees
- Waiver of any usual non-payment fees
- Offering clients access to their existing financial hardship program
Heritage Bank
The relief package for COVID-19 pandemic impacted members includes:
- Hardship provisions to help impacted customers through their situation.
- Deferral of scheduled loan repayment
- Waiving of fees associated with restructuring of loans needed, such as switching from P&I to IO
- Waiving or refunding fees incurred due to virus impacts, for example missed payments
- Early redemption of Term Deposits and Farm Deposit Management accounts for customers impacted, without fees or penalties.
- Defer home loan repayments for up to 6 months
- Option to redraw on loan if available
- Immediate support includes deferral of payments for home loan, cards and vehicle finance products for 6 months
- reduction in credit card interest rates for an agreed period
- a range of emergency assistance measures to support clients with urgent needs
- specialist and tailored assistance for business clients experiencing flow on impacts from coronavirus, including loan restructuring and reassessment of loan terms.
- Customers have the opportunity to:
- defer scheduled loan repayments,
- rearrange loans without establishment fees (perhaps moving from principal plus interest on their repayments to solely interest when income is uncertain), and withdraw early from term deposits without fees.
- Businesses will be able to do the same for farm management deposits, and
- Receive working capital assistance.
- Neither customer type will see interest rates increase.
ME Bank have a financial hardship relief support service. View it here.
AMP financial hardship relief online here.
Pepper Money offer financial hardship relief too online here.
If your lender is not listed here on the update page then head over to the Australian Banking Association financial difficulty webpage here and search for them alphabetically.
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