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COVID-19) Bank Responses - Home Loans

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Coronavirus (COVID-19) Bank responses - home loans CURRENT AS AT 27 APRIL 2020 This is a summary of the minimum assistance announced in relation to mortgages. Always ask for more support if you think this would help your client get back on track. Home loans ANZ AMP ■ Payments can be deferred for up to six months, ■ Contact the bank to pause repayments for up with a review at three months to three months, with a further three months ■ Unpaid interest will be added to the balance of available. the loan. ■ Unpaid interest will be added to the balance of ■ You may be able to switch to an interest-only the loan. loan but this may involve a new application. ■ Clients may be able to increase size of the loan. BANK AUSTRALIA ■ Clients may have funds in a redraw facility if they have been paying more than the Contact the bank Ph: 132 888. Support may minimum amount required. ANZ does not include: automatically reduce repayments when ■ A deferral of home loan repayments for up variable interest rates are reduced. to three months, with a further three-month extension possible following a review. CBA ■ Debt consolidation ■ Waiver of fees and charges ■ Payments can be deferred for up to six months. ■ Unpaid interest will be added to the balance of the loan. Bank of Melbourne ■ Will offset the effect of interest on interest over ■ A deferral of home loan repayments for up the six-month deferral period. On an average to three months, with a further three-month $350,000 home loan, the one-off payment will extension possible following a review. be $45. ■ Unpaid interest will be added to the balance of ■ Clients may have money in a redraw facility. the loan. ■ Clients may be able to switch to interest-only ■ All requests to be made through the online payments. registration form. ■ Apply online for hardship. ■ Clients may be able to switch to interest-only payments if they have had a home loan for NAB more than 12 months. Ph: 13 22 66. ■ Home loan payments can be deferred for up to six months, with a checkpoint after three BANK of SYDNEY months. Contact the bank for a case-by-case decision. ■ Redraw facility will be revoked during this Complete enquiry form. repayment pause. ■ Interest will be added to the loan balance. Support may include: ■ Apply online for hardship. ■ A deferral of loan repayments for up to six months WESTPAC ■ Reduced loan repayments for up to six months ■ Payments can be deferred for three months ■ Change to interest-only repayments with a further three months available after a ■ Extend term of the loan. review ■ We assume unpaid interest will be added to the BANK OF QUEENSLAND outstanding loan balance. Contact the bank. Support may include: ■ Clients may be able to switch to interest-only payments if they have had a home loan for ■ Deferral of loan repayments more than 12 months. Call Ph: 132 558. ■ Unpaid interest will be added to the loan ■ Option of interest-only repayments for 12 MACQUARIE months ■ Customers can immediately defer for six ■ Early access to term feposit funds with a waiver months, with a check-in after three months, of the redemption fee repayments on their home loans, car loans and ■ Waiver of other fees and charges related to overdrafts. Apply online. non-payment. ■ We presume unpaid interest will be added to the loan BANKSA ■ Customers can apply for a three-month ME BANK deferral on repayments. Contact the bank. Assistance may include: ■ A further three months may be available after a review. ■ a deferral of loan repayments for up to six ■ Unpaid interest will be added to the loan. months, with a review after three months ■ Clients may be able to switch to interest-only ■ We presume unpaid interest will be added to payments if they have had a home loan for the loan more than 12 months. ■ Request a call back. MyState BANK Contact the bank. Assistance may include: BANKWEST ■ a deferral of loan repayments for up to six ■ Customers can apply for a six-month months, with a review after three months deferral on repayments ■ We presume unpaid interest will be added to ■ Unpaid interest will be added to the loan the loan ■ Contact the bank online RABO BANK BENDIGO AND ADELAIDE BANK Contact the bank. ■ Customers can apply for relief on loans for up to six months. RURAL BANK ■ Request financial assistance online or contact the Mortgage Help Centre on 1300 652 146. Contact the bank. CITIBANK ST GEORGE Contact the bank. Possible support includes: ■ Customers may be eligible for a three-month deferral on home loan repayments. A further ■ three month deferral of repayments three-month extension may be available after ■ Unpaid interest will be added to the loan a review. Apply online ■ We assume that unpaid interest will be added HSBC to the outstanding loan balance Contact the bank. Assistance may include: ■ Clients may be able to switch to interest-only payments if they have had a home loan for ■ a deferral of loan repayments for up to six more than 12 months. months, with a review after three months ■ Unpaid interest will be added to the loan SUNCORP Contact the bank. Repayments may be deferred ING on a case by case basis. Contact the bank. Assistance may include: ■ a deferral of loan repayments for up to six UBANK months, with a review after three months ■ Clients can request a repayment pause for two ■ Unpaid interest will be added to the loan to six months. Apply online. ■ Unpaid interest will be added to the balance.
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