Last blockages: financial support from banks and lenders

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Hide yourself. Don’t cough on strangers. Yada yada yada. We’ve all been here before, but if you do it hard there is financial support available.

We will endeavor to update this list whenever new details are released. The information was correct at the time of writing.

It is advisable to speak directly with your bank or lender if you are having financial difficulties. Also note that these measures below may be general in nature for COVID, and not specifically tailored to the latest NSW lockdowns.

Here’s what’s on offer for personal clients – most of the measures below are for home loans, but there are general relief items and credit card solutions as well.

  • Reduced mortgage repayments, access to reprinting
  • Switch to fixed-rate mortgage
  • Freeze on forced home sales until September 2021
  • Credit card reimbursement solutions
  • Interest rate and credit card reductions
  • Deferrals or reductions in repayment of home and personal loans, including interest rate reductions or loan extensions
  • Fee exemptions
  • Debt restructuring
  • Financial advice and support in the event of difficulties

May also apply to St. George, Bank of Melbourne, RAMS and BankSA branches.

  • Temporary reductions in reimbursements (to be agreed directly with the bank)
  • Temporary payment breaks
  • Real estate loan restructuring and / or debt consolidation
  • Financial advice
  • Short-term repayment relief
  • Fee exemptions
  • Restructuring of mortgage debt (includes moving to a fixed rate)

See also: The Pitfalls of Fixed Rate Home Loans

  • Repayment breaks, i.e. mortgage deferrals
  • Freezing forced sales for those who benefit from a mortgage deferral
  • Accept interest payments only for a short period
  • Postpone or temporarily postpone your refunds
  • Adding late repayments to your loan balance, so you’re no longer late
  • Extend the term of the loan to reduce the current amount of your repayments
  • Temporarily switch home loan products to interest only
  • Reduce scheduled payments
  • Request help via the help form in case of difficulties

Bank Australia “may” be able to help by:

  • Reduce your repayments contracted and extend the term of your loan
  • Apply a short repayment break until you are able to meet the repayment contracted again.
  • Agree to pay only interest for a short period
  • Extend the term of your loan to reduce your payments
  • Debt restructuring
  • Deferral or temporary postponement of payments or
  • Capitalization of arrears
  • Using loan advances for “repayment vacation”
  • Conversion to interest only
  • Custom arrangements
  • Postpone or reduce refunds for a limited time
  • Access to mortgage repurchase
  • Switch to minimum mortgage repayment
  • Switch to interest only for up to 12 months (a rate increase may apply)
  • Repayment relief for personal loans
  • Waiver of late fees for credit card refunds
  • Deferred repayments on credit cards, personal loans and / or home loans
  • Postponement of mortgage loans or the possibility of repaying only the interest
  • Deferral of personal or credit card refunds, or interest-only refund option
  • Minimize loan repayments
  • Exemption from credit redemption fees on eligible products
  • Waiver of dishonor and honor charges
  • Redraw and offset access
  • Minimize refunds
  • Switch to a fixed rate loan
  • Pause or reduction of reimbursement
  • Customized short-term payment deferral options available
  • Suspend mortgage repayments
  • Restructure loans
  • Affected mortgage, personal credit, credit card and SME customers can request a suspension of their repayments for up to six months (including a three-month checkpoint) if necessary, with capitalized interest.
  • Deferred loan repayments
  • Switch to interest only
  • Access cashback if you are ahead of a variable home loan
  • Modify mortgage repayments if to come
  • Defer repayment of personal loans
  • Modify personal loan repayments if to come

Mutual Bank for Teachers

These measures also apply to subsidiaries such as the Mutual Fire Brigade Bank, the Bank for Healthcare Professionals and UniBank.

Members are “encouraged” to contact the bank directly to discuss various options, such as:

  • To request that their principal and interest repayments be reduced to the minimum monthly repayment amount and to extend the term of the loan
  • To make interest-only payments for a limited period, including requesting to restructure your loan into interest-only payments
  • Consider switching to a fixed rate mortgage
  • Consider accessing the money you might have available by withdrawing your loan
  • Consider accessing the money you may have in your clearing account
  • Access to redraw
  • Mortgage repayment breaks

Customers are encouraged to contact UBank for a tailor-made solution.

  • Mortgage deferrals
  • Option for interest payments only
  • Special provisions concerning arrears
  • Exemptions for other fees and charges related to non-payments
  • Changing levels and adjusting the frequency of credit card refunds

According to Virgin Money: “Aid measures will be assessed on a case-by-case basis”.


Photo by Masao Mask on Unsplash

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