Support for homeowners from your lender

What’s great to see right now, is just how much support is available from all lenders. They’ve been swift to respond to this crisis and are doing their bit, even if it is all in a slightly different way.
 

Lenders are updating us daily, so we’ve summarised some of their key assistance packages below.

However, if you want to take up the assistance package that your bank is offering, we’d like you to consider a few things first:

  1. It's for hardship: These packages are designed for those facing hardship; they’re not a chance to take a little break from repaying the loan, just because you can. If you haven't lost your job or had your wage deeply cut, the lenders may ask you to hold off now.
  2. The deferral isn't a freebee: A ‘deferral’ of the loan repayment doesn’t mean that  the loan stops completely. Whilst you might not have to make any repayments for the period, the interest that you were due to pay, will instead be added on top of the loan each month. This is what lenders mean by ‘accruing’, ‘capitalising’ or ‘compounding’. So effectively, whilst you're not making any actual repayments, your loan will actually increase over the 3-6 month period.
  3. Maybe wait for now: Keep the powder dry at this stage. If you don’t need to take up an assistance package just yet, then save it if you can, until you do need it. There’s been nothing from the lender yet to say you have to take it up right now; we expect we’ll see the offer available for quite a few months.

So if you do need to access an assistance package, please reach out to us via the link below and we’ll provide you with the most direct contact for the bank, as well as answer any questions or queries that you’ve got.

Anyway, here’s the highlights from each lender that we work with. This isn’t an exhaustive list from each lender (as some are quite wordy):

Adelaide Bank

  • Defer home loan repayments, with interest capitalised for up to 6 months. 
  • Fees waived for the restructuring or consolidation of loans. 

AMP 

  • Defer home loan repayments for up to 3 months, with the option to extend for a further 3 months upon assessment. 
  • Reduce home loan repayments to the minimum monthly repayment, if you are currently paying more than the minimum monthly repayment.  
  • Access additional money available in redraw or offset accounts. 

ANZ

  • Reduce home loan repayments to the minimum monthly repayment, if you are currently paying more than the minimum monthly payment. 
  • Defer home loan repayments, with interest capitalised for up to 6 months. 

Auswide

  • Defer home loan repayments, with interest capitalised for up to 6 months. 
  • Switch from principal & interest repayments, to interest only repayments for up to 6 months.
  • Access additional money available in redraw or offset accounts. 
  • Reduce home loan repayments to the minimum monthly repayment, if you are currently paying more than the minimum monthly payment. 
  • Restructure loan repayments and pay a reduced monthly payment for up to 6 months. 

Bank Of Melbourne

  • Defer home loan repayments, with interest capitalised for up to 6 months with a review at 3 months. 

Bank SA

  • Defer home loan repayments, with interest capitalised for up to 6 months with a review at 3 months. 

BankWest

  • Defer home loan repayments, with interest capitalised for up to 6 months. 

Better Choice Home Loans

  • Assistance available on a case-by-case basis, depending on the lender chosen.


Bluestone 

  • Reduce loan repayments to the minimum monthly repayment, if you are currently paying more than the minimum monthly payment. 
  • Partial payments, whereby customers can temporarily pay a lower home loan repayment.
  • Defer loan repayments

BOQ

  • The ability to defer mortgage and/or loan repayments;
  • The option to make Interest Only repayments;
  • Special arrangements in relation to arrears;
  • Waiver of other fees and charges related to non-payment.

CBA 

  • Defer loan repayments, with interest capitalised for up to 6 months. 

Citibank

  • Assistance available on a case-by-case basis

Connective Home Loans

  • Assistance available on a case-by-case basis, depending on the lender chosen.

Firefighters

  • For variable rate home loan you may be able to reduce the amount of your minimum monthly repayment and retain the same loan term.
  • If you have been paying more than your minimum monthly repayments, you may have funds available to redraw. You can use those funds to make the minimum monthly repayments.
  • If you have funds available in your offset account, you can use those funds to make the minimum monthly repayments.
  • Three month loan repayment deferral on a case by case basis

Firstmac

  • Defer loan repayments for up to 3 months with the option to extend for a further 3 months after reassessment. 

Gateway

  • Defer loan repayments for up to 3 months.

Heritage Bank 

  • Defer loan repayments on a case-by-case basis
  • Waiving fees associated with restructuring of loans, as needed
  • Waiving or refunding fees incurred due to virus impacts, for example missed payments

 
Resimac 

  • Defer loan repayments for up to 3 months with the option to extend for a further 3 months after reassessment. 

ING 

  • Defer loan repayments for up to 3 months with the option to extend for a further 3 months after reassessment. 

Macquarie

  • Defer all loan repayments including home and personal loans, with interest capitalised for up to 6 months. 


ME Bank 

  • Defer home loan repayments, with interest capitalised for up to 6 months with a review at 3 months. 

MyState 

  • Defer loan repayments for up to 6 months

NAB

  • Option to reduce home loan repayments for offset account holders. 
  • Deferral of home loan repayments for up to 6 months with a 3 month checkpoint for ‘Principal & Interest’ and ‘Interest Only’ customers. 

Pepper 

  • Defer loan repayments temporarily.
  • Arrange a longer-term loan variation. 
  • Reduce loan repayments to the minimum monthly repayment, if you are currently paying more than the minimum monthly payment. 

p&n Bank 

  • Defer home loan repayments, with interest capitalised for up to 6 months. 
  • Reduce loan repayments to the minimum monthly repayment, if you are currently paying more than the minimum monthly payment. 


St George

  • Defer home loan repayments, with interest capitalised for up to 6 months with a review at 3 months. 

Suncorp 

  • Defer loan repayments on a case-by-case basis. 
  • Restructure existing loans eg.  from principal & interest repayments, to interest only with establishment fees waived. 

Teachers Mutual

  • For variable rate home loan you may be able to reduce the amount of your minimum monthly repayment and retain the same loan term.
  • If you have been paying more than your minimum monthly repayments, you may have funds available to redraw. You can use those funds to make the minimum monthly repayments.
  • If you have funds available in your offset account, you can use those funds to make the minimum monthly repayments.
  • Three month loan repayment deferral on a case by case basis

UniBank 

  • For variable rate home loan you may be able to reduce the amount of your minimum monthly repayment and retain the same loan term.
  • If you have been paying more than your minimum monthly repayments, you may have funds available to redraw. You can use those funds to make the minimum monthly repayments.
  • If you have funds available in your offset account, you can use those funds to make the minimum monthly repayments.
  • Three month loan repayment deferral on a case by case basis

Virgin Money

  • The ability to defer mortgage and/or loan repayments
  • The option to make Interest Only repayments
  • Special arrangements in relation to arrears
  • Waiver of other fees and charges related to non-payment

Westpac

  • Defer loan repayments for up to 3 months, with the option to extend for a further 3 months. 


Please reach out to us if you have any questions or queries on these packages.