The banks and lenders offering financial support during the latest lockdowns

author-avatar By on June 29, 2021
The banks and lenders offering financial support during the latest lockdowns

Mask up. Don't cough on strangers. Yada yada yada. We've all been here before, but if you're doing it tough, there is financial support available.

We will endeavour to update this list whenever new details are released. Information was correct at time of writing.

It's advised you speak with your bank or lender directly if you are undergoing financial hardship. Note also that these below measures may be general in nature to COVID, and not specifically tailored to the latest NSW lockdowns.

Here's what's on offer for personal customers - most of these below measures pertain to home loans, but there are some general relief items and credit card solutions sprinkled in, too.

CommBank

  • Reduced home loan repayments, access to redraw
  • Switch to fixed rate home loans
  • Freeze on forced home sales until September 2021
  • Credit card repayment solutions

Westpac

  • Interest rate and credit card reductions
  • Home and personal loan repayment deferrals or reductions, including interest rate reductions or loan extensions
  • Fee waivers
  • Debt restructuring
  • Financial counselling and hardship support

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

NAB

  • Temporary reductions in repayments (to be arranged directly with the bank)
  • Temporary payment breaks
  • Home loan restructuring and/or debt consolidation
  • Financial counselling

ANZ

  • Short term repayment relief
  • Fee waivers
  • Home loan debt restructuring (includes switching to a fixed-term rate)

See Also: The pitfalls of fixed home loans

AMP

  • Repayment pauses i.e. home loan deferrals
  • Freeze on forced sales for those on home loan deferrals
  • Agreeing to interest only repayments for a short period 
  • Temporarily postponing or deferring your repayments
  • Adding overdue repayments onto the balance of your loan, so that you are no longer in arrears
  • Extending the term of the loan to reduce the ongoing amount of your repayments

Athena

  • Switch home loan products temporarily to interest only
  • Reduce scheduled payments
  • Request assistance via hardship assistance form

Bank Australia

Bank Australia 'might' be able to assist by:

  • Lowering your contracted repayments and extending the term of your loan
  • Applying a short repayment break until you are again able to meet your contracted repayment. 

Bank of Queensland (BoQ)

  • The ability to defer mortgage and/or loan repayments for a short period
  •  The option to make Interest Only repayments for a short period
  • Special arrangements in relation to arrears
  • Early access to Term Deposit funds with wavier of redemption fee
  • Waiver of other fees and charges related to non-payment

Greater Bank

  • Using advance funds on a loan for a 'repayment holiday'
  • Converting to interest-only
  • Tailored arrangements
  • Deferring or reducing repayments for a limited time

Great Southern Bank (formerly CUA)

  • Access to home loan redraw
  • Switch to minimum home loan repayments
  • Switch to interest-only up to 12 months (rate increase could apply)
  • Repayment relief for personal loans
  • Waiver of late fees for credit card repayments

HSBC

  • Deferred repayments on credit cards, personal loans, and/or home loans

IMB

  • Deferral of home loans, or option to make interest-only repayments
  • Deferral of personal or credit card repayments, or option to make interest-only repayments
  • Reducing loan repayments to the minimum
  • Waiver of loan redraw fees on eligible products
  • Waiver of dishonour and honour fees

ING

  • Access redraw and offset
  • Reduce repayments to minimum
  • Switch to fixed rate loan
  • Repayment pause or reduction

Macquarie Bank

  • Tailored short-term payment deferral options available

ME Bank

  • Pause home loan repayments
  • Restructure loans

Newcastle Permanent

  • Home loan, personal loan, credit card and small business customers who are impacted can request a pause in their repayments for up to six months (including a three month checkpoint) if necessary, with interest capitalised.

Suncorp

  • Deferred loan repayments
  • Switch to interest-only
  • Accessing cashback if you're in advance on a variable home loan
  • Modifying home loan repayments if ahead
  • Deferring loan repayments on personal loans
  • Modifying personal loan repayments if ahead

Teachers Mutual Bank

These measures also apply to subsidiaries such as Firefighters Mutual Bank, Health Professionals Bank, and UniBank.

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

  • To request to reduce their principal and interest loan repayments to the minimum monthly repayment amount and extend the term of the loan
  • To make interest only repayments for a limited period, including to request to restructure your loan to interest only repayments
  • Consider switching to a fixed rate home loan
  • Consider accessing money you may have available in redraw in your loan
  • Consider accessing money you may have available in your offset account

UBank

  • Access to redraw
  • Home loan repayment pauses

Customers are encouraged to get in contact with UBank for a tailored solution.

Virgin Money

  • Home loan deferrals
  • Option for interest-only payments
  • Special arrangements in relation to arrears
  • Waivers for other fees and charges related to non-payments
  • Varying levels and adjusting frequency of credit card repayments

According to Virgin Money: "Assistance measures will be assessed on a case-by-case basis".


Photo by Masao Mask on Unsplash

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Harrison is Savings.com.au's Assistant Editor. Prior to joining Savings in January 2020, he worked for some of Australia's largest comparison sites and media organisations. With a keen interest in the economy, housing policy, and personal finance, Harrison is passionate about breaking down complex financial topics for the everyday consumer.

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