Banks have put in place COVID-19 financial relief strategies including pausing mortgage repayments for up to six months. Different banks have different measures in place and some explicitly state only customers affected by Coronavirus will be eligible, so be sure to review the fine print carefully. For example, while being able to defer payments may be your best option at the moment, banks have announced interest capitalisation. So, the interest you don't pay during the deferral period will be added to your outstanding loan balance.
Coronavirus relief can include:
- Deferring home loan repayments for up to six months
- Suspended interest repayments
- Waived early redraw fees to term deposit accounts
- Additional credit
- Deferred repayments or support to restructure business loans, including vehicle and equipment
- Waived merchant terminal fees
- Deferred repayments to business credit cards
- Increased Internet banking transfer limit
- Access to business finance counselling
- Assistance due to illness or inability to work.
Contact your bank:
W: How we're supporting you during COVID-19
T: 1800 269 242
W: You can count on CommBank in uncertain times
T: 13 26 07 (Business Financial Assistance)
W: Coronavirus (COVID-19) Guidance
T: 13 22 65
W: COVID-19 update
T: 1800 067 497
If your bank is not listed above, start by heading to the Australian Banking Association’s financial difficulty page here. This page provides general information, along with key contacts and links. If your bank is not an association member, seek out their website directly to view recent announcements and obtain customer assistance contact information.