EVERYTHING YOU NEED TO KNOW ABOUT LOAN DEFERRAL PROGRAMS
/There are various loan deferral programs being offered by the banks for clients in need at the moment...
For customers who have had a significant drop in business or salary income, they are eligible to defer home and or business principal repayments for 3-6 months. E.g. taking a payment holiday.
Banks are taking requests for these deferral requests on a ‘case by case’ basis at the moment so this is not a fast process unfortunately. Given the unprecedented number of applications that the banks are dealing with, they are frankly overwhelmed with calls and emails. To address this, many banks have set up online portals to register these requests which can be better than remaining on hold for long periods of time.
If you're experiencing financial hardship and need a break from your loan repayments, please find the links for the major banks below:
We're sorry we're unable to help you with these deferral requests directly. The directive from the banks is that they want to understand customers individual hardship circumstances before they will approve a repayment deferral.
If you need to defer repayments please remember, this is usually only deferring the principal, and bank interest will still accrue as per normal. E.g. banks are not waiving interest on loans, just deferring repayments at this stage.
Business loan deferrals are separate again, so please call us for advice in this area.
If you need to discuss your circumstances and want to know your options, please feel free to contact us anytime - 1300 76 40 30.