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COVID-19 bank support & lender relief
Not sure if your bank, lender, or credit provider is doing something for you?
It’s no secret that COVID-19 has drastically impacted the work and personal lives of Australians. Any fears about your personal finances and debt are an understandable concern to have.
Fortunately, lenders across the country have put in place relief programs and strategies to hopefully offer some support to customers, many of which who are now facing the unprecedented situation of not knowing when they can work again.
Here is a list of things some lenders will consider offering Australians as relief during the COVID-19 crisis and the recession.
- Please keep in mind that these forms of relief are not guaranteed and will likely be judged on an individual basis. Check with your lender’s customer service team to see what hardship support and relief is in place.
A
Adelaide Bank
- Home loan, line of credit and credit card repayment pauses for up to 6 months.
- Will consider waiving or deferring fees when restructuring home loans.
- Waive penalties when taking money out of a term deposit early.
AMP Bank
- Home loan repayment pauses for up to 6 months.
- Will consider waiving fees.
- Waiving monthly fees on bank accounts from 30 March to 1 Oct 2020.
ANZ
- Home loan repayment pauses for up to 6 months.
- Consider requests to switch to interest-only, increase loan, refinance or apply for an equity loan.
- Reduce home loan rates by 0.15% for all existing variable rate customers from 27 March 2020.
Aussie
- Home loan repayment pauses for up to 6 months.
Australian Military Bank
- Home loan repayment pauses for up to 6 months.
- Consider requests to switch to interest-only repayments.
Australian Unity
- Home loan repayment pauses for up to 6 months.
- Consider requests to switch to interest-only repayments.
- Credit card repayment pause for up to 6 months, or temporary credit limit increases.
- Reduced personal loan repayments for up to 6 months.
- Early withdrawal of a term deposit with no fees.
Auswide Bank
- Home loan repayment pauses for up to 6 months.
- Consider requests to switch to interest-only repayments.
- Home loan default fees will be suspended for 3 months, until 30 June 2020.
- Personal loan repayment pauses for up to 6 months.
- Consider requests to switch to interest-only repayments.
- Personal loan default fees suspended for 3 months, until 30 June 2020.
- Early withdrawal of a term deposit without penalties or providing the normal 31 days notice.
- Late payment fees on Low Rate credit card suspended for 3 months, until 30 June 2020.
AWA Alliance Bank
- Home loan repayment pauses for up to 6 months.
- Consider waiving penalties when taking money out of a term deposit early.
B
Bank Australia
- Home loan repayment pauses for up to 6 months.
- Request to waive monthly fees on bank accounts until August 2020.
Bank First
- Home loan repayment pauses for up to 6 months.
- Requests to switch to interest-only or increase the loan term to reduce repayments.
- Repayment pause for up to 3 months on personal loans and credit cards.
Bank of Melbourne
- Home loan repayment pauses for up to 6 months.
- Requests to switch to interest-only.
- Credit card interest and repayment pauses for 3 months.
- Personal loan interest, administration fee and repayment pauses for 3 months.
Bank of Queensland
- Home loan repayment pauses for up to 6 months.
- Request to move to interest-only home loan repayments for 12 months.
- Temporary pause on the bonus interest criteria of making 5+ transactions per month for savings accounts until 31 August 2020. Must still make $1,000+ deposit p.er month.
- Early withdrawal of term deposits allowed, including waiving early withdrawal fee.
- Cash Management monthly account fee paused till 31 August 2020.
Bank of Sydney
- Home loan and credit card repayment pauses for up to 6 months.
- Requests to switch to interest-only (charged at principal and interest rates) or extend loan term to reduce repayments.
Bank of Us
- Home loan repayment pauses for up to 6 months.
- Request to switch to interest-only for up to 6 months.
Bank SA
- Home loan repayment pauses for up to 6 months.
- Requests to switch to interest-only.
- Credit card interest and repayment pauses for 3 months.
- Personal loan interest, administration fee and repayment pauses for 3 months.
Bankstown City Unity Bank
- Home loan, personal loan and credit card repayment pauses for up to 6 months.
- Requests to switch to interest-only or extend loan term to reduce repayments.
- Increase the number of free excess transactions by 4 for 6 months.
BankVic
- Home loan, personal loan and credit card repayment pauses for up to 6 months.
Bankwest
- Home loan repayment pauses for 6 months
- Personal loan repayment pauses for 2 months
BCU
- Home loan repayment pauses for up to 6 months.
BDCU Alliance Bank
- Home loan repayment pauses for up to 6 months.
- Access to $1000 emergency overdraft for 31 days
- Emergency credit card increase of up to $1000 for 6 months
- Waive monthly account service fees
- Waive the interest rate reduction imposed on an early withdrawal of a term deposit.
Bendigo Bank
- Home loan, personal loan and credit card repayment pauses for up to 6 months.
- Waive the interest rate reduction imposed on an early withdrawal of a term deposit.
Beyond Bank
- Home loan repayment pauses for up to 6 months.
- Requests to switch to interest-only.
- Waive fees when restructuring or consolidating loans.
- Waive the interest rate reduction and penalties imposed on an early withdrawal of a term deposit.
C
Central West Credit Union
- Home loan repayment pauses for up to 3 months.
Circle Alliance Bank
- Request for payment relief for up to 6 months on home loans, credit cards and personal loans.
- Waive the interest rate reduction imposed on an early withdrawal of a term deposit.
Citi
- Home loan, personal loan and credit card repayment pauses for up to 6 months.
Coastline Credit Union
- Home loan repayment pauses for up to 6 months.
- Consider requests to restructure home loans including switching to interest only or extending your loan term.
- Waive fees on home loan restructures.
Commonwealth Bank of Australia
- Automatically reducing the direct debit repayments for all eligible home loan accounts to the minimum required from Friday 1 May 2020.
- Home loan repayment pauses for up to 6 months including a one-off payment to offset any “interest on interest” charges during that time.
- Consider requests to switch to interest-only repayments.
- Refunding late fees and interest for any credit card customers in March 2002.
- Conditionally approving eligible customers for personal overdrafts.
- Personal loan repayment pauses for up to 2 months.
Community First Credit Union
- Will consider pausing home loan repayments or switching to interest-only repayments for a period of time.
- Waive early termination fees on term deposits
Credit Union SA
- Contact bank to discuss financial hardship options
CUA
- Home loan repayment pauses for up to 6 months.
- Consider requests to switch to interest-only for up to 12 months.
- Request repayment relief on personal loan and credit card repayments.
- Waive late payment fees on missed personal loan and credit card repayments.
D
Defence Bank
- Contact bank to discuss financial hardship options, which may include reduced home loan repayments, and moving to interest-only repayments for a period.
Delphi Bank
- Waive or defer fees when restructuring or consolidating home loans.
- Home loan repayment pauses for up to 6 months.
- Waive penalties when taking money out of a term deposit early.
E
F
Firefighters Mutual Bank
- Home loan repayment pauses for up to 3 months, with a further review after 3 months.
First Option Bank Ltd
- Contact bank to request financial hardship arrangements.
G
G&C Mutual Bank
- Home loan repayment pauses for up to 6 months.
- Contact bank to discuss the option for a concessional cash flow loan for up to 6 months, with reduced interest rates and deferred repayments.
Gateway Bank
- Home loan repayment pauses for up to 6 months.
- Access Christmas Club accounts without penalty until end of May.
- Will consider personal loan repayment pauses for up to 6 months.
Geelong Bank
- Contact bank to request financial hardship arrangements.
Goldfields Money
- Contact bank to request financial hardship arrangements.
Greater Bank
- Request to switch to interest only repayments on home loan, or
- Request flexible repayment options with interest capitalised on home loans and personal loans.
- Waiving credit card interest and allowing the deferral of repayments on all credit cards for 6 months from 1 April 2020.
H
Health Professionals Bank
- Home loan and personal loan repayment pauses for up to 3 months.
Heritage Bank
- Home loan repayment pause of up to 6 months.
- Waive fees when restructuring loans
- Waive fees for late payments and defaults for the next 6 months.
- Waive or refund account keeping fees if customers can’t meet the requirements of their bank account.
- Waive penalties when taking money out of a term deposit early.
- Personal loan and credit card repayment pauses of up to 3 months.
- Consider requests to switch to interest-only repayments for up to 3 months.
Homestar Finance
- Contact bank to request financial hardship arrangements.
HomeStart Finance
- Contact bank to request financial hardship arrangements.
Horizon Bank
- Home loan repayment pauses for up to 6 months.
- Consider requests to switch to interest-only repayments.
HSBC
- Repayment pauses for up to 6 months for home loans, personal loans and credit cards.
- Waive penalties when taking money out of a term deposit early.
Hume Bank
- Home loan repayment pause of up to 6 months.
- Waive fees when restructuring home loans
- Essential account monthly fee waived for 6 months.
- New unsecured personal loans available to eligible customers at secured interest rates.
- Waive penalties when taking money out of a term deposit early up to $50,000.
Hunter United
- Contact bank to request financial hardship arrangements.
- Waive the interest rate reduction imposed on an early withdrawal of a term deposit.
I
Illawarra Credit Union
- Home loan repayment pauses for up to 6 months.
- Consider requests to switch to interest-only repayments.
IMB Bank
- Home loan repayment pauses for up to 6 months.
- Consider requests to switch to interest-only repayments.
ING
- Home loan, personal loan and credit card repayment pauses for up to 6 months.
- Credit card repayment pauses for up to 6 months. Reverts to an instalment plan at a reduced rate after the freeze.
- Automatic bonus interest eligibility on Savings Maximiser accounts if customers met eligibility criteria in the first three months of 2020.
J
K
Keystart
- Contact the bank to reduce or defer home loan repayments, extend loan term and waive interest repayments for most vulnerable for up to 6 months.
- Home loan repayment deferral up to 12 months - only in some circumstances.
L
La Trobe Financial
- Consider requests for loan repayment deferral, extending the loan term to allow reduced payments and switching to interest-only repayments (for up to 3 months).
- Some home loan fees may also be waived.
Laboratories Credit Union
- Home loan repayment pauses for up to 6 months.
- Consider requests to switch to interest-only repayments.
Latitude Financial
- Contact the provider to request to reduce monthly repayments and interest on credit cards and personal loans.
Liberty Financial
- Waive or deferred fees when restructuring or consolidating home loans.
- Request to pause home loan repayments temporarily.
Lysaght Credit Union
- Request to pause home loan repayments for 2 months, with a review after the first month.
M
Macquarie Bank
- Repayment pauses of up to 6 months on home loans, car loans, credit cards, car loans and overdrafts.
- access term deposit funds without a reduction in their interest rate.
- Increase their ongoing savings rate by 1.00% to 1.35%.
ME Bank
- Repayment pauses of up to 6 months on home loans, personal loans and credit cards.
- Customers who qualified for bonus interest in at least one of the previous three months (Dec – Feb) will get bonus interest for the next 3 months (March to May 2020) without having to make the required tap & go purchases.
MOVE Bank
- Repayment pauses of up to 6 months on home loans and up to 3 months on credit cards and personal loans.
- Will consider waiving staff assisted fees, replacement fees, dishonour fees and exception fees.
- Waive establishment fees on personal loans with priority processing if required.
- Waive penalties when taking money out of a term deposit early.
MyState Bank
- Repayment pauses of up to 6 months on home loans and personal loans.
- Remove the minimum limit and redraw fee for home loan redraws.
- Early access to Christmas accounts available
- Increase the maximum balance on Bonus Saver account to 2.00%.
- Reduce the personal overdraft rate.
N
NAB
- Repayment pauses of up to 6 months on home loans.
- Reduced repayments on personal loans to as low as $100 a month for 6 months.
- Reduce the minimum repayment amount on credit cards to 0.5% of balance or $5 whichever is higher. From 27 April 2020 until at least 24 July 2020.
- Reduce the reducing interest rate on personal NAB Low Rate Classic Cards to 12.99%.
- Remove late fees on credit cards for at least the next three months, starting 3 April 2020.
Newcastle Permanent
- Repayment pauses of up to 6 months on home loans, credit cards and personal loans.
- Move to interest-only repayments or extend your loan term to reduce your repayments on home loans and personal loans.
Northern Inland CU
- Contact bank to request financial hardship arrangements.
Nova Alliance Bank
- Repayment pauses of up to 6 months on home loans
- Waive or defer fees when restructuring or consolidating home loans.
- Waive penalties when taking money out of a term deposit early.
O
P
P&N Bank
- Repayment pauses of up to 6 months on home loans
People’s Choice Credit Union
- Repayment pauses of up to 6 months on home loans
Pepper
- Repayment pauses on home loans
Police Bank
- Call the bank to discuss options.
Police Credit Union
- Repayment pauses of up to 6 months on home loans
- Some home loan fees will be waived.
Q
QBANK
- Contact bank to request financial hardship arrangements.
Qudos Bank
- Cutting variable rates by 0.10% for existing customers from 2 April.
- Repayment pauses of up to 6 months on home loans.
- Option to switch to interest-only or extend your loan term to lower repayments.
- Fees may be waived when changing loan type, switching repayments, late payment, break costs on fixed loans when switching to another home loan product within the bank due to hardship.
- Waive various personal loan fees.
- Waive penalties when taking money out of a term deposit early.
Queensland Country Bank
- Repayment pauses of up to 6 months on home loans and personal loans, including a one-off payment to offset any “interest on interest” charges during that time.
- Switch to interest-only home loan repayments.
- Waive establishment fees on new personal loan applications.
- Waive penalties when taking money out of a term deposit early.
- Remove over limit fees on credit card and overdraft/line of credit facilities to June 2020
R
RACQ Bank
- Contact bank to request financial hardship arrangements.
RAMS
- Repayment pauses of up to 6 months on home loans
Regional Australia Bank
- Repayment pauses of up to 6 months on home loans, switch to interest-only or extend loan term to reduce repayments.
- Repayment pauses of up to 6 months on personal loans or switch to interest-only.
Resimac
- Contact bank to request financial hardship arrangements.
S
SERVICE ONE Alliance Bank
- Repayment pauses of up to 6 months on home loans and personal loans.
- Request fees be waived or deferred when restructuring or consolidating home loans.
- Waive penalties when taking money out of a term deposit early.
Southern Cross Credit Union
- Contact the bank to reduce home loan repayments to the minimum amount, to move to interest-only or to pause repayments.
- Waive some fees when restructuring a home loan, for loan top-ups or redraws.
St. George Bank
- Contact the bank to reduce home loan repayments to the minimum amount, to move to a different repayment frequency or to pause repayments (up to six months).
- Three month credit card support package: pause repayments and no interest charged or accrued on new purchases or existing balances.
- Three month personal loan support package: pause repayments and no administration fees or interest charged or accrued on existing balances.
State Custodians
- Contact bank to request financial hardship arrangements.
Summerland Credit Union
- Contact bank to request financial hardship arrangements.
Suncorp Bank
- Repayment pauses of up to 6 months on home loans and person loans.
- Switch to interest-only repayments for home loans.
- Request early withdrawal of a term deposit with no fees.
Sydney Mutual Bank
- Repayment pauses of up to 6 months on home loans.
T
Teachers Mutual Bank
- Repayment pauses of up to 3 months on home loans and personal loans.
The Capricornian
- Contact bank to request financial hardship arrangements.
The Mac
- Contact bank to request financial hardship arrangements.
The Mutual
- Repayment pauses of up to 6 months on home loans.
- Switch to interest-only repayments.
Transport Mutual Credit Union
- Repayment pauses of up to 6 months on home loans.
- Home loan arrears processing fees will be waived, as well as direct debit and other payment dishonour fees waived on bank accounts.
- Waive penalties when taking money out of a term deposit early.
U
UBank
- Repayment pauses of up to 6 months on home loans
- Access to redraw will be revoked during the repayment pause.
UniBank
- Repayment pauses of up to 3 months on home loans and personal loans.
Unity Bank
- Switch to interest only for up to 12 months, or to extend the loan term or pause repayments for up to 6 months.
- Pause credit card and personal loan payments for up to 3 months.
- Increase the number of free transactions on bank accounts per month.
V
Virgin Money
- Contact bank to request financial hardship arrangements.
- Switch to interest only for up to 12 months, or pause home loan repayments for up to 6 months. Waive non-payment related fees.
WXYZ
Warwick Credit Union
- Switch to interest-only repayments or pause home loan repayments for up to 6 months.
- Pause personal loan repayments for up to 6 months.
- Waive staff-assisted payment fees on bank accounts.
WAW Credit Union
- Switch to interest-only repayments or pause home loan repayments for up to 6 months.
- Ability to access Christmas Club account without restrictions.
Well Home Loans
- Home loan repayment pause for up to 6 months.
- Request fees be waived or deferred when restructuring or consolidating home loans.
- Contact bank to request an emergency credit limit increase on credit cards.
Westpac
- Repayment pause for up to 6 months, switch to interest only or reduce repayments by 50 per cent.
- Three month credit card support package: pause repayments and no interest charged or accrued on new purchases or existing balances.
- Three month personal loan support package: pause repayments and no monthly fees or interest charged or accrued on existing balances.