Mar 25, 2020  | Tags: banking, debt, lender

Our Insights

The following is a summary the support packages that have been released by some of the lenders so far which are all dependant on the products and situation you may have. 

The Australian Bankinig Association (ABA). Is updating its website with all lenders and their support packages, whcih can be found here: https://www.ausbanking.org.au/campaigns/financial-hardship/

The following is a quick update on the major lenders from the brokers at Calder Finance Broking:

ANZ

• Residential: All existing variable loans will reduce to the actual minimal repayment. They will allow principal and interest loans to switch to Interest only. Also will allow customers to request a repayment deferral for up to six-months, with interest capitalised. More informaiton here https://www.anz.com.au/personal/home-loans/your-loan/covid-19/
• For Business owners - they can request a six-month payment deferral on loan repayments with interest capitalised. Also A temporary increase on overdraft facilities for 12 months is available. More information here https://www.anz.com.au/business/covid-19/

Westpac & Bank SA

• Residential: Will allow up to three months deferral on home loan mortgage repayments with extension for a further three months available after review. More information here https://www.westpac.com.au/help/disaster-relief/coronavirus/
• Business owners - could defer principal and interest repayments of business term loans for up to six months. Also can defer payments for Business credit cards for a period of at least three months. More information here: https://www.westpac.com.au/business-banking/small-business-relief.html

NAB

• Residential: Customers can pause their home loan repayments for up to 6 months (including a 3 month checkpoint).Eligibility applies to all NAB home loan customers and must be owner occupiers and investors on either principal and interest or interest only repayment schedules. More Information here: https://www.nab.com.au/personal/customer-support/covid19-help/home-owners-support
• Business owners - can defer principal and interest repayments for up to six months on a range of business loans, including floating and variable rates and equipment finance loans. Also can pause business credit card repayments for up to 6 months (including a 3 month checkpoint) More information here: https://www.nab.com.au/personal/customer-support/covid19-help/business-support

CBA

• Residential customers can defer repayments, with interest capitalised, for up to six months.
• Business owners - can defer all principal and interest repayments for a period of 6 months. An automatic deferral for 3 months for all CommBank customers is applied after the first three months.
• More information here: https://www.commbank.com.au/latest/coronavirus.html?ei=hp-ban-cvp-default-coronavirus 

Talk to an expert

Calder Financing Broking can find help you at this time and guide you through the process. Contact the team directly on 08 8373 3333.

Calder Finance Broking, for more information please visit the Calder Finance website. Please note that Calder Finance Broking Pty Ltd is a Corporate Credit Representative of BLSSA Pty Ltd ABN 69 117 651 760 ACL 391237