Support during Covid-19

The Personal Relief Package

If you’re experiencing financial difficulty due to COVID-19 you should contact your bank as soon as possible to discuss how they may be able to help you through this difficult time.

About the package

Your bank wants to partner with you through this difficult time. Getting people back to work and keeping them in their homes is what is in the best interests of all Australians.

Banks can help you with your credit card and personal loans. Depending on your individual circumstances, help may include waiving fees, restructuring loans or other things to help get you through the pandemic.

Anyone who has been granted a six month deferral on loan repayments on their mortgage or other credit products, such as a credit card, will not have their credit rating affected as a result of that deferral, provided they were up to date with repayments prior to COVID-19.

If you have been impacted, it’s very important that you contact your bank as soon as possible. The earlier you contact your bank the more assistance they will be able to provide.

Check your banks website under ‘Hardship’ for more information.

Debit Cards: information for passbook holders receiving new debit cards.

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FAQs

If you can start your repayments again at the end of your deferral, do.

If COVID has left you in difficulty and you need more time, talk to your bank.

While you work with your bank to restructure your loan you may be eligible for a further four-month deferral.

Learn more about the next phase of support.

Yes. Banks have hardship teams in place to assist people experiencing financial difficulty as a result of COVID-19. Banks are offering customers the option to defer home loan repayments for up to six months. Contact your bank to discuss how they can help you.

If you have been impacted by COVID-19 and are experiencing hardship, banks can help. Assistance can include waiving fees, restructuring loans or other things to help get you through the pandemic. Check your banks website under ‘Hardship’.

As long as you were up to date on your payments before COVID-19 the deferral will not impact your record. This applies to deferrals on your mortgage or other credit products.

Your bank wants to partner with you through this difficult time. Getting people back to work and keeping them in their homes is what is in the best interests of all Australians.

Many banks are contacting their customers directly to see what help they may need. However, if you are worried it’s very important that you contact your bank as soon as possible. The earlier you contact your bank the more assistance they will be able to provide.

If you aren’t using your bank’s digital options, now is definitely the time to start!

All customers should be getting ‘digital ready’. This means if you have a smart phone, download your bank’s app and become familiar with how to use it. If you are unsure contact your bank who can help or ask a tech savvy friend to help walk you through it.

Make sure to keep your log-in details and passwords safe and don’t share them with anyone.

If you have Consumer Credit Insurance (CCI) it may help cover your credit card, personal loan or home loan repayments. Whether or not you are eligible to claim a CCI benefit will depend on your individual circumstances, including the level of cover you have purchased and how your employment circumstances have changed. Insurers are assessing CCI claims on an individual basis.

If you are unsure whether or not you have a CCI policy, check your loan documents, or check with your lender who will have all of the details of any related insurance products that they arranged for you.