What is financial hardship?
With the global coronavirus pandemic, banks and lenders are stepping up to assist customers who are affected financially.
If you have a home loan, struggling to make repayments for a specific period of time is considered to be financial hardship.
How can we help as mortgage brokers?
Here are some ways that we can help as your mortgage broker:
- Refinancing to a lower interest rate or interest only repayments.
- Releasing equity to give you cashflow if your income may be affected.
- Debt consolidation to make repayments manageable.
- Advice regarding your mortgage or buying a new property.
Our team will be available and working overtime if required. They are working from home for their safety.
Email your Home Loan Experts mortgage broker, call us at 1300 889 743 or fill in our free assessment form.
How can your lender help?
Here are some ways banks and lenders are helping customers with home loans who are facing financial difficulties due to the coronavirus:
- Deferring scheduled loan repayments, also known as a repayment holiday.
- Offering interest-only repayments.
- Waiving fees and charges.
- Adding overdue repayments to the balance of your loan, so you are no longer in arrears and being charged late fees.
- Extending the loan term to reduce the amount of repayments.
Not all banks and lenders will have a coronavirus specific relief package prepared. However, they still have standard policies in place to help those who are facing financial hardship for any reason.
The CEO of the Australian Banking Association, Anna Bligh said, “Banks stand ready to support customers, and if anyone is in need of assistance, they shouldn’t wait but come forward as soon as possible.”
Bank contact details
Contact your bank immediately if you’re facing financial hardship due to coronavirus, and explain your situation to them.
| Bank | Contact number | Email address |
|---|---|---|
| Adelaide Bank | 1300 650 259 | – |
| AFM/emoney | 137 283 | – |
| AMP | 13 30 30 | – |
| ANZ | 1800 351 548 | – |
| Auswide Bank | 1300 138 831 | auswide@auswidebank.com.au |
| Australian Military Bank | 1300 13 23 28 | service@australianmilitarybank.com.au |
| Bank of Melbourne | 1800 600 266 | – |
| BOQ (Bank of Queensland) | 1800 079 866 | – |
| Bank SA | 1800 679 461 | – |
| BankWest | 13 17 19 | customer.assist@bankwest.com.au |
| Better Choice | 1300 334 336 | – |
| CBA | 1300 653 012 | – |
| Macquarie Bank | 1300 363 330 | – |
| Pepper | 1800 356 383 | peppercomms@pepper.com.au |
| Resimac | 1300 793 741 | financialassistance@resimac.com.au |
| St George | 1800 629 795 | – |
| Suncorp | 13 11 55 | – |
| Teachers Mutual Bank / Unibank/ Firefighter Bank | 1800 862 265 | – |
| Westpac | 1800 067 497 | – |
How to get help with your home loan?
If you are facing financial hardship due to coronavirus, please inform us or your lender immediately.
Email your Home Loan Experts mortgage broker, call us at 1300 889 743 or fill in our free assessment form.
Our team is working from home, and are ready to help you during these difficult times.