Coronavirus Mortgage Relief Options In Australia

personOtto Dargan access_timeMarch 16, 2020

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
Australian Military Bank 1300 13 23 28
Bank of Melbourne 1800 600 266
BOQ (Bank of Queensland) 1800 079 866
Bank SA 1800 679 461
BankWest 13 17 19
Better Choice 1300 334 336
CBA 1300 653 012
Macquarie Bank 1300 363 330
Pepper 1800 356 383
Resimac 1300 793 741
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.