NSW is currently in a two-week lockdown. The big four banks promised to offer mortgage relief options ranging from loan deferrals to waiving fees for their customers going through financial hardship caused by NSW’s lockdown. Customers of ANZ Bank, Commonwealth Bank of Australia, NAB and Westpac should contact their banks or mortgage broker to work out what mortgage relief options are suitable for their circumstances.

CBA’s Lockdown Relief Options

For small and medium-sized business customers:

• Defer repayment on asset finance and eligible business loans
• Get a refund of merchant terminal fees for up to 90 days
• Get fee waivers and notice periods on cash deposits and farm management deposits
• Access low-rate business loans through the SME Loan Recovery Scheme

For retail customers:

• Short-term repayment deferrals
• Access to money you have in your redraw account
• Switching to a fixed-rate home loan
• Reduce repayments to the minimum monthly amount
• Use the money in the offset account

For eligible customers affected by the pandemic, CBA has introduced a freeze on forced sales until September 2021.

Westpac’s Lockdown Relief Options

For business customers:

• Case management support for small businesses
• Reduce or defer repayments on asset and equipment finance
• Restructure business loans with no fees incurred
• Access low-rate business loans through the SME Recovery Loan Scheme
For retail customers:
• Get reduced rates on credit-card repayments for a set time
• Defer or reduce mortgage repayments on home loans or personal loans
• Get loan term extensions
• Get interest rate reductions
• Restructure debt
• Referrals to financial counsellors or other support services

The support measures are available across the Westpac Group, including St George customers.

NAB’s Lockdown Relief Options

For businesses:

• Restructuring business facilities along with reduced or waived application fees
• Defer principal payments across multiple product options
• Waive costs and charges if withdrawing term deposits early
• Professional wellbeing support
• Credit-card and personal loan relief

For individual customers:

• A temporary reduced payment arrangement
• A temporary mortgage holiday
• Restructuring home loans or consolidating debt
• Financial and wellbeing counselling support

ANZ’s lockdown relief options

For business customers:

• Short-term repayment relief on asset finance or business loans
• Refunds on merchant terminal fees
• Fee waivers
• Low-interest business loans through SME Loan Recovery Scheme

For retail customers:

• Short-term repayment relief
• Waived fees
• Restructuring home-loan debt
• Switch to fixed-rate loan

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Home Loan Experts can help you:

• Refinance your home loan for lower interest or interest-only repayments
• Release equity to give you cashflow if income is affected
• Consolidate debt to make repayments manageable

If you are facing financial hardship due to the NSW lockdown, please inform us or your bank immediately. We are available to help and support you. Email your Home Loan Experts mortgage broker or call us on 1300 889 743 or fill in our free assessment form.