COVID-19 bank support & lender relief

Adelaide Bank

• Home loan, line of credit and credit card repayment pauses for up to 6 months.
• Will consider waiving or deferring fees when restructuring home loans.
• Waive penalties when taking money out of a term deposit early.

AMP Bank

• Home loan repayment pauses for up to 6 months.
• Will consider waiving fees.
• Waiving monthly fees on bank accounts from 30 March to 1 Oct 2020. 

ANZ 

• Home loan repayment pauses for up to 6 months.
• Consider requests to switch to interest-only, increase loan, refinance or apply for an equity loan.
• Reduce home loan rates by 0.15% for all existing variable rate customers from 27 March 2020. 

Aussie 

• Home loan repayment pauses for up to 6 months. 

Australian Military Bank

• Home loan repayment pauses for up to 6 months.
• Consider requests to switch to interest-only repayments. 

Australian Unity

• Home loan repayment pauses for up to 6 months.
• Consider requests to switch to interest-only repayments.
• Credit card repayment pause for up to 6 months, or temporary credit limit increases.
• Reduced personal loan repayments for up to 6 months.
• Early withdrawal of a term deposit with no fees. 

Auswide Bank

• Home loan repayment pauses for up to 6 months.
• Consider requests to switch to interest-only repayments.
• Home loan default fees will be suspended for 3 months, until 30 June 2020. 
• Personal loan repayment pauses for up to 6 months.
• Consider requests to switch to interest-only repayments.
• Personal loan default fees suspended for 3 months, until 30 June 2020. 
• Early withdrawal of a term deposit without penalties or providing the normal 31 days notice.
• Late payment fees on Low Rate credit card suspended for 3 months, until 30 June 2020.

AWA Alliance Bank

• Home loan repayment pauses for up to 6 months.
• Consider waiving penalties when taking money out of a term deposit early.

Bank Australia

• Home loan repayment pauses for up to 6 months.
• Request to waive monthly fees on bank accounts until August 2020. 

Bank First

• Home loan repayment pauses for up to 6 months.
• Requests to switch to interest-only or increase the loan term to reduce repayments.
• Repayment pause for up to 3 months on personal loans and credit cards.

Bank of Melbourne

• Home loan repayment pauses for up to 6 months.
• Requests to switch to interest-only.
• Credit card interest and repayment pauses for 3 months.
• Personal loan interest, administration fee and repayment pauses for 3 months.

Bank of Queensland

• Home loan repayment pauses for up to 6 months.
• Request to move to interest-only home loan repayments for 12 months.
• Temporary pause on the bonus interest criteria of making 5+ transactions per month for savings accounts until 31 August 2020. Must still make $1,000+ deposit p.er month.
• Early withdrawal of term deposits allowed, including waiving early withdrawal fee.
• Cash Management monthly account fee paused till 31 August 2020.

Central West Credit Union

• Home loan repayment pauses for up to 3 months.

Circle Alliance Bank

• Request for payment relief for up to 6 months on home loans, credit cards and personal loans.
• Waive the interest rate reduction imposed on an early withdrawal of a term deposit.

Citi

• Home loan, personal loan and credit card repayment pauses for up to 6 months.

Coastline Credit Union

• Home loan repayment pauses for up to 6 months.
• Consider requests to restructure home loans including switching to interest only or extending your loan term.
• Waive fees on home loan restructures.

Commonwealth Bank of Australia

• Automatically reducing the direct debit repayments for all eligible home loan accounts to the minimum required from Friday 1 May 2020.
• Home loan repayment pauses for up to 6 months including a one-off payment to offset any “interest on interest” charges during that time.
• Consider requests to switch to interest-only repayments.
• Refunding late fees and interest for any credit card customers in March 2002.
• Conditionally approving eligible customers for personal overdrafts.
• Personal loan repayment pauses for up to 2 months. 

Community First Credit Union

• Will consider pausing home loan repayments or switching to interest-only repayments for a period of time.
• Waive early termination fees on term deposits

Credit Union SA

• Contact bank to discuss financial hardship options

CUA

• Home loan repayment pauses for up to 6 months.
• Consider requests to switch to interest-only for up to 12 months.
• Request repayment relief on personal loan and credit card repayments. 
• Waive late payment fees on missed personal loan and credit card repayments.

Defence Bank

• Contact bank to discuss financial hardship options, which may include reduced home loan repayments, and moving to interest-only repayments for a period. 

Delphi Bank

• Waive or defer fees when restructuring or consolidating home loans.
• Home loan repayment pauses for up to 6 months.
• Waive penalties when taking money out of a term deposit early.

Endeavour Mutual Bank

• Home loan repayment pauses for up to 6 months.

Firefighters Mutual Bank

• Home loan repayment pauses for up to 3 months, with a further review after 3 months.

First Option Bank Ltd

• Contact bank to request financial hardship arrangements.

G&C Mutual Bank

• Home loan repayment pauses for up to 6 months.
• Contact bank to discuss the option for a concessional cash flow loan for up to 6 months, with reduced interest rates and deferred repayments. 

Gateway Bank

• Home loan repayment pauses for up to 6 months.
• Access Christmas Club accounts without penalty until end of May.
• Will consider personal loan repayment pauses for up to 6 months.

Geelong Bank

• Contact bank to request financial hardship arrangements.

Goldfields Money

• Contact bank to request financial hardship arrangements.

Greater Bank

• Request to switch to interest only repayments on home loan, or 
• Request flexible repayment options with interest capitalised on home loans and personal loans.
• Waiving credit card interest and allowing the deferral of repayments on all credit cards for 6 months from 1 April 2020.

Health Professionals Bank

• Home loan and personal loan repayment pauses for up to 3 months.  

Heritage Bank

• Home loan repayment pause of up to 6 months.
• Waive fees when restructuring loans
• Waive fees for late payments and defaults for the next 6 months.
• Waive or refund account keeping fees if customers can’t meet the requirements of their bank account.
• Waive penalties when taking money out of a term deposit early.
• Personal loan and credit card repayment pauses of up to 3 months.
• Consider requests to switch to interest-only repayments for up to 3 months.

Homestar Finance

• Contact bank to request financial hardship arrangements. 

HomeStart Finance

• Contact bank to request financial hardship arrangements. 

Horizon Bank

• Home loan repayment pauses for up to 6 months.
• Consider requests to switch to interest-only repayments.

HSBC

• Repayment pauses for up to 6 months for home loans, personal loans and credit cards.
• Waive penalties when taking money out of a term deposit early.

Hume Bank

• Home loan repayment pause of up to 6 months.
• Waive fees when restructuring home loans
• Essential account monthly fee waived for 6 months.
• New unsecured personal loans available to eligible customers at secured interest rates.
• Waive penalties when taking money out of a term deposit early up to $50,000.

Hunter United

• Contact bank to request financial hardship arrangements.
• Waive the interest rate reduction imposed on an early withdrawal of a term deposit.

Illawarra Credit Union

• Home loan repayment pauses for up to 6 months.
• Consider requests to switch to interest-only repayments. 

IMB Bank

• Home loan repayment pauses for up to 6 months.
• Consider requests to switch to interest-only repayments. 

ING

• Home loan, personal loan and credit card repayment pauses for up to 6 months.
• Credit card repayment pauses for up to 6 months. Reverts to an instalment plan at a reduced rate after the freeze.
• Automatic bonus interest eligibility on Savings Maximiser accounts if customers met eligibility criteria in the first three months of 2020.

Keystart

• Contact the bank to reduce or defer home loan repayments, extend loan term and waive interest repayments for most vulnerable for up to 6 months.
• Home loan repayment deferral up to 12 months - only in some circumstances.

La Trobe Financial

• Consider requests for loan repayment deferral, extending the loan term to allow reduced payments and switching to interest-only repayments (for up to 3 months).
• Some home loan fees may also be waived.

Laboratories Credit Union

• Home loan repayment pauses for up to 6 months.
• Consider requests to switch to interest-only repayments.

Latitude Financial 

• Contact the provider to request to reduce monthly repayments and interest on credit cards and personal loans. 

Liberty Financial

• Waive or deferred fees when restructuring or consolidating home loans.
• Request to pause home loan repayments temporarily. 

Lysaght Credit Union

• Request to pause home loan repayments for 2 months, with a review after the first month.

Macquarie Bank

• Repayment pauses of up to 6 months on home loans, car loans, credit cards, car loans and overdrafts. 
• access term deposit funds without a reduction in their interest rate.
• Increase their ongoing savings rate by 1.00% to 1.35%.  

ME Bank

• Repayment pauses of up to 6 months on home loans, personal loans and credit cards.
• Customers who qualified for bonus interest in at least one of the previous three months (Dec – Feb) will get bonus interest for the next 3 months (March to May 2020) without having to make the required tap & go purchases. 

MOVE Bank

• Repayment pauses of up to 6 months on home loans and up to 3 months on credit cards and personal loans.
• Will consider waiving staff assisted fees, replacement fees, dishonour fees and exception fees.
• Waive establishment fees on personal loans with priority processing if required.
• Waive penalties when taking money out of a term deposit early. 

MyState Bank

• Repayment pauses of up to 6 months on home loans and personal loans.
• Remove the minimum limit and redraw fee for home loan redraws.
• Early access to Christmas accounts available
• Increase the maximum balance on Bonus Saver account to 2.00%.
• Reduce the personal overdraft rate.

NAB

• Repayment pauses of up to 6 months on home loans.
• Reduced repayments on personal loans to as low as $100 a month for 6 months.
• Reduce the minimum repayment amount on credit cards to 0.5% of balance or $5 whichever is higher. From 27 April 2020 until at least 24 July 2020.
• Reduce the reducing interest rate on personal NAB Low Rate Classic Cards to 12.99%.
• Remove late fees on credit cards for at least the next three months, starting 3 April 2020. 

Newcastle Permanent

• Repayment pauses of up to 6 months on home loans, credit cards and personal loans.
• Move to interest-only repayments or extend your loan term to reduce your repayments on home loans and personal loans.

Northern Inland CU

• Contact bank to request financial hardship arrangements. 

Nova Alliance Bank

• Repayment pauses of up to 6 months on home loans 
• Waive or defer fees when restructuring or consolidating home loans.
• Waive penalties when taking money out of a term deposit early.

Orange Credit Union

• Contact bank to request financial hardship arrangements.

P&N Bank

• Repayment pauses of up to 6 months on home loans 

People’s Choice Credit Union

• Repayment pauses of up to 6 months on home loans 

Pepper

• Repayment pauses on home loans  

Police Bank

• Call the bank to discuss options.

Police Credit Union

• Repayment pauses of up to 6 months on home loans 
• Some home loan fees will be waived.

QBANK

• Contact bank to request financial hardship arrangements.

Qudos Bank

• Cutting variable rates by 0.10% for existing customers from 2 April.
• Repayment pauses of up to 6 months on home loans.
• Option to switch to interest-only or extend your loan term to lower repayments.
• Fees may be waived when changing loan type, switching repayments, late payment, break costs on fixed loans when switching to another home loan product within the bank due to hardship.
• Waive various personal loan fees. 
• Waive penalties when taking money out of a term deposit early.

Queensland Country Bank

• Repayment pauses of up to 6 months on home loans and personal loans, including a one-off payment to offset any “interest on interest” charges during that time.
• Switch to interest-only home loan repayments.
• Waive establishment fees on new personal loan applications. 
• Waive penalties when taking money out of a term deposit early.
• Remove over limit fees on credit card and overdraft/line of credit facilities to June 2020

RACQ Bank

• Contact bank to request financial hardship arrangements.

RAMS

• Repayment pauses of up to 6 months on home loans

Regional Australia Bank 

• Repayment pauses of up to 6 months on home loans, switch to interest-only or extend loan term to reduce repayments.
• Repayment pauses of up to 6 months on personal loans or switch to interest-only.

Resimac

• Contact bank to request financial hardship arrangements.

SERVICE ONE Alliance Bank

• Repayment pauses of up to 6 months on home loans and personal loans.
• Request fees be waived or deferred when restructuring or consolidating home loans.
• Waive penalties when taking money out of a term deposit early.

Southern Cross Credit Union

• Contact the bank to reduce home loan repayments to the minimum amount, to move to interest-only or to pause repayments. 
• Waive some fees when restructuring a home loan, for loan top-ups or redraws.

St. George Bank

• Contact the bank to reduce home loan repayments to the minimum amount, to move to a different repayment frequency or to pause repayments (up to six months). 
• Three month credit card support package: pause repayments and no interest charged or accrued on new purchases or existing balances.
• Three month personal loan support package: pause repayments and no administration fees or interest charged or accrued on existing balances.

State Custodians

• Contact bank to request financial hardship arrangements. 

Summerland Credit Union

• Contact bank to request financial hardship arrangements.

Suncorp Bank

• Repayment pauses of up to 6 months on home loans and person loans.
• Switch to interest-only repayments for home loans.
• Request early withdrawal of a term deposit with no fees.

Sydney Mutual Bank

• Repayment pauses of up to 6 months on home loans. 

Teachers Mutual Bank

• Repayment pauses of up to 3 months on home loans and personal loans.

The Capricornian

• Contact bank to request financial hardship arrangements. 

The Mac

• Contact bank to request financial hardship arrangements.

The Mutual

• Repayment pauses of up to 6 months on home loans.
• Switch to interest-only repayments.

Transport Mutual Credit Union

• Repayment pauses of up to 6 months on home loans.
• Home loan arrears processing fees will be waived, as well as direct debit and other payment dishonour fees waived on bank accounts.
• Waive penalties when taking money out of a term deposit early.

UBank

• Repayment pauses of up to 6 months on home loans 
• Access to redraw will be revoked during the repayment pause.

UniBank

• Repayment pauses of up to 3 months on home loans and personal loans.

Unity Bank

• Switch to interest only for up to 12 months, or to extend the loan term or pause repayments for up to 6 months.
• Pause credit card and personal loan payments for up to 3 months. 
• Increase the number of free transactions on bank accounts per month.

Virgin Money

• Contact bank to request financial hardship arrangements.
• Switch to interest only for up to 12 months, or pause home loan repayments for up to 6 months. Waive non-payment related fees.

Warwick Credit Union

• Switch to interest-only repayments or pause home loan repayments for up to 6 months. 
• Pause personal loan repayments for up to 6 months.
• Waive staff-assisted payment fees on bank accounts.

WAW Credit Union

• Switch to interest-only repayments or pause home loan repayments for up to 6 months. 
• Ability to access Christmas Club account without restrictions.

Well Home Loans

• Home loan repayment pause for up to 6 months.
• Request fees be waived or deferred when restructuring or consolidating home loans.
• Contact bank to request an emergency credit limit increase on credit cards.

Westpac

• Repayment pause for up to 6 months, switch to interest only or reduce repayments by 50 per cent.
• Three month credit card support package: pause repayments and no interest charged or accrued on new purchases or existing balances.
• Three month personal loan support package: pause repayments and no monthly fees or interest charged or accrued on existing balances.