Your home loan is probably one of the biggest purchases in your life. On account of the current circumstances, some banks have dropped their interest rates. This might be a good opportunity for you to do a review of your existing loan.
During a crisis, it is important to talk to the people that you trust.
Keeping up to date with all the policy changes can be both confusing as well as time-consuming. EBM Finance has compiled the latest COVID-19 Hardship Policies to date to make it easier for you to access the relevant information. Below is a list of policies for our mortgage clients.
| Organisation | Policy |
|---|---|
| AMP | Home loan repayments can be paused for 3 months initially, with the possibility to extend for a further 3 months. The total deferral period is 6 months, which includes a 3-months checkpoint review. |
| ANZ | Home loan repayments can be paused for 6 months, which will include a 3-months check. |
| Bankwest | Home loan repayments can be paused for 6 months. |
| Bendigo Bank | Home loan repayments can be paused for 6 months. |
| BOQ | Home loan repayments can be paused for 3 months. Clients also have the option to switch to interest only repayments for up to 12 months. |
| Commonwealth Bank | Home loan repayments can be paused for 6 months. |
| Me Bank | Home loan repayments can be paused for 6 months, which will include a 3-months checkpoint review. |
| NAB | Home loan repayments can be paused for 6 months, which will include a 3-months checkpoint review. |
| P&N Bank | Home loan repayments can be paused for 6 months, which will include a 3-months checkpoint review. |
| St. George | Home loan repayments can be paused for 3 months initially, with the possibility to extend for a further 3 months. The total deferral period is 6 months, which includes a 3-months review. |
| Suncorp Bank | Home loan repayments can be paused for 3 months initially, with the possibility to extend for a further 3 months. The total deferral period is 6 months, which includes a 3-months review. |
| Westpac | Home loan repayments can be paused for 3 months initially, with the possibility to extend for a further 3 months. The total deferral period is 6 months, which includes a 3-months review. |
| ING Banking | Home loan or personal loan repayments can be paused for 3 months initially, with the possibility to extend for a further 3 months on request. |
| Heritage Bank | Home loan repayments can be paused for 6 months. |
| Macquarie | Home loan repayments can be paused for 6 months. |
We are here to help.
Should you require a review of your own finance arrangements and loan facilities, please contact Elliott Watkins from EBM Finance on 0410 144 574 or elliottw@ebmfinance.com.au to discuss your options.