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Financial Assistance for Members Affected by the COVID-19 Outbreak

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In the current uncertainty surrounding COVID-19 (Coronavirus), the financial and personal wellbeing of our Members and staff remains our priority. We have introduced a financial assistance package for Members with any type of home loan, personal or car loan, overdraft or credit card and all commercial loans. This page provides the latest advice on how we can assist you.

Defer your Loan Repayments 

Should you need financial assistance at this time, you have the ability to defer your loan repayments for an initial three month period with a further three months available if you require it. It is important to note that whilst payments are deferred, interest on your loan will continue to accrue and will effectively capitalise. This means that at the end of the support period, your required repayment amount will increase so that you repay the total balance over the remaining loan term (including interest and charges added to the balance during the support period).

It is important to remember that if you defer your repayments you will pay more interest than you otherwise would. If you are able to recommence payments sooner, or are able to make lower payments, then it is in your best interests to do so as soon as your financial situation improves.

Converting to Interest Only

Consider whether converting your loan to an interest only loan is more suitable. Members in need of assistance can convert their principal and interest repayment loan to an interest only loan for up to 12 months. However, because you are only paying the interest only portion of the loan, you are not reducing the loan balance, which means you will pay more interest over the life of the loan.

Reducing your Loan Repayments

Reducing your loan repayments by extending the term of your loan. Remember, because you are paying your loan over a longer term, you will pay additional interest. So please consider making the maximum repayment that you can afford.

Redraw Facility

Accessing any additional money, you may have available to redraw in your eligible loan. Simply use online banking to transfer funds from your eligible loan into your savings account.

How to apply

If you wish to apply for financial relief, please complete our Financial Assistance online form and one of our friendly staff will contact you to assist.