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Bank Australia open to serve our customers: As an essential service under the shutdowns announced, our branches and contact centres will remain open to serve our customers with their banking needs over the coming days and weeks. All branches will be operating from 10:00am to 3:00pm, Monday to Friday until further notice. You can still get in touch with us by phone on 132 888 from 8:00am to 8:00pm, Monday to Friday and 9:00am to 2:00pm Saturday. It may take us longer to answer your call as more customers choose to call rather than come into a branch so thanks in advance for your patience and please take care of yourselves. View details

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Support for customers during COVID-19

We know the COVID-19 pandemic is putting stress on many of our customers. This page shares what we’ve put in place to help you during this difficult time.

If you think you might have difficulty with your home loan repayments, we encourage you to get in touch to talk about your circumstances and how we can help. We’re ready to work with you to make a plan that’s tailored to your situation to help you through this difficult period.

Just call us on 132 888, 8am-8pm Monday to Friday and 9am-2pm Saturday.

Here's some of the ways we're helping

Waiving fees

We've waived the $5 monthly fee for Everyday Access accounts until 31 August 2020. This will be automatic, you don’t need to do anything.

Pausing home loan payments

You can apply to pause home loan repayments for up to 3 months, with a possible 3 month extension.

Loan repayment pause form

Debt consolidation

We can help you consolidate your debts if that is right for you.

More information about pausing your home loan payments

If you’re thinking of applying for a loan payment pause please read the information below.

My employer has stood me down or I have lost my job and I’m concerned I can’t pay my debt.

We understand it is a difficult time so we have a number of options that may be available to you including:

  • pause your Bank Australia loan repayments for 3 months, with a possible 3 month extension
  • debt consolidation
  • reducing your regular payments.

Please contact us on 132 888 to talk to us about how we can help, or complete this form if you would like to apply for a loan payment pause.

If you have loan repayment insurance, you may consider lodging a claim.

What happens if I pause my Bank Australia loan repayments?

If it is right for your circumstance, your loan repayments may be paused for up to 6 months.

If your loan payments are paused, your loan term will be extended for the same period as the approved pause. Interest and fees will be added to your loan balance.

We’ll review your initial payment pause after 3 months, and talk to you about your situation.

You can continue to make repayments throughout the pause if you are able to.

What if I’m ahead on my mortgage repayments? Will you still allow my support application?

We’ll work with you to understand your circumstances and take you through the available options.  If you have income, savings or available redraw, it may be suitable for you to direct these funds to your loan repayments.

However, we understand that everyone’s circumstances are different so please get in touch so we can work through what’s best for you.

If you need more guidance you can contact the National Debt Helpline in 1800 007 007.

What happens once the pause period has ended?

We will contact you to find out if your financial situation has improved. If you still need help, there are a range of options available to you. If you are able to recommence payments, your loan repayments will recommence on the set date.

You will need to ensure that you set up recurring payments from Bank Australia account or another source.

There are also other options that you may want to consider:

  • You can repay any outstanding repayment arrears, if any, at the end of the financial assistance arrangement.
  • You can make a repayment plan to pay any outstanding arrears over an agreed period of time.
  • We can recalculate the repayments of the loan based on the capitalised interest accrued for the loan to remain on the current loan term.
  • We can extend the term of your loan.
If you do support me, how is my credit report affected?

If your loan is up to date before you requested help, your credit report is not affected. That means the payment pause will not show on your report.

If you had outstanding repayments on your loan pre-COVID-19, and have paused your loan payments because of COVID-19, the payment pause will not show on your credit report.

Find out more at www.creditsmart.org.au or www.bankaust.com.au/ccr.

I am eligible for the $750 government payment. When can I expect to see it in my account?

The second payment will be made from 13 July 2020, into your nominated myGov account. For more information on this, see the Treasury website.

Can I still make repayments during the payment pause period?

Yes, customers are encouraged to make repayments to their loans, if doing so will not cause further hardship.

By making payments during the pause period it will build an in-advance amount, which can be used for future repayments. Each payment will also reduce the amount of interest charged.

Are there any Bank Australia products that aren’t eligible for the assistance package?

All our lending products (including home loans, personal loans, credit cards and overdrafts) are eligible for assistance.

What if my loan is a fixed rate loan? How does the pause period impact it?

There is no change to your loan. Your fixed rate will expire on the end date set out in your loan contract. This remains the case if a payment pause is occurring. 

Does a payment pause affect the interest only period of my loan?

If you are paying interest only for your loan, the interest only period will automatically be extended by the length of the pause period. So if your interest only period was due to expire on 1 June 2020, but you have paused your loan repayments for three months, your loan will be varied so that the interest only period finishes on 1 September 2020.

How can you help me manage my money?

We have some practical tools to help you:

  • Our Managing my money webpage includes a budget calculator and information that may be helpful if you have lost your job.
  • Within the App and Internet Banking, there are tools that may be of use to help you take control of your spending.
  • You can set up alerts to help you avoid missing payments and managing your money better (App>>Settings>> Notifications>>) (Internet Banking>>Notifications>>)
  • You can use card controls to freeze your card (learn more here)

For more guidance, the National Debt Helpline is available to help on 1800 007 007.

 

Who can I talk to if the payment pause stops suiting my needs?

Please contact our hardship assistance team on 132 888 and we can alter your loan so repayments can recommence, or discuss further options. 

If you are in position where you can pay, we encourage you to do so and use the payment pause to build on your in advance amount – these funds can then be used for future loan repayments. 

Do you have business banking with us too?

 

We’re deferring business loan repayments, including credit cards, for up to 6 months. 

Submit your request 

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