Australian Banks’ Emergency Coronavirus Relief Packages

The Coronavirus (COVID-19) situation is evolving fast and to support our customers through this time of uncertainty, we have provided an overview of the financial relief strategies the banks are providing to homeowners and investors.

ANZ

ANZ is providing a range of assistance e to its home loan customers. The bank is reducing its standard variable home loan rate by 0.15% p.a. effective from 27 March 2020. ANZ is also encouraging those customers paying more than the minimum home loan amount to reduce their payments to the minimum.

Commonwealth Bank

Home loan customers with Australia’s biggest lender can request financial assistance during this time will be able to defer their repayments for six months, with interest capitalised to their home loan. For the 6-month deferral period, no repayments are required.

However, during this time, interest and fees will add to the loan balance, and your loan balance will progressively increase. Your loan term will be extended so your repayments do not increase as a result of the deferral period but may increase for other reasons such as a change in the interest rate or accessing a redraw.

Please note that any available redraw you have will be drawn on first during the 6-month support period. If you need to access your redraw facility during the support period, transfer your available redraw to another account now.

NAB

NAB is allowing eligible home loan customers to defer home loan repayments for up to six months, including a three-month checkpoint with the bank. For a customer with a typical home loan of $400,000, this will mean access to an additional $11,006 over six months, or $1,834 per month. Eligibility applies to all NAB home loan customers, including owner-occupiers and investors affected by Coronavirus whether they have principal and interest or inter-only repayment schedules.

Westpac

Westpac is providing several measures to support customers through these challenging times. These measures include a $10 billion home lending commitment to keep the property market and economy moving. Other measures include a reduced fixed rate home loan of 2.29% p.a. for one, two and three years for owner-occupiers on principal and interest repayments with a Premier Advantage Package, effective Friday 27 March.

The bank is also offering a 3-month repayment deferral for home loan customers who have lost their job or suffered a loss of income as a result of COVID-19 with extension for a further three months available after review.

If you have any queries, please feel free to contact our office on (03) 8838 8726.

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Siraj Ahmed
Siraj Ahmed
2020-11-18
Verified review
Excellent service. Got us a great loan option and also worked with the bank to get the loan approved during the heights of COVID.
Dhruv Satra
Dhruv Satra
2020-11-18
Verified review
Malaka Ekanayake
Malaka Ekanayake
2020-11-10
Verified review
We have had a very pleasant experience working with Opulent Finance. We did not have that much experience with house loans as we were first home buyers but working with Opulent  Finance team specially with Ishara, made that experience stress free one. She helped us secure an incredibly competitive interest rate and offered her guidance so we can take advantage of the future interest rate drop. Thank you Ishara, Dayan and team for your incredible support and we have no hesitation what so ever in recommending Opulent Finance for your financial needs
Uma Gunaratne
Uma Gunaratne
2020-11-04
Verified review
Ishara is highly knowledgeable and if you are a first home buyer and new to the intricacies of all that home loans entail, she will really take you under her wing and impart her knowledge and experience and treat you as one of her own. She is also extremely patient but will also be very truthful and upfront in situations which is honestly what you need. She did a very complicated loan for us, and was so incredible efficient and organised with all the paperwork that was required. Not only that, she helped us secure an incredibly competitive interest rate! Ishara has probably spent hours and hours explaining to me details and giving me really good guidance through this momentous period in life! During the cooling off period and settlement, she was constantly chasing up our loan and honestly took a personal interest in the outcome. Our solicitor was also very happy about working with Ishara as she was following the entire process, was always up to date and very easy to work with. Considering that our entire process happened during the covid-19 lock-down and work from home environment, we have nothing but good things to say about how professional Ishara was as she didn't let a single thing slip. We are so glad that we have both Ishara and Dayan in our corner. We will definitely be using them for all future financing needs. Thank you Ishara, Dayan and team!
Harsha Ill
Harsha Ill
2020-10-11
Verified review
Opulent Finance gave professional advice for my unique home loan requirement. They respond quickly with the proper information. The process was smooth and I felt comfortable to deal with the team. The team is friendly and professional to deal with. Highly recommended for any one looking for finance.
S P
S P
2020-09-22
Verified review
I have been dealing with Ishara at Opulent Finance for over 6 months now and she has been faultless. She has helped me secure a loan pre-approval in no time and assisted me with my property purchases. I could not recommend Ishara highly enough.
Afshin Koohestani
Afshin Koohestani
2020-09-22
Verified review
Good service and offers.
Janaka Kumara
Janaka Kumara
2020-08-22
Verified review
A big shout out to Dayan and his team for the seamless service provided during the refinancing process. Thoroughly professional team that pays attention to every detail and has been extremely transparent throughout the process. A team that always has the best interest of clients in mind and makes all efforts to provide the right advise and outcomes to the clients. Highly recommended!
Rakesh Mistry
Rakesh Mistry
2020-08-19
Verified review
They called me back with solution
Indra Jaya
Indra Jaya
2020-08-12
Verified review