COVID-19 Financial Assistance Program FAQs

Australian Unity Bank recognises that there are a number of ways in which you may be impacted by the current events, such as:

• Loss of income as a result of being unable to work for a period of time, and/or loss of employment or rental income
• Reduction of income, as a result of the impacts we are experiencing in the economy including impacts to self-employed customers or casual workers
• Inability to work due to illness or isolation due to COVID-19 or having to care for a family member suffering from the COVID-19 virus.

If you have been financially impacted, you may qualify for financial relief assistance, we will ask a few questions to better understand your situation and whether you are eligible

Depending on your individual circumstances and level of impact there are a number of financial assistance options available to you.  These may include:

• The ability to pause repayments on loans, including credit cards, for up to six months (which may include interest capitalisation)
• The ability to reduce or vary your home loan repayments including a period of interest only for up to 6 months
• Early access to term deposits without incurring any fees

Customers can contact us on 1300 412 356 or alternatively via email on bankingsupport@australianunity.com.au to discuss and apply for assistance.

Under the standard guidelines we have 21 days to provide you with a response, however we recognise this is a very stressful and uncertain time and as such we will endeavour to provide a response within 48 hours.

No, Australian Unity will not record financial assistance provided under the COVID-19 financial assistance program with a credit reporting agency nor will it adversely impact your standing with the Bank.

Due to the deferral and/or capitalisation of interest, it should be noted that there will be additional interest charged over the life of the loan. In addition, a temporary limit increase on credit cards may incur interest if it is not repaid within the usual time limits provided for under the standard terms and conditions. Customers should consider the impact of this and where appropriate seek independent financial advice before proceeding with any changes to their loan.

You should note that where the deferred repayments are going to be made up over the remaining term of the loan this will minimise the financial impact and not extend the original contracted term. We recommend that you speak to your independent financial advisor for guidance.

Yes, we strongly recommend that you keep in regular contact with us during the term of the assistance and if your circumstances change for the better the deferral period can be amended.

As mentioned we strongly recommend that you keep in regular contact with us during the term of the assistance and if your circumstances have not changed we also recommend that you speak to your independent financial advisor for guidance – we will work with you to review what further options may be available to assist you.

Please visit our ‘support for life moments’ site which has more information about other financial assistance support services.