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Customers' questions - Loan payment deferral

We've been receiving questions about whether customers can defer their loan payments. Ben Kelleher, ANZ NZ's Managing Director Retail and Business Banking, answers some of the most frequently asked questions:

 

Is ANZ offering the home loan repayment deferrals announced by the Government?

 

Yes, we’re very supportive of the home loan repayment deferral proposals announced by the Minister of Finance. Customers can apply for home loans deferrals with the online form now and ANZ will contact them to discuss their circumstances and options. Check out our Here to Help website for the latest updates.

 

What is a “home loan repayment deferral” (or a “mortgage repayment holiday”)?

 

If you’re financially affected by COVID-19, a home loan repayment deferral gives you the ability to pause your home loan repayments for up to 6 months. This is sometimes known as a “mortgage repayment holiday”.

 

This means that you wouldn’t need to make your scheduled repayments on your loan for up to 6 months. However, it’s important to know that the amount you owe on your loan would increase during that time. That’s because you would still be charged interest on what you owe. That interest is added to the amount owing on your loan, and you’re charged interest on that amount as normal.

 

We strongly recommend customers carefully consider if this option is right for them.

 

Am I eligible for a home loan repayment deferral?

 

Home loan customers who have been financially impacted by COVID-19 can apply for home loans deferrals with the online form now and ANZ will contact them to discuss their circumstances and options. Some suitability and affordability criteria would apply. They would be available to owner-occupiers, residential investors, and business-owners who have borrowed and given a mortgage over their house.

 

Can I defer my home loan repayments now?

 

Customers can apply for home loans deferrals with the online form now and ANZ will contact them to discuss their circumstances and options. Check out our Here to Help website for the latest updates.

 

What if I will miss my home loan repayments due to COVID-19 before ANZ has offered home loan repayment deferrals?

 

Talk to us as soon as you can about your options if you’ve already missed your scheduled loan repayments due to COVID-19.

  

“We’re very supportive of the home loan repayment deferral proposals announced by the Finance Minister. Customers can apply for this now and we'll be in contact."

- Ben Kelleher, ANZ NZ Managing Director Retail and Business Banking

   

What are my options if I can’t afford to pay my home loan?
 

Government financial support:

We recommend that you check what financial support is available from the Government. They may be able to help with essential living costs.

 

Find out more on the Government’s website Unite Against COVID-19.

 

If you’ve lost your job, can’t work at the moment or your income has been reduced, you may be able to get a benefit or some other financial help from Work and Income.

 

If you’re struggling to meet your living costs or had an unexpected bill Work and Income might be able to help you, even if you’re working. Even if you don’t think you qualify, contact them to talk about your situation.

 

Work and Income may be able to help with urgent costs like:

- Food

- Accommodation costs (rent, mortgage, board)

- Power, gas and water bills or heating

- Medical and dental costs

- Bedding.

You can find more information on the Work and Income website.

 

How we could help:

If you’re financially impacted by COVID-19, customers can apply for home loans deferrals with the online form now and ANZ will get in contact to discuss their circumstances and options. There may also be other ways we can help. Check out our Here to Help website for the latest updates and to find out more.

 

If you’re experiencing immediate financial hardship because of COVID-19, please call us on 0800 240 438 (weekdays 8.30am-8pm, weekends 9am-5pm). Please note that call wait times are longer than usual.

 

How can I apply for the home loan repayment deferral?

 

Customers can apply for home loans deferrals with the online form now and ANZ will be in contact to discuss their circumstances and options. Check out our Here to Help website for the latest updates.

 

Can I apply for the home loan repayment deferral online?

 

Yes, customers can apply for home loans deferrals with the online form now and ANZ will get in contact to discuss their circumstances and options. Visit our Here to Help website for the latest updates.

 

I’ve emailed the bank but I haven’t had a reply – should I be worried?

 

The past few weeks have seen unprecedented demand for help from our contact centre and online teams. We’re doing our best and will get back to you as soon as we can.

 

We encourage you to please use self-service banking channels such as ANZ Internet Banking, goMoney, Phone Banking or ATMs to do your regular banking. Using those services means our contact centre staff can focus on helping our most vulnerable customers, and those immediately impacted by Covid-19.

 

You can also find lots of helpful information at our Here to Help website.

 

I can’t get through on the phone – why?

 

The past few weeks have seen unprecedented demand for help from our contact centre. We appreciate your patience if you’re experiencing longer wait times than usual.

 

We encourage you to please use self-service banking channels such as ANZ Internet Banking, goMoney, Phone Banking or ATMs to do your regular banking. Using those services means our contact centre staff can focus on helping our most vulnerable customers, and those immediately impacted by coronavirus. 

 

You can also find lots of helpful information at our Here to Help website.

   

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