We at Nexus Money hope you are all doing ok and managing to stay well through this COVID-19 crisis.
We would like to re-affirm that we are open for business and here to help you through this unusual time.
As you may have heard in the media, most lenders are offering assistance packages to assist their customers through this difficult period. The measures that may be available to you are:
- Deferring or reducing loan repayments
- Restructuring and consolidating loans
- Altering loan repayments to interest-only
- Changing limits on lines of credit (e.g. credit card)
- Waiving certain fees and charges
- Waiving penalties for early withdrawal of a term deposit
- Freezing loans in exceptional circumstances, such as after an emergency event or natural disaster
- Providing a moratorium on collections action
- Providing alternative banking arrangements.
We have outlined the details being offered by each lender below and ask if you are having trouble making repayments or wish to discuss your options that you please make contact with us first either through emailing firstname.lastname@example.org or our office phone of 07 3146 5732.
From there we can offer some advice on the potential best path to take. We ask that you please don’t panic into any decision as all options being offered have potential consequences which should be understood prior to finalising your decision. Please also note that government announcements do not instantly translate to lenders finalising their process for each assistance package and thus there may be a slight delay whilst the lenders and we at Nexus Money interpret the processes required.
For Home Loan Customers:
- Decrease variable interest home loan rates in Australia by 0.15% p.a. across all Variable rate indices, effective from 27th March 2020.
- Introduction of a two-year fixed rate of 2.19% p.a.4 for Owner Occupiers paying Principal & Interest; our lowest fixed-rate home loan on-record.
- Request a deferral of home loan repayments for up to six-months, with a review at three-months, with interest capitalised2.
For Small & Medium Businesses:
- Decrease variable interest small business loan rates in Australia by 0.25% p.a., effective from 27th March 2020, resulting in a 0.50% p.a.1 reduction since last week.
- All impacted customers can request a six-month payment deferral on loan repayments for term loans, with interest capitalised2.
- Making available temporary increases in overdraft facilities for 12 months.
- A reduction by 0.80% p.a. to a new two and three-year fixed rate of 2.59% p.a. for secured small business loans up to $1 million3, effective 3rd April 2020.
NAB Business customers will be able to:
- Defer principal and interest for up to six months on a range of business loans, including floating and variable rates, and equipment finance loans, if experiencing financial difficulty;
- Receive a 200-basis point rate cut on new loans and all overdrafts on QuickBiz, effective March 30;
- Receive an additional 100-basis point reduction on variable rates for small business loans, effective March 30. This is on top of a 25-bps reduction earlier this month;
- Acess up to $65 billion of additional secured limits to pre-assessed customers, with $7 billion currently available for fast assessment process;
- Access up to $9 billion in additional limits for unsecured lending for existing customers via QuickBiz; and
- Defer business credit card repayments.
NAB Personal customers will be able to:
- Pause home loan repayments for up to six months, if experiencing financial challenges, including a three-month checkpoint. 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.
- Access a 10-month term deposit rate of 1.75% p.a. for 10 months, effective March 24. This is for personal customers only, with deposits of $5,000 to $2 million.
- Access fixed home loan rates of 2.39% p.a. for 1 year, 2.29% p.a. for 2 and 3 year, and 2.79% p.a. for 5 year (owner-occupier P&I), effective March 25. First home buyers will have access to a rate of 2.19% p.a., fixed for two years. This delivers reductions of between 10 and 60bps (table below).
- Access over $20bn in redraw and more than $30bn in offset. Note: Around 1 in 2 accounts are at least 6 months ahead based on redraw & offset balance; and 4 in 10 are 12 months ahead.
- Reduce repayments on variable rate loans.
Over the past 12 months, reductions of 84bps to our owner-occupier variable rates have provide a potential benefit of $3,360 per year to customers with a $400,000 loan. Most customers have not yet taken the option to reduce their payments.
Support for retail customers:
- Effective Friday 27 March 2020, we are making changes to Fixed Home Loans under the Premier Advantage Package*.
- 1 year owner occupier Principal & Interest fixed rate^ home loan decreasing by 1.00% p.a. to 2.29% p.a. (comparison rate** 3.61% p.a.)
- 2 year owner occupier Principal & Interest fixed rate^ home loan decreasing by 0.69% p.a. to 2.29% p.a. (comparison rate** 3.53% p.a.)
- 3 year owner occupier Principal & Interest fixed rate^ home loan decreasing by 0.69% p.a. to 2.29% p.a. (comparison rate** 3.45% p.a.)
- Westpac customers who have lost their job or suffered loss of income as a result of COVID-19 can contact us for three months deferral on their home loan mortgage repayments, with extension for a further three months available after review.
- Effective Friday 27 March 2020, we are introducing a Term Deposit special offer of 1.7% p.a. interest for 12 months for all Australians (up to $500,000 per customer). Available online and in-branch. For Australians aged 65 years and over the rate will be 2% p.a. for eight months (up to $500,000 per customer). Customers can choose to have interest paid monthly to provide them with regular income.
- We have also introduced a nationwide plan to help elderly customers access telephone and internet banking, including a specialist call centre available to help people register for and use telephone and online banking.
Support for business customers:
- We have made a 200 basis point reduction on overdrafts for new and existing customers.
- We have made a 100 basis point interest rate reduction for small business cash-based loans.
- Small business customers with business balances less than $3m experiencing cash flow issues as a result of COVID-19 can defer Principal & Interest repayments of business term loans and Equipment finance for six months.
- We also have merchant terminal rental fee waivers for up to three months. In addition, we are helping small and medium businesses take advantage of the increased instant asset write-off and accelerated depreciation provisions in the Federal Government stimulus package with no establishment fees for equipment finance loans until the end of June 2020.
Astute Simplicity Home Loan:
Bank of China:
Bank of Sydney:
Online form (preferred): https://www.macquarie.com/au/personal/coronavirus
Queensland Country Bank: