Covid-19 Lenders support policy

Covid-19 Lenders list

Find details of lenders policy and support below.

Hardship Policy

As a group, we will continue to monitor this unfolding situation with a focus on what support we can offer to our customers who are experiencing job loss and hardship. We are putting the customers most impacted by this crisis at the front of all that we are doing and the decisions we make.

Our existing hardship policy is well suited to the current crisis, offering:
• a repayments holiday for three months
• the option to extend for a further three months
In response to the COVID-19 crisis, we have assigned additional local staff to our Hardship Team so we can speak to each customer personally and work through a solution to their individual circumstances.

If your customer is experiencing hardship, please have them call us directly on 13 12 20 and one of our Hardship Consultants will help them with consideration and empathy.

Hardship FAQs

Q. What’s your preferred contact method for customers impacted by COVID-19 that seek hardship support?

Please have customers contact us directly on 13 12 20 and we will put them through to our Australian-based Hardship Team to discuss their options.

Q. Would you like our brokers to collect information / details or complete a form to help support this process on your behalf?

This is not required. To qualify for our hardship arrangements, most customers will just need a letter from their employer confirming that their income has been reduced.

Q. Are you working on any short-term changes to your hardship policy & processes to deal with COVID-19?

Our existing hardship policy is well suited to the current crisis, offering a repayments holiday of 3 months with an option to extend for a further 3 months. In response to the COVID-19 crisis, we have assigned additional local staff to the Hardship Team so we can speak to each customer personally and work through a solution to their individual circumstances.

Q. How does the customer repay their outstanding debt after they exit a hardship arrangement?

The customer is given an option to repay the arrears or, alternatively, to capitalise the arrears and increase their regular payments. It is not possible to extend the term of the loan.

Q. Is there any risk to your centralised contact centres being closed / shut down that will limit your ability to process an increase of hardship requests?

We enacted our business continuity plan ahead of the market and have successfully moved the vast majority of our employees to work remotely. We have also assigned extra staff to our Hardship Team. We do not anticipate any delays in processing Hardship requests.

Q. If a payment arrangement or repayment holiday is agreed with a client, will this impact on Broker trail commission payments?

We are currently reviewing trail policy where customers are in hardship as a result of COVID-19 and will advise as soon as possible.

Q. Does Firstmac require brokers to ID their clients face to face before lodging a loan application?

Firstmac does not require the broker to conduct a face-to-face interview with a client prior to lodging an application or to view client identification documents.

Q. Does Firstmac require all ID verification to be done in person?

Our mortgage document pack which includes a VOI form requires original signatures. The VOI form must be completed by a prescribed person listed on the form and the mortgage documents will still need to be witnessed. This process is currently being reviewed with the Titles Offices in each state and we will provide you with an update when available.