Commonwealth Bank Temporary Deferral Options for Impacted Customers

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Temporary Deferral Options for Impacted Customers
 
Over the weekend, CommBank announced additional support for customers impacted by the latest Greater Sydney lockdown and New South Wales coronavirus restrictions.

Short-term home loan repayment deferrals 
For customers who have been financially impacted by the lockdown in New South Wales, we are offering a one-month deferral on home loan repayments.

This deferral is available to customers impacted by the New South Wales restrictions for a range of reasons, such as:

• They have been financially impacted, for example they are unable to work or their business has experienced or is anticipated to experience financial hardship due to the restrictions.
• They live, work and/or have investment properties or interest in the impacted areas in New South Wales.
• Customers who work or have a business in New South Wales, but live in another state or territory, and have not been able to work or their business has been or is anticipated to be impacted due to the extended lockdown and restrictions.

Please note: Arrears will continue to accrue during the deferral period and we will work with every customer at the end of their deferral to make a plan to repay the arrears independently with a suitable payment arrangement.

Other assistance options available

In addition to these short-term home loan repayment deferrals, other options available to customers include:
Accessing money customers may have in redraw in their eligible loan;
Restructuring home loan debt;
Switching to a Fixed Rate home loan;
Reducing repayments to the minimum monthly repayment amount; and

Using money in the customer's Everyday Offset (if available to them)

In November 2020, CommBank announced a freeze on forced sales, which remains in place until September 2021 for eligible customers impacted by coronavirus who are struggling with repayments.

Customers are also able to seek assistance via the Federal Government, which recently announced a new Temporary COVID-19 Disaster Payment for people who are unable to work because of lockdown.

Further support updates

We are monitoring the evolving coronavirus situation closely, and will notify you of any additional assistance options available to impacted customers, either in New South Wales or other states and territories across Australia.  

We will continue to update CommBroker and the CommBank website with any new information. Additionally, you can follow our various social media channels - including LinkedIn, Facebook, Instagram and Twitter - to stay up to date with any announcements. 
Where to go for help

Customers who require help can contact our Financial Assistance Solutions team by:
 
Requesting assistance online in NetBank

Calling 1300 720 814, 8am-9pm AEST Monday to Friday, or 9am-2pm AEST on Saturday

National Document Delivery Options
 
As we recently shared, there are a range of document delivery options available to customers across Australia, designed to provide them with the right support and experience. If your customer has an impending settlement date, DigiDocs or one of the ApplyOnline options below may suit them to receive, sign or return their Home Loan documents.