Aussie COVID-19 Customer FAQs

26 March 2020|20 minute read

 

We've covered a range of topics for different types of customers below. Use the links to jump to the answers relevant to you or scroll to find an answer to your question:

General FAQs

What steps can I take to look after my current situation?

During this unsettling period, it might be a good idea to review your home loan arrangements and make changes required to prepare for any challenges that may come up later.Steps you can take, might include:

  • Reducing your home loan repayments to the minimum contractual amount
  • Using your available redraw to repay your home loan
  • Speaking with an Aussie Broker to review your home loan and assess if a better loan option or structure might be available

What questions should I ask my Aussie Broker when reviewing my home loan?

There are many questions but here are some starters:

  • Are there savings to be made by switching to another loan with a lower or fixed rate, taking into account other fees and charges and cashback offers?
  • Am I better off lowering my current repayments and pocketing short-term savings or staying with my existing repayments and shortening the life of the loan? 
  • What should I consider if I enter a loan deferral arrangement?
  • What are the benefits of a Variable versus a Fixed home loan?
  • Should I switch from Principal and Interest to an Interest Only loan to save? 

I have experienced an impact to my health or my income due to COVID-19 and am concerned about meeting my mortgage repayments, what should I do?

We’re sorry to hear about your situation and want to reassure you that we’re here to help you during this challenging time. There are ways to manage your home loan to reduce the risk of hardship. Lenders on our panel are offering a range of solutions to support their customers who are affected by COVID-19. Reach out to your Aussie Broker or your lender through the below contact list for what help you can access.

Customer Hardship Contact List

 

What does a loan deferral mean?

A loan deferral or repayment holiday means pausing your repayments for an agreed period of time. The length of time will depend on what your lender is able to offer. It may be accessible as an automatically available offer or might be offered on a case by case basis.

During the deferral period, interest will continue to accrue on your loan balance and will still need to be repaid. When considering a loan deferral, it’s a good idea to ask your lender about what to expect when the deferral period finishes. Your repayments may increase, or your loan term may be extended to repay the deferred principal and interest amounts.

I am currently in the process of buying a property or refinancing. Has anything changed with my pre-approval or application?

Currently, the government has put measures in place to prevent gatherings including open houses and indoor auctions, which may affect customers looking to purchase a property. It’s also important to follow guidelines on social distancing measures to keep yourself and others safe.

There may be changes to the application process or to your individual application and it’s best to contact your Aussie Broker over the phone, video chat or email to understand how these changes may affect you.

What if I can’t physically visit an Aussie Broker for an appointment?

Our Aussie Brokers are still hard at work providing home loan services for customers. Although they may not be able to assist in person, they’re available over the phone, via video chat or on email.

If you aren’t already in touch with an Aussie Broker, you can call us on 13 13 33 or submit an enquiry on our website and we’ll be able to connect you with an Aussie Broker from your local area. 

What happens if JPs and other ‘authorised people’ are not accessible to verify IDs

As a business, we’re working on providing more options to enable us to continue providing home loans services while maintaining the social distancing guidelines put in place by the Australian government.

Please get in touch with your Aussie Broker, who can provide you with more information about what actions you can take according to the policy of your lender. If you don’t have an Aussie Broker, contact us on 13 13 33 and we’ll connect you with a local Aussie Broker. 

I have mortgage insurance with Aussie. How should I activate it?

If you have an ALI Group Mortgage Protection Plan policy through Aussie, benefits may be payable in relation to COVID-19, subject to the terms and conditions of the policy and your individual circumstances. To discuss your policy or to make a claim, please call 1300 33 55 98.

I am currently in the processing of buying a property, has anything changed with my pre-approval?

The first step to take is to check in with your Aussie Broker. You don’t need to leave your home to get help - our brokers are available over the phone, by email or via a video chat, and they’ll be able to discuss your pre-approval based on your personal circumstances.

There are a few things to be mindful of during this time:

  • Health advice from the Australian Government, which limits public gatherings including open houses and auctions.
  • Changes to your personal circumstances that might affect your ability to proceed with a full home loan application. Each lender will have a different approach to assessing your loan application, so it’s best to work with your broker to understand what options will be available based on your scenario before going ahead with a purchase.

Are lenders going to change credit policies that will make it harder for borrowers in impacted industries like travel and entertainment to get a loan?

Aussie is working closely with lenders on our panel to understand any changes and ensure Aussie Brokers are armed with the information they need to help you with your home loan needs during this uncertain time.

Every customer’s situation is different, and we recommend speaking to your Aussie Broker to discuss your personal situation. While there may be changes to lender credit policies, we’d like you to know that we’re here to help, and your Aussie Broker can discuss what options are available to you so that you can move forward with your plans. If you don’t already have an Aussie Broker, please call us on 13 13 33 or request a free appointment online so we can help you get in touch with a broker from your local area. 

Are Aussie stores and broker still open for business?

While we may not be able to meet with you physically, we will continue to support you through your home loan journey virtually. Our Aussie stores remain closed at this time, but our dedicated Aussie Broker’s around the country are still available, via phone, email or video call, whatever works for your best. 

How does a virtual meeting with an Aussie Broker work?

You won’t need to leave your home to discuss your home loan with an Aussie Broker. We’ve made it easy for you to ‘meet’ with your broker virtually, whether it’s over a phone call, email or a video chat on your phone or computer. Contact your Aussie Broker to book an appointment and they’ll arrange a virtual meeting that works best for you.

Information for Aussie's Home Loan customers

I have experienced impacts to my health or income due to COVID-19. What assistance is available to me?

If you have an ALI Group Mortgage Protection Plan policy through Aussie, benefits may be payable in relation to COVID-19, subject to the terms and conditions of the policy and your individual circumstances. To discuss your policy or to make a claim, please call 1300 33 55 98.

Aussie Select

Contact number: 13 13 33

Available assistance:  If you’re impacted by COVID-19, you should get in touch with us as soon as you’re aware you may require assistance. We can discuss personalised options to support you, including accessing your redraw facility, reducing repayments to the minimum monthly repayment amount, or applying to change your repayments to interest only payments.  

Aussie Activate

Contact number: 1800 184 260
Available assistance: If you’re impacted by COVID-19, you should get in touch with us as soon as you’re aware that you may require assistance. We can discuss personalised options to support you, including: Accessing extra repayments made on a loan Adjusting monthly repayments Temporary postponement or reduction of loan repayments Longer term variations where required

Aussie Elevate

Contact number: 1300 650 259
Available assistance: There are several options for extra assistance if you’re impacted by COVID-19. Depending on your personal situation we may be able to help with: Relief on loans for up to six months Waiver of fees for restructuring or consolidation of loans Credit card customers can apply for an emergency credit card limit increase.

Aussie IQ, Optimizer or other Aussie Home Loans

For assistance, please get in touch with the Macquarie Bank Financial Assistance team via the Coronavirus Assistance Hub.