30 March 2020
At Geelong Bank, the personal and financial wellbeing of our members, the health of our people and their families and being a good corporate citizen of the broader community, remain our top priorities.
COVID-19 is affecting more and more people and industries each day. Should you find yourself in financial difficulty or hardship, we are here to support you through the challenging times ahead.
If you are ahead in your loan repayments, you may wish to alter your scheduled repayments in order to have additional funds available. Please contact us to discuss options. You may also have at-call funds available in mortgage offset accounts or loan redraw facilities* that will help when managing changes to your income.
Financial difficulty and hardship
Unexpected unemployment or illness are two of the most common reasons for financial difficulty or hardship but other events such as a death in your family or a relationship breakdown may cause issues. Our Lending Team will discuss options that may be available to help you deal with such problems.
How we can help
If you are finding it difficult to make your repayments, depending on your circumstances, the following types of assistance may be available:
*Redraws from the Affinity Home Loan Package and the Mutual Home Loan (formally Easy Start Home Loan) are free. The redraw fee for the Basic Home Loan (formally Value Home Loan) will be waived. For all other Home Loan redraws via internet or telephone banking are free and over the counter redraws will be waived.
Everyone’s situation is different, and we will tailor the assistance to your circumstances and needs.
Managing your finances when times are tough times can get overwhelming. Here are some organisations that provide free help and information.
Australian Government Economic Response to the Coronavirus
Money Smart - COVID-19 financial assistance
National Debt Hotline - COVID-19 Financial Survival Guide
Beyond Blue Looking after your mental health during the coronavirus outbreak
Lifeline – Mental health and wellbeing during the coronavirus COVID-19 outbreak