BOQ's Continuous Support
As the economy recalibrates in response to COVID-19, times remain challenging for many Australians. In this environment, as always, BOQ Group remains focused on supporting its customers and partners.
Customers currently accessing COVID-19 relief
BOQ's initial Banking Relief Package provided eligible customers with a deferment of their loan repayments for up to six months, with a three-month check-in. With many customers now approaching the end of their six month repayment deferral period, BOQ is in the process of contacting them to understand whether they're in a position to start making their loan repayments.
Customers who are not in a position to start making their loan repayments can apply to extend their Banking Relief Package by up to a further four months, subject to an assessment of their financial circumstances. Alternatively, they may apply for their financial hardship assistance, which could be the right option for customers who require a more tailored solution to help them get back on track.
Customers seeking COVID-19 relief
Customers who are just starting to feel the financial strain of the pandemic can still apply for BOQ's Banking Relief Package. These applications will be assessed based on the customer's financial circumstances.
Customers who successfully apply for this relief and whose repayment deferral period commences between Thursday, 1 October and Saturday, 31 October 2020 can defer their loan repayments for up to six months, with a three-month check-in. Customers whose repayment deferral period commences between Sunday, 1 November and Thursday, 31 December 2020 can defer their loan repayments for a maximum period of three months.
Alternatively, customers with a variable rate home loan who are currently making Principal and Interest repayments can apply to switch to a one year Interest Only period or extend an expiring Interest Only term for an additional year.
Please see the detailed FAQs attached HERE.
For further information, please contact your respective BDM.