As we all begin to return to a 'new' normal post-COVID-19, ANZ has been working on some enhanced array of options for their customers, tailored to each individual's circumstances.
Regulatory changes mean that from 31 March 2021, the support provided will change as customers continue to recover from the impacts of the pandemic in 2020.
From this date, Australian regulators will no longer provide customers with credit history relief. Banks will no longer receive capital relief to offer them the same kinds of repayment deferrals available during the pandemic's peak in 2020. In line with this, along with the other big four Australian banks, ANZ will begin to support our customers in moving away from COVID-19 repayment deferrals and instead help them with sustainable solutions that better support longer-term growth and prosperity.
In line with this, ANZ will not provide any new COVID repayment deferrals after 31 January 2021, though we will continue assisting customers on existing COVID deferrals until the end of March.
Providing a COVID repayment deferral beyond 31 January 2021 for such a short period of time is unlikely to provide customers with a material form of support. As such, from 31 January anyone newly applying for ANZ's financial hardship assistance (effected by COVID-19 or otherwise) will be contacted by one of ANZ's dedicated Customer Connect team. They will have a conversation with the customer about their unique circumstances to enable a discussion about any sustainable options they may be able to offer in order to assist them.
- All customers currently receiving COVID-19 assistance will continue to receive some form of assistance for the period agreed with them
- For customers applying for hardship assistance whose application is received by ANZ up to and including 31 January 2021, the COVID assistance will still be considered as an option for them along with other potential options.
- Applications received by ANZ after 31 January 2021 will not be eligible for the COVID deferral package but will be considered for a range of other support options.
To support your customer conversations, it is timely to update three critical areas of their continued and enhanced support offerings. These include:
- More detail on ANZ's retail and commercial online assistance application process for home loans, personal loans, credit cards and commercial products.
- How to assist both retail & commercial customers nearing the end of their COVID-19 assistance period.
- For Home Loan customers the ability to move from Principal & Interest payments to Interest Only payments.
ANZ's Online assistance application process for retail Home Loan, Personal Loan, Credit Card and Commercial customers is available now
The Customer Connect teams will continue to assist customers facing financial difficulties. In order for them to have an informed conversation with customers seeking financial support, they will need to complete an online assistance application. From here, the Customer Connect team will contact them.
Action - Customers can apply online at anz.com
- Customers seeking financial hardship assistance will need to complete an online assistance application.
- They should allow 30-45 minutes to complete the assistance application and have their personal, account, income and expenditure details available.
- Once the application is completed, the customer will be contacted by a member of our Customer Connect team within 5 business days to discuss any options that ANZ may be able to offer.
Click HERE for more information
How to assist both retail and commercial customers nearing the end of their COVID-19 assistance period
Customers receiving COVID-19 assistance may be unsure about what will happen when their assistance ends.
- Customers were advised of their new payment terms and when payments would fall due again. Customers were given the opportunity to contact ANZ to discuss if any further assistance was required.
- If your customer is experiencing ongoing hardship following a COVID deferral assistance period and requires further support, the standard hardship process will apply.
- If you identify or suspect a customer will not be able to resume their usual payment arrangements, you can direct them here:
Ability to move from Principal & Interest payments to Interest Only payments
*Retail Home Loan Customers
The temporary streamlined process enabling customers to move from Principal & Interest payments to Interest Only payments is still available for customers who would like either to move from Principal & Interest to Interest Only for 6 or 12 months, or to renew their current Interest Only period for up to 12 months. We will advise you of any changes to this process.
- If you identify or suspect a customer will not be able to resume their usual payment arrangements and would like additional support, please refer them to complete a new assistance application on anz.com/hardship. The Customer Connect team will contact the customer to discuss options which may be available to them.
More Information for Retail Customers
For further information, please reach out to your BDM.