We know that for many of our customers this is an extremely difficult and worrying time, and we want you to know that we’re here to support you. For the past 11 years, we’ve supported our customers. And that remains true today – it’s business as usual at UBank and we’re here to support you.
Home Loan Repayment Pause
To give you some extra breathing room, eligible UBank Home Loan customers can request a home loan repayment pause for a two to six-month period. Extensions to existing repayment pauses can also be requested on a case-by-case basis for up to a further four months (ending no later than 31 March 2021). Requests will be handled by our specialist customer support team, Advantedge Customer Care.
How to Apply
Our Customer Support Team can be contacted on:
1300 155 426 (8am to 6pm AEDT Mon-Fri).
We understand that you may want to speak to someone about whether a repayment pause is the right option for you. We’re trying to speak to as many of our customers as we can, but please be aware that our team is currently experiencing very high call demand, leading to longer than usual wait times.
How does a Repayment Pause work?
- Eligible customers can pause their home loan repayments for two to six months, including a three-month checkpoint. Customers can also request to extend an existing repayment pause for up to a further four months which will be granted on a case-by-case basis.
- All current UBank home loan customers directly financially affected by Coronavirus (owner occupiers and investors on either principal and interest or interest-only repayment schedules with either variable or fixed rate loans) are eligible.
- During a repayment pause, any redraw function of your account would be suspended, so please consider if using funds in redraw to cover or reduce your future repayments is a better option for you.
- During a repayment pause, the processing of Direct Debits into your loan account will also be suspended.
- If you wish to use both your additional funds currently sitting in redraw, and also to apply for a repayment pause, you should transfer these redraw funds from your home loan account into a savings or transaction account before requesting the repayment pause. Instructions on how to redraw funds are here.
- All unused available redraw will continue to be accessible at the end of the repayment pause period.
- Fixed rate loan expiry terms will not be affected by the repayment pause, so you’ll need to contact UBank before your fixed rate term expires to discuss your options.
- The repayment pause will not impact your credit score and credit reports.
After the repayment pause, you will need to bring your account up-to-date over an agreed period of time. This will result in your regular repayments being adjusted to meet the contracted loan term (i.e. repayments after the pause will be higher than your current repayments and will incur a higher amount of interest over the life of your loan).
What can I do if I’m not directly impacted by Coronavirus, but I’m worried or experiencing hardship for other reasons?
Access your redraw - If you’re ahead on your home loan repayments and have extra funds sitting in redraw, you can normally use these to reduce your current repayments or get access to your additional funds. You can find out more about how to redraw here.
How do I know if I’m ahead on my repayments?
Log in to ‘My UHomeLoan’, click on the ‘Loan Information’ menu tab, and then look at the heading ‘Available Redraw’.
If you are experiencing financial hardship for any other reason and need further support, please contact our Customer Care team for help, using the details above.