October 1 2020
From 1 October 2020, there will be some changes made to the way ME handles new requests for repayment pauses related to the COVID-19 pandemic on our products. For your information, the below communication was sent to our brokers yesterday.
What are the changes?
For Personal Loan and Credit Card products:
From 1 October 2020, ME will no longer offer COVID-19 related repayment pauses for any Personal Loan or Credit Card products.
Customers who call ME to request a pause on their Personal Loan or Credit Card products will be referred to ME’s hardship team to talk through available support options.
For home loans:
From 1 October 2020, customers requesting a new home loan repayment pause due to the COVID-19 pandemic will need to speak with ME and complete a needs-based assessment prior to the pause being approved.
If the new repayment pause is approved, it will only be applied until 31 March 2021 as per regulatory advice. Customers will be informed of this during the conversation. If the new repayment pause is not approved, the customer will be referred to ME’s hardship team to talk through available support options.
Why is ME making these changes?
ME have offered customers repayment pauses on Credit Cards, Personal Loans and Home Loans from 23 March 2020, upon request without any significant understanding of the customer's financial position or if the pause was in their best interests. Since this time, there have been many changes to the advice from our regulatory bodies regarding the type of support that lenders should be offering customers in response to the COVID-19 pandemic. For HL customers, from 1 October 2020, the needs-based assessment will ensure that solutions provided to customers are tailored to their individual needs and provide sustainable support.
As a result, a decision has been made to not offer COVID-19 related repayment support for home loan customers past this date, and earlier for unsecured products.
Any customer that requires additional support beyond 31 March 2021 will be referred to ME's hardship team to talk through suitable support options.
What do I say to a customer who has questions?
If you receive any questions from customers about starting a new repayment pause or discussing an existing pause, direct them to contact ME on 13 15 63 (+613 9708 4001 from overseas) for assistance.
28 September 2020
Effective Monday 28th September, ME will be introducing a new limited time campaign specifically designed for First Home Buyers
For your information, the First Home Buyer campaign offers:
The campaign offers eligible first home buyers may qualify for a 25% discount on LMI premiums, variable rates as low as 2.58% p.a., be able to borrow with as little as a 5% deposit, and pay no annual fee. The rate discounts are summarised in the table below:
We’re offering a discount for First Home Buyers (FHBs), which applies to FHBs who submit an application from 28 September to 20 November 2020, and settle by Friday 26 February 2021
These offers only apply to new owner occupier, principal and interest home loan applications. The FHB special offer pricing will be applied via a promocode during the application process. The FHB flag will need to be selected for eligible applications.