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With the COVID-19 situation evolving in Australia, bcu continues to ensure we are considering the health and safety of our staff and members in this ever-changing landscape as well as recognising the challenging financial situation many of our members may be facing into.

With this in mind, we have established a number of options to assist our members facing financial difficulties and challenging circumstances:

  • a lending relief package for eligible members with home loans;
  • a lending relief package for those eligible members with small business lending;
  • a special term deposit rate; and
  • new reduced fixed lending rates for 2 and 3 year loans. Please be aware this will be subject to usual assessment and lending criteria.

 

bcu COVID-19 repayment relief package 

If you have been affected by the current COVID-19 situation, and you are unable to repay your home loan as a result, we are here to help. In addition to our established financial hardship processes we will be offering the following options to our members:

Loan advance

  • If you are a member who is in advance of your scheduled loan repayments or have the ability to access your offset account, you can draw these funds at no cost.

Home loan repayment pause

  • Eligible members who have not previously been on COVID-19 repayment relief can apply for a repayment pause on their home loan, for up to 6 months (subject to a final end date of 31 March 2021). This applies to both owner-occupied and investment loans for principal & interest or interest only repayment terms.
  • Interest will be capitalised during the repayment pause. After the repayment pause, scheduled payments will be recalculated which means minimum monthly repayments will need to be increased to repay the loan within the original repayment term.
  • This application will be subject to a credit assessment, and you will need to provide supporting documentation to assist our team in assessing your application.

To apply for the home loan relief package please complete this form or call our Contact Centre on 1300 228 228 for more information.

If you are operating a Self-Managed Super Fund and wish to apply for relief on your term loan, please apply using this form.

Members who are nearing the end of their COVID-19 repayment relief period will receive a letter from bcu to inform them that their relief is due to expire. This letter will contain details of the new payment arrangement, and when payments are due to resume. The letter will also detail the process to be followed where further assistance is required.

If you have been on COVID-19 repayment relief at any point in the past, you will not be eligible to receive it again.  We are still here to help, so if this is the case, please reach out to us on 1300 228 228, and we will work through our financial hardship process with you.

Effective from 1 October, 2020.

Apply for home loan relief

 

Term Deposit Rate for our members

We have a range of competitive Term Deposit rates available. View all Term deposit interest rates or for more information call our team on 1300 228 228.

  

Special Fixed Rate for 2 and 3 year loans for owner-occupied borrowers

For those members looking for certainty in their home loan repayments for owner-occupied loans in the coming months, we have decreased the rates on our Fixed Rate products from 27 March 2020 to:

 Interest rateComparison rate
2 year Fixed Rate Owner Occupier (P&I) 2.25% p.a. 3.80% p.a.
3 year Fixed Rate Owner Occupier (P&I) 2.27% p.a. 3.66% p.a.

All loans are subject to suitability and assessment criteria.

 

Find out more about fixed rate home loans

 

 

Relief for small business – reduced rates and relief package

All our business lending interest rates (including overdrafts) were reduced by 0.25% pa on 1 April 2020.

In order to cater to our business member needs the following relief package will be available. Please be aware that each member’s situation will be treated on a case by case basis and we ask that you contact your relationship manager to understand specific eligibility criteria. Business members may be eligible:

  • to defer applicable principal and interest payments for up to six (6) months for business term loans, that are not fixed rate facilities. Any applicable interest over that period, will be capitalised within the loan term which will be extended by at least six (6) months to ensure your applicable loan repayments do not increase;
  • to apply for Temporary Excesses on existing Overdraft facilities for a six (6) month period and we will also waive any applicable establishment fees; and
  • for tailored restructuring options.

Any required legal documentation to vary existing business lending facilities (for e.g., a Letter of Variation), may also need to be signed by all relevant parties to a business loan before being able to be implemented.

Please be advised that we can only assist bcu members with the COVID-19 relief package. If you are not a current bcu member and wish to speak to a business banking manager please contact us via the business banking enquiry form.

For further information from the Australian Government, please see the Coronavirus information and support for business website.

Apply for Business Loan Assistance

 

Stores re-opening

bcu continues to adapt to ensure we provide the necessary services to our members, whilst also supporting our staff and their families.

Currently, some stores are operating with reduced trading hours as a result of the COVID-19 Pandemic.

Please find below a list of bcu stores trading hours effective from 11 May 2020.

bcu store updates 

 

Temporary increase to tap to pay limits

To help reduce the spread of COVID-19, bcu is fully supporting the banking and retailer industry decision to temporarily increase Tap and Pay Limits from $100 to $200. The increased limits will apply to Tap and Pay purchases for bcu Visa Debit and Visa Credit Cards.

This means at selected retailers Members will no longer need to enter their PIN for transactions up to $200 using bcu debit and credit cards.

The change will progressively roll out from April 7 2020 at selected retailers. Until the service is available on your card and at your retailer, you may continue to be prompted for your PIN on purchases over $100.

This change is a temporary measure to limit the risk of transmission of COVID-19, by reducing the need to touch payment terminals.

For the security of your funds, the $1,000 daily card purchase/withdrawal limit will still be in place, as will the limit of 10 Tap and Pay transactions per day. Our fraud monitoring will continue to closely monitor your account and alert you if any unusual activity is detected; however as always, we stress that you protect your card at all times and check your account regularly. Any fraudulent transactions on your card will continue to be covered by Visa’s Zero Liability Policy.

 

Staying safe online

As a result of the COVID-19 pandemic, there are reports of an increase in scams as cyber criminals find new ways to take advantage of the situation. The latest scams are designed to target changes to our daily lives, so it's important to stay up to date and keep your personal and financial information safe.

Find out more about the latest scam activity and safe ways to bank.

 

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Additional financial assistance

We’re here to support our members through these challenging times, so we've put together a list of resources and information you may find helpful.

View details

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COVID-19 frequently asked questions

Find out the answers to the questions we're currently being asked around COVID-19.

View details

Important things you should know


    Comparison Rate calculated on a loan amount of $150,000 over a term of 25 years based on monthly repayments. These rates are for secured loans only. WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different Comparison Rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the Comparison Rate but may influence the cost of the loan.