bcu Logo

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 Home Relief Package

If you have been affected by the current COVID19 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:

  • 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;
  • All eligible members can apply for a repayment pause on their home loan, for up to 6 months (subject to review at 3 months). 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.
  • Effective from 1 April, 2020

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

 

Apply for Home Loan Repayment Pause

 

Special Term Deposit Rate for our members

You can access a special term deposit rate of 1.70% for a 10-month term (interest paid at maturity) and 1.60% for a 10-month term (interest paid monthly). If you’d like to take advantage of this rate, please call us on 1300 228 228, or view more Term Deposits.

  

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 rate Comparison rate
2 year Fixed Rate Owner Occupier (P&I) 2.25% p.a. 4.01% p.a.
3 year Fixed Rate Owner Occupier (P&I) 2.27% p.a. 3.84% 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) will reduce 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.

We have been engaged in relation to the SME Loan Guarantee Scheme and are continuing to monitor developments as it is finalised by Government Agencies.

 Apply for Business Term Loan Assistance

 

Important notice regarding upcoming bcu store closures

bcu is having to adapt quickly to ensure we continue to provide the necessary services to our members, whilst also supporting our staff and their families. Due to the ongoing impacts of COVID-19, we wish to advise that from Wednesday, 1 April we will be temporarily closing some of our bcu stores. Affected members have been notified of these changes. 

We sincerely apologise for any inconvenience this may cause and ask for your patience and understanding as we manage through this difficult period.

bcu store updates 

 

Australian government support for small business

For financial assistance, eligibility and timing for the new government support for Australian businesses.

View details

Safe ways to bank

It's important to minimse your use of cash to stop the spread of potentially harmful disease. Find out more about cash alternatives and safe ways to bank.

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.