BSB 806 015

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BSB 806 015


With the COVID-19 situation evolving in Australia, P&N Bank 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:

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Lending relief package for
members with home loans

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New reduced fixed lending rates for 2 and 3 year loans

Please be aware this will be subject to usual assessment and lending criteria

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Lending relief package for those eligible members with small business lending

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Changes to our branches and other ways to bank

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Insurance support


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COVID-19 frequently asked questions


P&N Bank home lending 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:

  • All eligible members can apply for a repayment pause on their home loan for up to 6 months (subject to a 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 your COVID–19 repayment pause, which means that interest will continue to be charged to your loan and will required to be repaid once the loan pause finishes;
  • After the repayment pause, your minimum monthly repayments will be recalculated. The new repayment will be higher than your current repayments in order to repay the loan within the original repayment term. As an example, on a loan of $300,000 on a 25 year term with repayments paused for 6 months, the increase would be approximately $43 per month. This increase is based on an assumption that interest rates remain unchanged, and will vary depending on the loan term remaining;

Interest-only repaymant switch:

  • All eligible members can apply to switch their principal and interest home loan to an interest-only home loan for up to 6 months (subject to a review at 3 months).
  • Interest will be capitalised to your loan on the first day of every month and will be required to be paid in full no later than the day it is capitalised;
  • After the interest-only period, your minimum monthly repayments will be recalculated. The new repayment will be higher than your current repayments in order to repay the loan within the original repayment term. As an example, on a loan of $300,000 on a 25 year term with repayments paused for 6 months, the increase would be approximately $43 per month. This increase is based on an assumption that interest rates remain unchanged, and will vary depending on the loan term remaining;

Effective from 1 April, 2020.

Apply for a home loan relief option

If you need any further information, please call our Contact Centre on 13 25 77.


Insurance support for members

We know many of our members are facing increased financial stress as a result of the COVID-19 situation, and both P&N Bank and QBE Insurance are working together to support our members and insurance customers.

See more insurance support for members.


Special fixed rate for 2 and 3 year loans

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:

Fixed rate 2 year <80% LVR

2.34%

>80% LVR

2.44%

Fixed rate 3 year <80% LVR

2.29%

>80% LVR

2.39%

 

All loans are subject to suitability and assessment criteria.

Find out more about fixed rate loans.


Relief for small business 

All our business lending interest rates (including overdrafts) were reduced by 0.25% p.a. 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 (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.

Visit the Australian government COVID-19 website for the latest updates and information on support for small businesses.

If you need any further information, please call our Contact Centre on 13 25 77.


Temporary increase to tap to pay limits

To help reduce the spread of COVID-19, P&N Bank is fully supporting the banking and retailer industry to temporarily increase tap to pay limits from $100 to $200. The increased limits will apply to tap to pay purchases for Visa Debit and Visa Credit cards (including digital wallets).

This means you won’t be asked for a PIN when making purchases up to $200.

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

The change will progressively roll out through April 2020. 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. Once the new limit applies and where the service is available, no PIN will be required for purchases up to $200.

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 to pay transactions per day. Our fraud monitoring service 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 how to stay safe online.


 

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