| Bank of Melbourne

To assist with managing your next steps during this challenging time, we’ve outlined three options for you to consider. To submit your selection, you’ll need to enter your surname and the 8 character unique reference number we sent you via email or SMS.

Important reminder

Your selection will apply to repayment deferrals on business loans only (this includes business term loans, business auto and equipment finance facilities and equipment loans).
Your selection will not apply to business credit cards (Amplify Business, BusinessVantage and Corporate Connections Mastercard), Fixed Rate Business Bank Bill Loans, Novated Leases, Commercial Hire Purchase facilities, as well as any personal accounts with COVID-19 support packages applied – including home loans and consumer auto loans with three-month payment pauses. These repayment deferrals or payment pauses will remain unchanged.

1. End your business loan repayment deferral early

If your circumstances have changed and you no longer require your repayments to be deferred, you can choose to resume repayments before the end of the six-month deferral period.

If you choose this option, your current deferral arrangements will continue until your request is processed by us. Interest that accrued during the deferral period will be added to your loan account balance at the end of the deferral period (capitalised) together with any fees that would have been payable during the deferral period, in accordance with the terms of your arrangement with us.

Further information regarding this option is available in the FAQs below.

2. Continue your business loan repayment deferral

Your current arrangements will remain unchanged and repayments will resume at the end of your six-month deferral period.

If you choose this option, interest and fees will continue to accrue during the six month deferral period, and will be added to your loan account balance at the end of the deferral period (capitalised), in accordance with the terms of your arrangement with us.

Further information regarding this option is available in the FAQs below.

3. Contact us for additional support

Let us know if you think you might need additional support or will be unable to resume repayments at the end of the six-month deferral period. We will contact you to discuss your options, including a possible extension to your repayment deferral¹.

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Frequently asked questions

What happens after the deferral period has finished?

For business loans, interest that accrued during the six month deferral period will be added to your loan account balance at the end of the deferral period (capitalised) together with any fees that would have been payable during the deferral period, in accordance with the terms of your arrangement with us*.

When will my repayments start if I decide to end my deferral period early?

We are working to process a high volume of requests. Your request will be processed by one of our team. We will endeavour to do this as soon as possible, noting that the volume of requests we are receiving may cause delays.

Your deferral period will be cancelled, and your repayments will commence, once your request is processed by us. We will contact the borrower to provide updated repayment details before the next repayment is due.

Why are business credit cards excluded from the check-in?

Although you’re not required to make any repayments during the repayment deferral period, the removal of the minimum monthly repayment doesn’t prevent you from making payments to your credit card balance at any point in time.

Interest on outstanding purchase and cash balances, including those made during the repayment deferral period, will be calculated and accrued daily at a reduced rate of 9.46% per annum on new and outstanding purchases and cash balances.

Can I then change my selection after completing the form?

Who can I speak to for more information?

Where can I find the start and end date for my initial business repayment deferral period?

Will I need to do anything at the end of the support period?

Note:

If you’ve already contacted us to make changes to your business loan repayment deferral, you don’t need to take further action. We’re currently working through your request and will be in touch as soon as we can.
If you don’t respond, we’ll continue with your current business loan repayment deferral, with your repayments resuming at the end of the six-month deferral period as planned.
If you have any other packages which are excluded from this check-in, we will contact you closer to the deferred repayment or payment pause end date.

The Detail

1. Extension of the deferral period is subject to eligibility criteria and further credit assessment.

* For Equipment and Auto Finance loans and facilities, fees which accrued during the deferral period will be waived. For all other facilities, Loan Service Fees, Loan Administration Fee’s and Service charges which accrued during the deferral period will be waived. Line Fees which accrued during the deferral period will be payable and will either be added to your loan balance or debited from a nominated account at the end of the deferral period. If your Line Fees have been added to your loan balance and are usually debited from a nominated account (not added to your loan balance), you can choose to pay the Line Fees at the end of the deferral period. If you would like to do this, please contact us to arrange this after the line fee has been added to your loan balance.

COVID-19 Updates