Things to remember:
There are different forms of relief available depending on your circumstances and loan type. Interest will continue to accrue on all unpaid amounts, despite any deferral of payments. All forms of relief will require an amendment to your loan which may result in:
- An increase in your regular payment amounts after the relief period, and/or
- An extension to the term of the loan, and/or
- An increase in the total amount that you pay.
All variation requests will be subject to credit approval and any changes to your loan will be set out in a variation letter.
If you miss a scheduled loan payment (either before or after any variation to your loan agreement), this will still constitute a default under your loan agreement. If you expect to miss a payment, please contact us so that we can assist you.
Please note that if you reduce the amount of your payments (or make no payments) over any period, interest will continue to accrue until all amounts have been repaid. If you do not pay interest for any period, that interest will still accrue and may be added to (and form part of) your loan amount. In each case your total interest charges payable may be greater than it would have been if you had not varied your loan.
