Adelaide Bank has supported customers through good and tough times for over 150 years, just as we’re here for you now. We are doing our utmost to service every one of our valued customers during the COVID-19 pandemic.
Financial difficulty assistance
We understand the impact of the coronavirus (COVID-19) could affect you financially. The following financial assistance package is available for affected Bendigo and Adelaide Bank customers nationwide:
- Customers may be able to apply for relief on home loans, business loans, line of credit and credit cards.*
- Waiver of interest rate reduction for early withdrawals on term deposits prior to maturity
Already deferred repayments for six months?
You may be eligible for an additional four months relief. We’ll contact you to discuss your circumstances near the end of your six-month repayment relief period.
At the end of the initial deferral period we expect customers to resume full repayments. If you indicate that you may not be in a position to recommence repayments and seek additional assistance, we’ll need to understand your circumstances in more detail. To do that, an assessment of your financial position will need to be done. This might conclude that you have the capacity to recommence repayments, or it might result in a restructure of your banking facilities.
The bank will work with you to identify appropriate solutions, ensuring they’re sustainable and realistic.
Customers who have the capacity to recommence repayments will be offered:
- A resumption of repayments at a higher amount to maintain your existing loan term.
- A resumption of repayments including an extension of loan term in line with your deferral term.
If a restructuring of your facility is a more appropriate outcome based on your current circumstances the following may be considered:
- Extending your loan term by longer than the COVID-19 impacted deferral term.
- Consolidation of your debts.
- Extending interest only arrangements for up to 12 months.
- Conversion of your principal and interest payments to interest only payments for up to 12 months before resuming principal and interest repayments over the remaining term.
If you’re unable to resume repayments in any form, the Bank may consider a deferral extension of up to 4 months. For this extension to happen, we’d need to establish on reasonable grounds that you’ll be able to resume repayments within the further deferral period. In this scenario, interest will continue to be charged.
We encourage you to view our online calculator so that you fully understand the impacts of ongoing non-payment on your banking facility.
If you have any questions about your banking facilities or deferral period, please contact us on 1300 236 344 so that we can assist you further.
Explore your options
We’re committed to supporting our customers through these challenging times as much as we possibly can.
This video explains your options and the impact of possible changes to your repayments as part of the COVID-19 assistance package.
Let our online calculator help you
You may like to use our online calculator to show the effect to repayments and total interest payable as a result of deferring and/or extending the loan term.
If you need further support, please complete our Personal Finance Assistance form.
No, there is no change to online banking transactions or payments – they are still being processed within the same timeframe as they always have.
Yes. However, we may ask you to temporarily remove your mask for identification purposes. Our branch staff are also required to wear a mask.
The Government’s economic support package consists of two payments of $750 for eligible recipients. You can expect to receive the first $750 deposited into your nominated myGov account between 31 March and mid-April 2020. The second payment will be deposited from 13 July 2020.
For more information, or to check your eligibility, visit the Department of Social Services website.
As an essential service, bank branches and ATMs remain open. There may be a limited number of instances where a branch needs to temporarily close, however customers affected will be directed to a branch nearby.
Some ATMs may not be accessible depending on their location (those within malls that may have closed).
Please check your local Bendigo Bank branch operating hours as these may have changed.
If you're visting a branch in Victoria you will be required to wear a mask and we may ask you to remove your mask for identification purposes.
You can access your accounts, check your balance, pay bills, change your PIN, and perform everyday transactions 24 hours a day via Online Banking or the Adelaide Bank app.
To get started with Online Banking call 1300 135 481 and provide your customer number to register (your Customer Number can usually be found on the top right hand corner of your statement of account.)
If you have a smartphone, download the Adelaide Bank app from the Apple Store (iPhone) or Google Play (Android).
For more information on Online Banking visit our Online banking support pages.
If you’re worried you might not be able to make your scheduled repayments on your home loan, business loan, line of credit or credit card, talk to us. We can help by reducing or deferring your repayments, restructuring your loan/s, waiving fees, and offering credit options for eligible customers.
Home loan customers have the option of deferring their repayments for up to six months, with interest capitalised (meaning interest and fees will be added to your loan balance with either the term of the loan extended, or payments increased after the deferral period).
Based on your circumstances, you can defer your home loan repayments for an agreed time. If you choose to do this, interest and fees will still be added to your loan balance during that time.
Once the deferred period finishes, we’ll work with you on a plan to repay the amount you’ve deferred. This might involve increasing your minimum repayments for the deferred period or extending the term of your loan.
As always, we’re here to help discuss your options and how they’ll affect you.
We will contact you to discuss your situation and whether you need more help when your arrangement ends, the following options are available:
- You can repay any outstanding amount, if any
- You can make a repayment plan to pay any outstanding arrears over an agreed period
- We can recalculate the repayments of the loan
- We can extend the term of your loan
A payment pause or deferral will not show as missed payments in your credit report. To learn more about your credit score and credit report visit CreditSmart.
If you find another job or return to your place of employment, we encourage you to contact us to discuss more suitable arrangements based on your changed circumstances.
Yes. Customers are eligible for assistance/hardship arrangements even if they are ahead on their loan.
Yes. You can redraw any available funds on your loan at any time, even if you have an assistance/hardship arrangement with us.
Tap & Go limits
The Australian Payments Network has confirmed that the payments industry will be temporarily increasing the limit for Tap & Go transactions that require a PIN from $100 to $200 to reduce the need for physical contact with the payment terminal.
The new $200 limit is expected to apply for a three-month period and will be extended if required.
Our Visa Credit card holders will begin to see Tap & Go transactions up to $200 being approved without a PIN being required.
As this will be a gradual roll-out, card holders should be guided by following the PIN pad prompts when making purchases.
Cash cards are not enabled to complete Tap and Go payments and will be unaffected.
As always, you can access your accounts, check your balance, pay bills, change your PIN, and perform everyday transactions 24 hours a day via Online Banking or the Adelaide Bank app. To download the Adelaide Bank app visit the App Store (iPhone users) or Google Play (Android users).
Federal Government COVID-19 economic package
The Federal Government has announced a second stage COVID-19 economic package. We’ll make sure income support and other payments made by the Government are processed as quickly as possible.
More about COVID-19
For Australian Government’s Economic Response visit the Treasury website.
Scams involving COVID-19
For information on how to keep yourself safe online visit Stay Smart Online website.
If you think you've been scammed, call us on 1300 652 220 immediately.
Based on your circumstances, you can defer your home loan repayments for an agreed time.
If you choose to do this, interest and fees will still be added to your loan balance during that time.
Once the deferred period finishes, we’ll work with you on a plan to repay the amount you’ve deferred.
This might involve increasing your minimum repayments for the deferred period, or extending the term of your loan.
As always, we’re here to help discuss your options and how they’ll affect you.