Support measures activated for members affected by new COVID-19 restrictions
Teachers Mutual Bank Limited continues to offer support measures to Members adversely financially impacted by the pandemic.
30 June 2021
In response to the latest COVID-19 restrictions in the states and territories of Australia, Teachers Mutual Bank Limited continues to offer support measures to Members adversely financially impacted by the pandemic.
The COVID-19 support measures apply to all of the Teachers Mutual Bank Limited divisions including Firefighters Mutual Bank, Health Professionals Bank, Teachers Mutual Bank and UniBank.
Members facing financial difficulty are encouraged to contact us and we can discuss various options available including:
- To request to reduce their principal and interest loan repayments to the minimum monthly repayment amount and extend the term of the loan;
- To make interest only repayments for a limited period, including to request to restructure your loan to interest only repayments;
- Consider switching to a Fixed Rate Home Loan;
- Consider accessing money you may have available in redraw in your loan;
- Consider accessing money you may have available in your Offset account.
Teachers Mutual Bank Limited, Chief Executive Officer, Steve James, said: “The COVID-19 situation in Australia is once again changing rapidly. We are thinking of our NSW customers who have recently entered stay-at-home restrictions and we are here to support any Member who is facing financial difficulty as a result of the new COVID-19 restrictions. Our customers are the core of our business, and we will continue to monitor the situation and act quickly to support our Members through difficult times.”
Teachers Mutual Bank Limited, Chief Risk Officer, Glenn Becker, said: “We were able to help over 960 Members with a Repayment Pause on their Home Loans in FY19-20 and as at 31 March 2021, the majority of these Members have recommenced repayments on their Home Loans with no foreclosures. Additionally, in FY20-21 we have helped close to 400 Members experiencing a range of challenges to navigate their changing financial circumstances. If you need support during the new COVID-19 restrictions, please don’t hesitate to contact our Financial Hardship team who are ready to help and provide tailored solutions for your circumstances.”