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COVID-19 and My Loan FAQs

Jun 4, 2020 | News

We have compiled some responses to questions you may have in respect to your loan with Finance One during this time of uncertainty. We are here to help you work through this time.

On 11 March 2020, the World Health Organisation declared the outbreak of Coronavirus (COVID-19) to be a pandemic. In order to stop the spread of COVID-19 in Australia, the Federal Government has imposed necessary restrictions that have had a significant impact on the economy and resulted in hardship for many individuals and businesses.

At Finance One, we are here to provide our customers with support during this challenging event. We hope the information below is of help to you.

I have not lost my job yet, but what are my options in terms of my loan repayment commitments with Finance One?

If your financial circumstances have not changed as a result of COVID-19, your loan repayments will remain in accordance with your loan agreement. If you are impacted in the future, you can contact our Customer Care team.

What do I do if my income has been reduced and I can only pay part of my required repayment amount?

If your income, or household income, has been reduced due to the impact of COVID-19, please contact our Customer Care team, who will discuss your situation with you. Depending on your particular circumstances, we may be able to reduce your repayments temporarily for up to four weeks. If your income is still impacted after that time, you simply need to touch base with us again to explore further options.

What do I do if I am unable to make my repayments?

It is important to ensure you are working towards reducing your loan balance. However, we do understand that your financial circumstances may have changed as a result of COVID-19. If so, contact our Customer Care team, who will discuss your situation with you. Depending on your particular circumstances, we may be able to reduce your repayments temporarily for up to four weeks.

Will reducing or suspending my loan repayments impact my credit history?

Customers who are granted a reduction, or suspension, on loan repayments will not have their credit rating affected as a result of the agreed payment variations due to COVID-19.

How do I apply for financial hardship?

If you are experiencing financial hardship due to an unforeseen change in your circumstances, contact us as soon as reasonably possible. Our Hardship team can be contacted by e-mail at [email protected] You can also download our Hardship Application form.pdf.

Why isn’t Finance One offering the same six-month loan repayment deferment as the banks?

Finance One is unable to offer a six-month loan repayment deferment like the banks as it operates under a different funding model.

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Article by: Finance One

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