The coronavirus pandemic has created a major economic crisis in Australia and throughout the world with business and individuals feeling the pain of lost income and unable to meet their commitments on their boat loans. We’ve received many enquiries from our customers as to what support is available from lenders and we empathise with every situation and are endeavouring to provide information as required.
Applying for Boat Loan Payment Relief
- We have provided as much information here as we can presently source and we are directing our boat loan customers to their lender’s website for details.
- Most lenders, if not all, have already set-up dedicated websites for their COVID-19 Support Policies.
- We encourage you to go to your lender’s website.
- Usually there will be a contact phone number and/or email details.
- Be patient. Many, many people are in the same boat as you. We’re all in this together. So the phone lines to banks and finance companies are very busy.
- Where possible, send an email and include all your relevant details: Customer name and loan account/reference number; your phone and email contact details; clearly state if you are requesting a deferral of payments; state how long you are requesting a deferral for, ie 3-6 months.
- Give the lender time to respond to your individual case before you start following up.
- Jade Boat Loans is accredited with multiple banks and lenders and each lender has their own support policies in place. There is no ‘blanket’ policy or solution which covers all loans for all lenders.
- Lenders may offer different policies in regard to deferment of boat finance repayments for personal boat loans compared with business, ie commercial boat finance loans.
- Different policies may be offered for different sized businesses, eg small business support versus large corporation support.
- By way of explanation, you should be clear of the different definitions around payment relief to ensure you understand what your lender is offering you.
- Deferred payments means putting off those payments for payment at a later date. Eg a 6 months deferment of payments usually means that you don’t have to make the next 6 months of payments in the usual due date. You will be required to recommence regular payments from the 6 month date. The 6 months effectively extend the loan term to a later conclusion date. Often referred to as a ‘loan holiday’. You can forget about making your loan repayments for a set period. But the loan payments are still due to be paid.
- Interest accrued during the deferment period is not usually waived. It is usually added to your loan.
- Deferring payments is not an automatic process. You must apply to your lender to have specific loan payments deferred.
- Waiver or waived payments mean that those payments, fees, charges etc are effectively deleted/forgotten/erased. Some lenders may waive any late payment fees for loans and credit card payments but during this COVID-19 crisis, most waivers apply to government fees and charges not to loan payments.
Specific Relief and Support
We can provide general guidelines based on some information that we have received from our lenders but this must be used as a guide only. You must contact your lender for the exact COVID-19 relief measures that they are offering for individual boat loans and to individual lenders.
- The ANZ Banks has announced relief for small business customers with deferment of payments arrangements and temporary increases in overdrafts.
- The bank has set up a dedicated website to assist people seeking relief on loans due to COVID-19.
- If you have a personal boat loan or a commercial marine finance loan with ANZ go to https://www.anz.com.au/support/covid-19/
- Westpac has announced its policies for individuals and businesses seeking relief for loans.
- If you have a personal boat loan or a commercial marine finance loan with Westpac go to https://www.westpac.com.au/help/disaster-relief/
COMMONWEALTH BANK (CBA)
- The CBA has detailed varying relief policies for different types of loans.
- If you have a personal boat loan or a commercial marine finance loan with CBA go to https://www.commbank.com.au/latest/coronavirus.html?ei=hp-ban-cvp-default-coronavirus
- Macquarie Bank has announced measures for both businesses and households which include immediate deferment of payments for 6 months.
- If you have a personal boat loan or a commercial marine finance loan with Macquarie Bank go to https://www.macquarie.com.au/financial-assistance.html
OTHER BANKS AND LENDERS
As mentioned above, please visit the main website for your lender. Most have COVID-19 relief information already posted.
The Federal Government, individual state and territory governments and local councils have a range of support measures in place to assist individuals and businesses who have had their income affected by COVID-19. Please search the relevant websites for what support you may be entitled to which may assist with making your boat loan repayments without requiring deferment.
At Jade Boat Loans we’ve moved to work from home arrangements but will be providing continuity of service throughout the COVID-19 crisis.
DISCLAIMER: THE INFORMATION PROVIDED SHOULD BE USED AS A GUIDE ONLY. ALL INDIVIDUAL LOANS AND ARRANGEMENTS WITH SPECIFIC LENDERS SHOULD BE MADE DIRECTLY. JADE BOAT LOANS IS NOT IN A POSITION TO PROVIDE SPECIFIC ADVICE ON ANY SPECIFIC BOAT LOAN.