Broker information regarding COVID-19
Please find COVID-19 broker information here. For COVID-19 customer information, please refer to the Suncorp site.
Managing and supporting relief arrangements
Effective Thursday, 4 June 2020 all customers who have already been approved for a three-month payment deferral of their home loan payments will receive an email advising them of their upcoming assistance expiry date, and requesting that they complete a simple online form if they need to extend this assistance. The form will be personalised and accessible via a link in the email. If the customer requests further assistance and we need further information, our Customer Assist team will contact the customer via phone. If approved, the customer will receive an outcome letter. A follow-up reminder email will be sent to those who haven’t completed the form after seven days. If the customer does not complete the form by the due date, their obligation to make repayments will recommence after one month.
SME Support Loan
To help businesses impacted by COVID-19 manage their cashflow through this period, Suncorp Bank is now offering an unsecured SME Support Loan to eligible new and existing customers (subject to lending criteria). More information is available on the SME Support Loan page.
Change to lending guidelines as a result of COVID-19
Effective Thursday, 30 April 2020 Suncorp accredited brokers are required to ask all new lending applicants specific COVID-19 questions to establish whether the cutomer is impacted. Find the COVID-19 Responsible Lending Guidelines here and the COVID-19 specific questions document here.
Increased wait times for customer contact centre
The Bank’s customer contact centre (13 11 55) is currently experiencing a high volume of calls resulting in longer than usual wait times. Please encourage customers to use the Internet and self-service options where possible.
Applications for financial hardship
As the impact of COVID-19 (coronavirus) continues to affect many of our customers, we are experiencing an increase in the number of applications for financial hardship. This is in turn affecting our ability to process customer applications within expected timeframes. We're asking customers for their patience and encourage you to direct your customers to the Suncorp website for more information.
VOI and KYC process during COVID-19 restrictions
Suncorp has made changes to its VOI (Verification of Identity) and KYC (Know Your Customer) processes, effective Wednesday, 8 April 2020, until further notice. Please find process overview here and links to all relevant supporting documents, including this Quick Guide, process document for New-to-Bank Applications, process document for Inflight Applications, Verification of Identity Certificate, Frequently Asked Questions and Declaration Form.
Relief assistance package
- NEW Repayment Pause - A deferral of repayments for all home or personal loans, for a period of up to six months.
- Move to Interest Only - Conversion from Principal and Interest repayment structure to Interest Only for a period of time.
- Cashback - Customers who have made additional repayments on their variable home loans are able to access cashback to assist them with expenses
- Modify Repayments - Customers that have made additional repayments on their home or personal loan and are ‘in advance’ and are able to reduce or suspend their repayments.
- Up to six-month deferral of principal and interest or interest only repayments (interest will be capitalised, and the term of your loan will be extended)
- Change from principal and interest repayments to interest only repayments for up to 12 months (the term of your loan will be extended)
- Six-month deferral of instalments on equipment finance facilities (your term of your chattel mortgage or lease will be extended and on chattel mortgages your interest will be capitalised)
- Waiving merchant rental and minimum monthly fee up to 6 months
Suncorp reduces rates and removes fees to support small businesses and households
Suncorp Bank has strengthened its support for small business and personal customers as communities and industries across the country respond to the challenges of COVID-19.
The new lending rates will come into effect from 3 April 2020.
Suncorp stands with small business customers
Suncorp Bank, along with other Australian banks, has committed to an industry-wide relief package to support small business customers experiencing financial difficulties as a result of COVID-19. Read more here.
For more COVID-19 customer information, please refer to the Suncorp site here.