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Broker information regarding COVID-19

Please find COVID-19 broker information here. For COVID-19 customer information, please refer to the Suncorp site.

Changes to the Coronavirus SME Guarantee Scheme impacting Suncorp’s SME Support Loan

The Australian Government is extending the Coronavirus SME Guarantee Scheme (“Scheme”) until the end of June 2021, to eligible businesses.

There are two phases of the Scheme. The first was an unsecured loan of up to $250,000 for working capital only. Suncorp’s offering for this phase, SME Support Loan, was available until 30 September 2020. 

Find more information outlining Suncorp's product offering as part of the second phase of the Scheme here.

Managing and supporting relief arrangements

Suncorp maintains its commitment and support for customers experiencing financial difficulty as a result of COVID-19. To assist customers who apply for relief for the first time after 29 September, 2020 Suncorp will make a full assessment of their application and implement an updated application process. 

COVID relief application process for new requests

Customers requesting COVID relief via the Suncorp website will need to complete the Financial Assistance Application Form (PDF) which has been updated to include COVID questions. Customers will then follow the same process as per conventional hardship requests. Customers can access the form via the ‘Apply Now’ link on the COVID page of the Suncorp website. If they prefer, customers can call Customer Assist on 13 11 55 to complete this form over the phone.

COVID relief application process for customers already approved
A similar assessment process will also apply to customers who have already been approved for three months of COVID-19 Payment Deferral. From Monday, 21 September customers will receive an email four weeks prior to their payment deferral ending. Customers will be fully assessed and will go through the same process as the current six-month assessment process.
We have updated the FAQs on the COVID information page on the Suncorp website to assist customers in understanding their options and the process they need to follow.

Change to lending guidelines as a result of COVID-19

Effective Monday, 14 September 2020 Suncorp accredited brokers are required to ask all new lending applicants specific COVID-19 questions to establish whether the customer is impacted. 

COVID-19 Broker Application Commentary template is mandatory for all applications. It is designed to ensure Suncorp makes reasonable enquiries into a customer's financial circumstances as a result of COVID-19. The responses to the questions must be documented as part of Suncorp's responsible lending obligations.

 

Supporting Documents

 

COVID-19 Broker Application Commentary

 

Brokers are required to document the new lending customer's response to specific COVID-19 questions by completing this form for all applications. The form must be uploaded into the Supporting Docs section in ApplyOnline (AOL). 

COVID-19 Responsible Lending Guidelines

COVID-19 Responsible Lending Guidelines have been created, giving brokers clarity around the use of JobSeeker payments (not accepted by Suncorp), JobKeeper payments (may be accepted by Suncorp, depending on the customer's circumstances and subject to assessment outcome), and how to consider applications where a customer's rental or self-employed income has been impacted.

Broker communication A copy of the broker communication sent that summarises important information and includes FAQs.

 

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 and links to all relevant supporting documents below.

 

Supporting Documents

 

Verification of Identity Certificate (for Non-Face to Face applications)

If customers have opted-in the non-face to face process for KYC (Know Your Customer) and VOI (Verification of Identify), VOI can be performed during the upfront application stage and not at the loan documentation/ mortgage execution stage.

Non-Face to Face Declaration Form

This form should be uploaded under the ApplyOnline supporting documents condition/category of Home Loan Application Form.

Note: You can enter the ApplyOnline Application ID, this is available on the top of your ApplyOnline screen before you submit the applications.

Process Overview

Process overview included in the broker communication sent on 8 April 2020

Quick Checklist

Quick Checklist for Submission of Application, digital VOI and Identification Documents when lodging “Non-Face to Face” applications

Process Document for New-to-Bank Applications

For use by Brokers on the desired process for Non-Face to Face applications

Process Document for Inflight Applications

For use by Brokers on the desired process for Non-Face to Face applications

Frequently Asked Questions

FAQs created for this process

 

How to Guide - DocuSign

DocuSign How To Guide

Step by step guide on how to use DocuSign on ApplyOnline

DocuSign FAQ

Frequently asked questions when using DocuSign

DocuSign broker communication

A copy of the broker communication that summarises important information about DocuSign

 

 

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. 

Relief assistance package

Suncorp has introduced a relief assistance package in recognition of the impact the COVID-19 (coronavirus) is having on individuals, communities and businesses. We are dedicated to supporting our customers through these uncertain times. Suncorp Bank’s financial assistance packages are available to eligible personal and business customers in affected communities and sectors who may need additional financial support.
 
Personal customers
 
Suncorp Bank has committed to supporting personal customers experiencing financial difficulties as a result of COVID-19.
 
To assist our customers during this time, our COVID-19 information page now includes additional information about how to manage their loans or request assistance. This includes a new COVID-19 Assistance Online Request Form to provide customers with a quick digital alternative for seeking assistance.
 
The following support will be available to home and personal loan customers impacted by COVID-19:
  • 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.
Small Business customers
 
Suncorp has committed to an industry wide relief package to support small business customers experiencing financial difficulties as a result of COVID-19. The package is designed to help SMEs remain viable, continue to contribute to the Australian economy and be well placed on the other side of this event.
 
Suncorp are offering the following support for eligible small business customers:
  • 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
For more information, personal and business customers should refer to the Suncorp COVID-19 website or call 13 11 55.
 
 
Continued COVID-19 customer assistance for personal and small business customers with payment deferrals 

As the end of the six-month payment deferral period approaches, Australia’s banks are implementing a second phase of customer assistance for impacted mortgage and business customers. 

Customers who are severely affected by COVID-19 may be eligible for a further deferral period beyond September of up to four months, subject to their circumstances.

The additional deferral period will not be automatically granted but will be subject to an assessment of each customer’s individual circumstances and may be fewer than four months. 

We will ensure that where assistance is granted, it is in the best interests of the customer and will work with customers in the coming weeks to find the best solution for their individual circumstances.

Customers who continue to be severely financially impacted by COVID-19, with no real prospect of recovery will be assisted through the bank’s normal hardship process to determine the best long-term solution for their individual circumstances. This still offers several support options and often helps customers ultimately recover from financial stress.

For more information on our support packages for customers impacted by COVID-19, visit suncorp.com.au.