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Home ownership support during COVID-19

We are reducing our interest rates for all IBA home loan customers to a maximum of 2.99% per annum. This reduced interest rate came into effect 9 April 2020 and will remain in place until 30 November 2020. This applies to all IBA home loan customers irrespective of whether you are currently in hardship.

From 15 June 2020 we will recalculate most customers’ loan instalments at the reduced interest rate and repayments may be adjusted accordingly. This will reduce loan repayments for many of you and help to ease the pressure of the current crisis. If you currently pay less than the new interest rate, you will remain on your lower rates for this period.

Home loan customers will receive a letter from the IBA Homes team providing further information about the interest rate changes and any repayment changes.

Further to this interest rate reduction, if you are an IBA home loan customer and are having difficulties meeting repayments due to the current COVID-19 situation, please contact us on 1800 064 800. We have a range of provisions in place for our home loan customers facing financial hardship including postponing repayments for a period of time.

Circumstances will continue to change in the coming weeks and months and we will continue to update these FAQs and relevant links.

Frequently Asked Questions

IBA has a range of provisions in place for our home loan customers facing financial hardship. If you are an IBA home loan customer and are having difficulties meeting repayments due to the current COVID-19 situation, or for any other reason, please contact us on 1800 064 800.

You should contact us on 1800 064 800 as soon as possible to discuss your loan repayments.

Also, talk to your employer; they will let you know if you can be kept on and get the new JobKeeper payment. You can learn more about the JobKeeper payment here.

If they are unable to keep you on, you may be eligible for the Jobseeker payment and the new Coronavirus supplement. Find out more.

You should contact us on 1800 064 800 as soon as possible to discuss your loan repayments.

Also, talk to your employer; you may be eligible for the JobKeeper payment. Learn more about the JobKeeper payment.

If your employer is unable to keep you on with JobKeeper, you may be eligible for the Jobseeker payment and the new Coronavirus supplement. Find out more about eligibilty.

You should contact us on 1800 064 800 as soon as possible to discuss your loan repayments.

You may also be eligible for the JobKeeper payment or other Centrelink benefits. You can find further information about JobKeeper and other Federal government support for businesses at Treasury website. You should also read through our FAQ section for business customers.

First of all – don’t panic! IBA is here to help and we can take steps to assist you during this difficult time. Call us as soon as possible on 1800 064 800 to discuss your home loan repayments.

There are many places you can get support and advice about how to manage your bills and expenses. Before you make any decisions about how to cover your bills, contact the National Debt Helpline for advice and support, and consider the other resources listed below

  • National Debt Helpline – can refer you to a financial counsellor near you who can help with your budget and assist you to make payment arrangements for all your debts. They can advocate on your behalf if you’re not sure what to say or how to approach finance providers or utility companies. Check out their COVID-19 survival guide or call 1800 007 007.
  • MoneySmart – this website has an excellent guide which give information and advice for all sorts of financial decisions you will need to make in the coming months. Visit MoneySmart.
  • Other providers – If you have a personal loan, car loan, overdraft, credit card or other debt, contact your bank or financial institution. They may have procedures to assist you during financial hardship. Let them know your situation and discuss what they can do to help. You may also be able to make arrangements to defer or reduce bill payments, such as council rates, water rates, car insurance, home insurance, private health insurance, electricity and gas bills, phone, mobile phone, internet services, and streaming entertainment services such as Spotify, Foxtel, etc. You can contact each service provider and ask them what they can do to assist you during your financial hardship.

The Federal government is making it easier for people to access superannuation if they are experiencing financial hardship due to COVID-19. IBA cannot provide you with advice about whether this is a good option for you.

You can seek information about the pros and cons of accessing superannuation at MoneySmart.gov.au.

You can find out more about accessing superannuation here.

We are constantly reviewing ways to support our customers, including lowering interest rates. As of 9 April 2020, IBA reduced interest rates for IBA home loan customers to maximum 2.99% per annum for an initial six-month period, to be reviewed in the coming months.

From 15 June 2020, IBA will be recalculating monthly loan instalments to reflect this new interest rate for most customers and automatically changing many customers’ monthly payments. If you are having hardship now, please contact us on 1800 064 800.

This will reduce loan repayments for many of you and help to ease the pressure of the current crisis. If you currently pay less than the new interest rate, you will remain on your lower rates for this period.

Due to the current situation, we are experiencing a delay in processing applications and approvals at this time. If you need to discuss your situation, please contact us on 1800 107 107.

We are working diligently to process all current settlements in a timely fashion. If you need to discuss your situation, please contact us on 1800 107 107.

No. All IBA staff are working remotely around the country to support our customers. We are very much open for business and you can reach us on 1800 107 107 or contact your relationship manager directly just as you would have before.

Our mail is being centrally managed from Canberra. Please send any documents to PO Box 650, Fyshwick ACT 2609. The mail will be distributed as required to the correct contact.

No. All our IBA offices are currently closed with staff working remotely. You can phone us on 1800 107 107.

We welcome your questions. Please send us a message at Email Us.

Other resources

The links below include information that may be relevant for you. If you have any questions on your home loan or financial situation, please contact IBA on 1800 107 107.