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Standing By You In Uncertain Times

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In these uncertain times, one thing is for certain, we’re here to support you. It’s what we have been doing for 50 years and will continue to do so through thick and thin. Today, we introduce additional measures to support individuals who are doing it tough and increasing our help to keep small businesses open so that they can keep their staff employed.

Relationship Rewards Program

The COVID-19 outbreak continues to rapidly change our way of living. To support Members who are increasing the use of their debit cards to make payments, we are increasing the number of free excess transactions by FOUR across all relationship tiers which will commence immediately for 6 months.

Relationship Tiers Current Free
Excess Transactions
Additional
Free
New Free Excess
Transactions
Members with a balance $10,000+ 13 4 17
Members with a balance less than $10,000 5 4 9
Retired Members 58 year or older
(who are registered with us)
12 4 16
All in One Loans 20 4 24
All in One Package Unlimited - Unlimited

You can avoid exceeding your excess transaction limit by doing one of these two simple alternative payment methods:

  1. Use one of our Mobile Pay Apps – Google Pay, Apple Pay or Samsung Pay. Just like how you use your Visa payWave debit card, you can use your smartphone for instant everyday transactions. It's easy to set up. Just download the app from your mobile app store and link your Visa debit card. Paying with your smartphone is secure and convenient. To find out more about our Mobile Pay apps, click here.

  2. Slot your Visa debit card into the EFTPOS machine and select 'Credit'. By choosing 'Credit,' your payments will be processed via the Visa network and will not be counted as an EFTPOS transaction.

Supporting Businesses

We have reduced Commercial Loans rates by 0.20% and Overdrafts by 0.40%, effective from 1 April 2020. In addition, we are not charging any Monthly Service fees on any commercial loan for the next 6 months. These fee waivers will automatically be applied to all loans and are in addition to a range of measures below that are available to businesses facing difficulties.

Reliance Bank's Financial Assistance Package

A reminder that we are providing a Financial Assistance Package to help Members who are impacted by the COVID-19 coronavirus. We are providing immediate relief on all types of home loans, personal or car loans, overdrafts or credit cards and all commercial loan repayments.

Defer your Loan Repayments
Should you need financial assistance at this time, you can defer your loan repayments for an initial three-month period with a further three months available if you require it. It is important to note that whilst payments are deferred, interest on your loan will continue to accrue and will effectively capitalise. This means that at the end of the support period, your required repayment amount will increase so that you repay the total balance over the remaining loan term (including interest and charges added to the balance during the support period).

It is important to remember that if you defer your repayments you will pay more interest than you otherwise would. If you can recommence payments sooner, or are able to make lower payments, then it is in your best interests to do so as soon as your financial situation improves.

Converting to Interest Only
Consider whether converting your loan to an interest only loan is more suitable. Members in need of assistance can convert their principal and interest repayment loan to an interest only loan for up to 12 months. However, because you are only paying the interest only portion of the loan, you are not reducing the loan balance, which means you will pay more interest over the life of the loan.

Reducing your Loan Repayments
Reducing your loan repayments by extending the term of your loan. Remember, because you are paying your loan over a longer term, you will pay additional interest. So please consider making the maximum repayment that you can afford.

Redraw Facility
Accessing any additional money, you may have available to redraw in your eligible loan. Simply use online banking to transfer funds from your eligible loan into your savings account.

How to Apply
If you wish to apply for financial relief, please complete our Financial Assistance application form and one of our friendly staff will contact you to assist.

 

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