If you’re a personal loan customer who’s in need of support due to COVID-19, you can ask us to defer your personal loan repayments for two months.
If you defer your personal loan repayments, the interest will be capitalised. This means that the interest you’d have normally paid during the deferred period continues to accrue and is added to your outstanding personal loan balance, to be paid after the deferred period. In turn, it means your outstanding balance will increase, and you’ll pay more interest over the life of the loan.
For example, if you borrowed $30,000 for a personal loan with five years remaining at an interest rate of 11.99%, and you deferred the repayments for two months, you would pay an extra $930 in interest and your loan would be extended by four months. The actual cost to you will depend on your own individual circumstances.