It means that you don't need to make personal loan repayments for the two-month deferral period.
It’s important to note that, by deferring your 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.
After the deferral period, to help keep your repayments as similar as possible to what you’re currently paying, we’ll extend your loan term as required.
Need additional support?
If you need additional support and are experiencing financial hardship, please contact us on 13 17 19 to discuss the support options available and what they mean for individual circumstances.