It means that you didn’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 was capitalised. This means that the interest you’d have normally paid during the deferred period continued to accrue and was added to your outstanding personal loan balance, to be paid after the deferred period. In turn, it means your outstanding balance increased, and you’ll pay more interest over the life of the loan.
We've extended your loan term by the months required to make sure your repayments remain similar to the ones you were previously paying.
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.