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COVID-19 Financial Assistance

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COVID-19 is causing concerns for many people in our community. If you are currently finding it difficult to meet the repayments on your loan or are concerned about your future ability to meet the repayments, please act as quickly as you can to let us know your concerns.  

We understand and we’re here to help you. 

Request Assistance

Assisting Borrowers Facing Financial Hardship

COVID-19 will place continued financial pressure on households, as those affected find it more difficult to service housing and personal loans.

As a community credit union we are committed to assisting members who are facing financial hardship. These are very uncertain times and you can count on us to help you.  

Members treated on a case-by-case basis

Members in financial distress are treated on a case by case basis using a range of options. These are outlined below and applied depending on the member's circumstances and how we can best help.

We have a responsibility to ensure that all borrowers experiencing financial hardship are treated according to common standards of assistance by lenders. 

How we can help you

If you have financial concerns due to COVID-19, we will support borrowers in the following ways:

  What are some of the COVID-19 assistance options available to me?

Orange Credit Union will work with borrowers to determine the most appropriate assistance option for each borrower.

Options include:

  • in relation to loans, postponing the dates on which payments are due under the contract (with interest to be capitalised into the loan);

  • extending the period of the contract and reducing the amount of each payment due under the contract;

  • short term reductions in interest rates, or repayments due under the contract;

  • offering different banking arrangements that will better suit the member’s needs;

  • providing interest-only repayment options on loans;

  • and providing fee waivers.

  How do I know if I am eligible for financial assistance?

We have systems in place to assist in identifying borrowers who may be experiencing financial hardship. We will ask you a few questions to better understand your situation to see how we can help you. 

  How do I apply for financial assistance?

To request financial assistance due to the COVID-19 situation, please complete a Request for Assistance COVID-19 form. Upon receiving the completed form we will contact you to discuss your situation. Please be patient while we work through the numerous requests during this difficult time for our community.