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An important announcement from WAW

An important announcement from WAW

You have our support

As many of our customers deal with the growing challenges of the coronavirus (COVID-19), our priority is clear: to support you in any way we can.

WAW is open for business, given that financial institutions are defined as an ‘essential service’ as part of recent Government announcements, and therefore our Service Centres will continue to look after our customers and their banking needs.

Just like the major Banks, WAW has access to all Federal Government initiatives announced in recent days to support you during this difficult period. We are also working closely with State Governments and our regulators, APRA and ASIC, to ensure that various programs can be rolled out as soon as possible, including the support options listed below.  

How we can help you

There are several options for how we can assist you through this period of uncertainty.

Home and Business loan customers requesting financial assistance during this time will be able to defer their repayments, with interest capitalised, for up to six months if they have been impacted by COVID-19.

This means that, for the duration of the support period requested (up to six months), no repayments are required and no arrears will be recorded against the loan account.

It’s important for our customers to understand that during these periods loan interest and standard charges (if any) will continue to accrue to the loan balance, and so if you would like to understand how a deferment of payments might impact your loan balance, remaining loan term, or total interest payments, please contact us for more information.

Other options that may be able to assist during this time include:

  • accessing any additional funds that you may have available in redraw 

  • considering whether Interest-Only payments are an option for you as opposed to outright deferment of all payments

  • reducing your repayments to the minimum monthly repayment amount if you are paying more than you need to right now

  • utilising money in your Loan Offset Account (if available to you).

  • ​accessing savings you have in a Christmas Club account - we have removed the restrictions on the limited withdrawal period to allow customers to access their funds immediately. 

To explore any of these options, or apply for hardship, please call us on 1300 368 555 or visit your local Service Centre.

Government Guarantee

WAW Credit Union is an Authorised Deposit-taking Institution (ADI) and regulated by the Australian Prudential Regulation Authority (APRA) in the same way as all Australian-owned banks are.
 
As an ADI, we are part of the Australian Government Deposit Guarantee. The guarantee secures deposits of up to $250,000 and applies to all banks, credit unions and building societies. 

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