You can apply to defer Home Loan, Personal Loan and Credit Card repayments by up to 6 months, with a review after the first 3.
Learn about how a repayment deferral may help you and your family.
If you need to update your deferment
If you are currently on a repayment deferral plan, you can contact us to discuss your options.
How it works
You'll receive a letter confirming the details of your deferment within 7 working days.
After 3 months we'll review your situation and your payments will either be deferred for a further 3 months or they will be restarted.
What is a repayment deferral?
A repayment deferral lets you take a break from making your monthly loan or credit card repayments for up to six months, with a review after the first three months. We won't ask you to provide supporting evidence of financial hardship, but you will need to tell us about your circumstances for us to find the most appropriate way to support you.
I am a mortgage customer. What is the financial impact to me at the end of the deferral period?
|Peter's Choices||Peter chooses to repay the deferred payment over the remaining period of his Home Loan - this means his monthly repayments will increase by $153.||Peter chooses to extend the period of his Home Loan by an additional 6 months - this means his monthly repayments will increase by $57.|
|Time left to repay||14 years and 6 months||15 years (a 6 month extension)|
|Interest Rate||His interest rate of 3.25% p.a. remains the same||His interest rate of 3.25% p.a. remains the same|
|Monthly Repayments||$3,666 - an increase of $153 per month||$3,571 - an increase of $57 per month|
||Peter chooses to repay the deferred payment over the remaining period of his Home Loan - this means his monthly repayments will increase by $153.|
||Peter chooses to extend the period of his Home Loan by an additional 6 months - this means his monthly repayments will increase by $57.|
||Time left to repay|
||14 years and 6 months|
||15 years (a 6 month extension)|
||His interest rate of 3.25% p.a. remains the same|
||His interest rate of 3.25% p.a. remains the same|
||$3,666 - an increase of $153 per month|
||$3,571 - an increase of $57 per month|
Note: the increased repayment includes interest charged during the deferral period.
If you are uncertain about the option that best suits your needs and need assistance in making a decision, please feel free to contact us on 1300 555 988 or +61 2 8661 1902 if you are calling from overseas, from Monday to Friday from 8.00am to 5.00pm AEST.
Can my deferral be extended for more than 3 months?
If you are still experiencing financial difficulties at the end of the first three months, you can request a three month extension to your financial assistance plan under the same terms and conditions. You can contact us or speak with your Relationship Manager to arrange this.
What do I need to know about recent media announcements regarding the extension of my repayment deferral program as a result of COVID-19?
On 8 July 2020, the regulators issued guidance to Australian banks inviting them to extend the support provided to customers who are under a six month COVID-19 deferral program by a further four months or until 31 March 2021, whichever comes first. This is not an automatic extension and will be assessed based on a customer’s individual circumstances.
I am coming to the end of 6 months deferral what do I need to do/know?
Will a repayment deferral impact my credit file?
No, arranging a repayment deferral will not harm your credit file. It is important that you contact us as soon as possible if you are worried about not making your next repayment as it is better to defer than be late on your repayments.
Am I eligible for a repayment deferral?
If your current financial position has changed due to the current situation, yes you are eligible to apply. This could be for various reasons such as, you have been stood down by your current employer, your household income has reduced or you're currently unemployed.
Will I be charged interest during the repayment deferral?
Yes, interest will continue to be charged and applied to the monthly balance of your home loan. After the deferral period has ended, with you advising us that you can commence repayments, we will recalculate your new monthly repayment, capitalizing this interest component for mortgage, to be repaid through the remaining term of the loan. If you are not in a position to repay an increased instalment, we will work with you to restructure the loan appropriately within our policy.
For credit cards and personal loans, Interest application is suspended over the deferral period. Your usual monthly minimum repayment will commence after the end of this period. If a further extension to the initial deferral of three months is granted to you, it will commence at the end of that extension.
When will my repayments stop and begin again?
Your repayment deferral will start once we approve your applications and you will not be required to make repayments for the following three months. For home loans, after the first 3 months we will review your circumstances to decide if a further extension is required. For credit cards and personal loans deferrals, repayments will start again at the end of the first three months or at the end of the extended period.
For mortgage accounts, we will work with you to decide the best repayment options, which may include restructuring your loan to meet your repayment ability. A confirmation letter outlining details of the deferral will be sent to the address we have in our records, within 7 working days.
I am experiencing long term financial difficulty and don’t think that a short repayment deferral will not help. What must I do?
You can discuss all available options under the Banks Financial Hardship program. Please visit: https://www.hsbc.com.au/faqs/financial-difficulty/ or alternatively call our Specialist Customer Assist team on 1300 555 988 or if you’re calling from overseas +61 2 8661 1902, weekdays 8.00am to 5.00pm AEST. Or alternatively, email us on firstname.lastname@example.org with a brief detail about your financial circumstances.
Find a financial counsellor
If you are experiencing financial difficulty, you can speak to a free, independent financial counsellor in your state or territory by:
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Terms & Conditions
*The purpose of this example is to provide a guide about changes to repayments and interest charged. This example should be used as guide only and it does not take into account your personal circumstances. The example assumes the current interest rate will remain constant for the remaining loan term and there is no Interest Offset facility. Your actual contractual minimum repayments may change due to a number of factors including (but not limited to) changes to your interest rate, loan term, loan or repayment type, as well as any additional repayments made.