ANZ Fiji is now offering loan repayment deferrals of up to six months for Pacific customers financially affected by Covid-19. This is consistent with the earlier announcement made by the Fijian Government.
Loan repayment deferrals
mean that qualifying customers will not make principal and interest payments on
their loans for up to six months, although interest will continue to be charged
to the loan.
They are part of a range of
other measures designed to support ANZ customers in hardship and are in addition
to fee removal and interest rate reductions already implemented by ANZ.
ANZ Regional Executive for the
Pacific Tessa Price said the economic downturn
is becoming more acute for Fiji and other
Pacific countries due to Covid-19.
“Covid-19 restrictions are
financially impacting thousands of home owners, personal borrowers and
businesses in the Pacific, and for many the ability to maintain their home loan
is a major concern,” said Ms Price.
Ms Price cautioned customers
to look at the range of relief options available, as a deferral might not be
the right solution for everyone.
“Loan repayment deferrals
are designed to help our customers reduce their outgoings by temporarily
stopping their loan repayments.
“Loan deferrals will extend
the life of the loan and add to the overall cost, so we’ll be talking to
customers to ensure a loan deferral is the best option for them, and that other
options might better meet their needs.”
ANZ Fiji Country Head Saud Minam said these measures would help ANZ’s Fijian customers
manage over a longer period.
“This is going to
significantly help Fijian people and the broader economy to manage over the
long term through the pandemic,” said Mr Minam.
“ANZ received more than
1100 requests for hardship assistance in the first week since the Fijian
Government announcement. We’ve already contacted more than 270 of these
applications and will increase our contact with customers this week.”
“We ask that our customers
be patient with us as we work through the high number of calls and applications
Hardship options for ANZ
Fiji customers include*:
restructures to extend the maturity date of a term loan and reduce payments;
only loans for up to six months;
working capital facilities;
loan repayment deferrals for six months upon application, with interest
*Note: the measures applied depend on the individual
Fee removals and interest rate reductions for ANZ Fiji
customers already offered by ANZ:
- A reduction of 0.50% per annum on all local currency overdrafts for
commercial customers (effective 6 April);
- A reduction of 0.50% per annum on all local currency variable term
loans for commercial customers (effective 1 May);
- A reduction of
0.50% per annum on all local currency variable home loans and personal loans
(effective 1 May);
- Removal of monthly
loan administration charges for term loans for both retail and commercial
customers (effective 1 May);
- A waiver on loan restructuring fees for commercial customers on a
- A reduction in
repayment amounts for commercial customers in line with the reduced interest