There have been significant disruptions throughout world economies as a result of COVID-19 (Coronavirus). The situation continues to evolve as Federal and State Governments announce measures to slow the spread of the virus, and policies to mitigate the financial impact on Australia.
As a mutual bank and a community, it is important to us that we come together with our broker partners and our members to support each other, and look forward to better times ahead.
To this end, I would like to confirm that Teachers Mutual Bank Limited (TMBL) will continue to honour all trail payments for your clients who have been granted financial hardship as a result of being adversely affected by COVID-19 until 30 June 2020. We will review this again prior to 30 June 2020 to assess whether it needs to be extended.
Here are some key points to assist you in your dealings with clients:
1. Non Face to Face Interviews and associated identification (VOI) processes
Where a broker cannot meet directly with their clients in person, TMBL would like to remind its partners that there is an existing policy that enables brokers to conduct non-face to face meetings (for example by phone or a video conference facility such as Skype) supported by the capability for clients to be identified via either Australian Post Offices or ZipID.
2. Repayment Pause, Financial Hardship and Arrears
Your clients who are members of the Teachers Mutual Bank Limited divisions, and who are experiencing financial difficulty due to loss of employment or reduction in income as a result of COVID-19, have access to a number of options depending on their circumstances, under the Bank’s COVID-19 assistance package. This is detailed on our website here. Each case is assessed by our Credit Assistance team.
While other options are available, the two main elements of the assistance package are:
- Where your client is not in arrears, a Repayment Pause, which is a contractual variation, may be available. This defers repayments for up to three months with a review after three months. In these cases our Member requests a Repayment Pause. This can be done by sending an email with evidence of their loss of employment or reduced income to firstname.lastname@example.org
- Where your client is in arrears or does not qualify for a Repayment Pause, Financial Hardship may apply. In these cases the Member will need to complete the Credit Assistance Application Form, available on our website, and send it to us via email to email@example.com
As part of our general assistance, the Bank will not be reporting missed loan repayments to Credit Reporting Bodies where the Member is subject to Financial Hardship. This means their credit score will not be negatively impacted during this period.
Members can also contact the Credit Assistance team on 1800 862 265 from 8.30am to 5.00pm weekdays (Sydney time).
3. Measures to protect health and safety
Teachers Mutual Bank Limited (TMBL) remains committed to delivering banking services during these difficult times, and I would like to reassure you that we have taken the appropriate measures recommended by both Federal and State authorities to protect the health and safety of our members, staff, brokers and industry partners. These include:
- The majority of our back office teams are working from home – implementing the Australian Government’s guidelines for social distancing, with greatly reduced numbers of staff in our offices;
- Suspension of all domestic business travel;
- Staff and brokers encouraged to refrain from conducting face to face business meetings wherever possible and instead using phone and video conferencing;
- Regular cleaning and disinfection of all the high-touch, high traffic surfaces in our branches.
If you require any further insights on any of the above, please contact your BDM.
Please keep well and safe.