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COVID-19 support FAQs

Have questions about your loan repayment options? Check out the answers below for some common questions.

For more information about Heartland Business Loans and support for businesses, go to our Business Loans page.

For anything not listed below, or to chat with our team, get in touch using the online form or contact details listed here.

A payment deferral, also known as a payment holiday, allows you to pause your usual mortgage or loan payments for an agreed deferral period.

It is important to note, as there are no scheduled repayments during the deferral period, the total amount owed will increase. Interest will still accrue over the period of the deferral and will be added to your outstanding balance. Additionally, this may lead to an increase in your monthly payment after the deferral period if you do not extend the term of your loan.

An interest only period is when you continue to pay the interest on your loan, without paying anything towards the principal balance. Interest will continue to accrue during this period and you may pay more over the term of your loan.
With a payment deferral, you will not need to make any repayments during the payment deferral period. With an interest only period, you will keep paying the interest on the loan, but not the loan itself. The interest only loan will cost more over this period, but less than the payment deferral over the full loan period. This is due to your loan still accruing interest during this period, although payments are not being made.
Your repayments will increase after a payment deferral or interest only period if the term of your loan has not been extended. This is because you have continued to accrue interest during this period, but have not made your usual payments towards the loan’s interest and/or principal.
Due to the impacts of COVID-19, we are experiencing a high volume of support requests, resulting in some delays. A team member will try and contact you between three to five working days of your request.
Your repayment schedule now shows $0 for the next three months as this is when your payment deferral will take place. No repayments will be required during this period.
If you pay using Direct Debit, there is no need to change anything. We will do this for you. If you pay using Automatic Payments or Direct Credit, you will need to update your details with your bank.
In most cases, there will be no additional fees. If fees do apply, they will be our regular fees.
In most cases, you will not need to have your loan document witnessed. If you do need to have them witnessed, one of our friendly team will take you through the requirements.
If you contact us about refinancing, your credit score will not be affected. If you miss one or more payments, your credit score may be impacted.