It’s now over 18 months since the coronavirus pandemic emerged in Australia, and despite many ‘best efforts’ by the population and authorities, outbreaks are continuing to emerge. The current scenario is escalating by the day with multiple states in various stages of restrictions, stay at home and complete lockdown rulings. We appreciate that this throws the plans of many millions of people into disarray and will cause many to have concerns and worries about their financial situation.
To assist our existing and potential new caravan finance customers, we have sourced a selection of information on where those with caravan finance can seek support and what services we continue to offer for those seeking new caravan loans. While we have done our best, information is changing sometimes multiple times in a day and will vary across jurisdictions. For the latest details for your circumstances and area, refer to the links and your state authorities.
Major Banks Pledge Support
The major Australian banks have already pledged their support for borrowers who are facing hardship as a result of the current lockdown orders. During the 2020 crisis, the banks were extremely supportive across the board but as these current lockdowns are more regionally focussed, the relief may also vary.
At this stage, Westpac, ANZ, NAB and CBA are indicating relief to reschedule repayments and other commitments and/or address fees for existing customers. The level of relief and support will of course vary according to the eligibility criteria of each lender. Support will also vary for personal borrowers and businesses.
Any requiring consideration for hardship around any type of loan or credit arrangements should contact their lender.
Current Caravan Finance Borrowers
Whether or not you arranged your existing caravan loan through Jade if the current lockdown has to create financial hardship for you, you should immediately contact your lender and discuss the options available.
Individual lenders, both banks and non-bank lenders will have policies in place for those that meet eligibility guidelines. Any support by way of repayment deferrals etc will usually have to be sought. Some lenders may reach out directly to their customers and outline the support available.
If considering rescheduling loan payments, ask the lender what the situation is in regard to interest charges. If repayments are deferred, will interest continue to be charged or will it be paused? This is important for any deferred payments may still attract interest and will prolong the loan term and may result in a greater amount of total interest payable.
Remember, with Jade’s Secured Caravan Loan, additional payments are permitted. So if you defer or address payments now and you’re situation improves at a point ahead, you could make extra payments in the future and counteract any additional interest charges.
If your hardship concerns are longer-term, speak with one of our consultants about the options for refinancing your existing caravan loan. Fees and charges do apply when setting up a new loan but the process does present an opportunity to address your current loan repayment amount and seek a lower more sustainable level.
It is important to address any of these concerns as simply failing to meet repayment commitments can have a negative and long term impact on your credit profile.
New Caravan Loans
Jade Caravan Finance is set up for online and contactless operations so we are ideally positioned to continue business as usual. Throughout the entirety of 2020, we continued to provide our full range of services to customers and intend to do so through this current crisis. Wherever you are in Australia, if you are or are not impacted by a lockdown, we can assist with caravan loans.
- If you recently contacted us to apply for a caravan loan or request a quote, that process is underway and will continue.
- If you applied for a loan recently and current circumstances have you rethinking your situation, you are welcome to contact us to discuss pausing the process.
- If you are about to apply for caravan finance to make that purchase, then it’s all systems go! Our complete caravan finance services are available. Contact us for quotes and applications either online or over the phone.
- If your loan application is approaching settlement, our consultants can finalise the process by liaising between the lender and your caravan dealer. You do not have to present in a person from our part in the process to complete the sale. The dealer will no doubt be obliged to delay your delivery date until the lockdown eases.
Lockdowns do not directly affect interest rates or the types of loans available for purchasing a caravan. Our free caravan loan calculator and our online caravan finance interest rate comparison table will be available at all times for your convenience.
Support from Government
Eligible persons and businesses can seek hardship support via federal and state governments. Different measures are in a place subject to criteria.
For disaster payments under federal measures head to https://servicesaustralia.gov.au/ Payments are available through the existing My Gov system. Cash payments are available for eligible individuals. Payments for those in Greater Sydney affected by the lockdown are available from 1 July but you will need to apply as payments do not automatically flow.
State governments are offering their own individual arrangements, primarily to businesses impacted by the health orders. Those affected should refer to their state authority website for details of how to apply.
Travelling during Lockdown
Using your caravan during lockdown will be subject to the restrictions in your area. For those that were already away from their home base when the stay at home orders was implemented, check how that applies to you on the state website.
Borders are closed and many are not permitted to travel outside their local region. So your travel plans may have to be put on hold.
Caravan Finance Support
Our team continues to provide our comprehensive and complete caravan finance services under the current circumstances. We welcome new loan enquiries and any queries from those with applications in process. If you would like to utilise our caravan loan calculator to estimate repayments, please click here.
The current lockdown has further highlighted the appeal of the caravan lifestyle to get away from it all. Many of the regional expos and caravan shows may be cancelled, so ensure you check the event details for updates.
Call 1300 000 003 to discuss a caravan loan with a consultant
DISCLAIMER: THE DETAILS AND INFORMATION IN THIS CONTENT ARE PREPARED AND PRESENTED PURELY FOR INFORMATION AND NOT INTENDED IN ANY WAY AS THE SOLE SOURCE OF FINANCIAL ADVICE FOR CARAVAN PURCHASING. IF ADDITIONAL FINANCIAL ADVICE IS REQUIRED, READERS SHOULD REFER TO A FINANCIAL ADVISOR. NO LIABILITY IS ACCEPTED FOR ANY ERRORS, PRODUCT DESCRIPTION VARIATIONS, OR OTHER MISREPRESENTATIONS OF INFORMATION AS PRESENTED.
