Information for all Credit Union Baywide members: NZCU Baywide, NZCU Central, NZCU South and ACU.
If your employment has been affected by COVID-19 and you have concerns about your financial situation please get in contact with us, ideally sooner rather than later. One option we could consider is a loan repayment holiday, where your repayments are deferred for a period of time.
What is a loan repayment holiday?
Although it's often referred to as a loan holiday or repayment holiday the accurate term is actually 'deferred payment' plan. To be clear, a deferred payment plan only stops the need for you to make repayments for an agreed time. Your outstanding loan balance will continue accruing interest over this time, which will be added to your debt.
Please consider a loan repayment holiday/deferred payment plan carefully. In the long run it can increase the total amount you need to repay and your monthly repayments in the future may be higher.
Please complete below and we will be in touch as soon as possible. Due to the unprecedented demand we're experiencing for financial relief, it may take multiple (working) days for our team to process your application.