What is a loan restructure?
A loan restructure is an extension of your loan repayment period. This arrangement may reduce your monthly instalments and give you some financial relief.
Do I qualify?
This relief option is for clients who are behind with their credit product payments. If we extend your repayment period, your monthly instalment could be lowered and customised to fit your affordability, which may help you get back on track with your repayments. This option is available on home loans, vehicle finance and personal loans. Terms and conditions apply.
Benefits of a restructure
- You could reduce your monthly repayment.
- Your arrears are spread over the extended term.
Drawbacks of a restructure
- By extending your repayment term, you will pay more interest in the long run. But remember: you can always pay extra in future when your finances are back on track
How do I proceed?
- Call us on 0801 114 949
- Fill in the Call Me Back form below and we will get back to you.
What we will do
- We capitalise the current arrears on your account either over the remaining term or an extended term on your home loan account.
- A credit assessment will be completed to determine affordability.
Homeloans
Types of arrangements that can be made:
- Extend the repayment term of your loan to reduce your monthly instalment.
- Spread your arrears over the term of your contract.
Vehicle finance
Types of arrangements that can be made:
- Extend the repayment term of your loan to reduce your monthly instalment.
- Spread your arrears over the term of your contract.
- Freeze your instalment for a short period.
What's next?
How do I proceed?
- Call us on 0801 114 949
- Fill in the Call Me Back form below and we will get back to you
You will need to provide us with the following:
- A motivation letter.
- Proof of employment.
- An income-and-expenditure statement.
- Proof of insurance.
- Latest 3 months’ bank statements.
- Any other relevant supporting documents (maternity leave, retrenchment, etc. depending on the situation).
What we will do
- Based on our assessment of your request, we may offer a payment arrangement of 1 to 4 months. As long as you keep to the arrangement, we can extend the term.
Personal loans
You can pay your arrears over time by increasing your current instalment.
This means you would divide your arrear amount and pay it off over an agreed period as an additional amount over and above your normal monthly instalment.
Looking for more solutions or services?
More solutionsReady to put a solution in place or need advice?
Call your banker
If you have a relationship banker or business banker, you can get in touch with them directly or call us on 0861 100 033.
No banker?
Call us on 0801 114 949.
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If you already have a loan(s) with us and are struggling to make payment, please complete the form below.
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