Our support of COVID-19 Financial Hardship Assistance
Our focus is on providing support to our lending partners and their customers during this time of uncertainty.
Our support extends to those who are provided with assistance as part of a lender’s COVID-19 support package, this includes but is not limited to:
- deferring or reducing loan repayments (including capitalising arrears)
- switching loan repayments to interest-only
- providing a moratorium on collections action.
When providing assistance to a borrower as part of a COVID-19 support package, please let us know by following your standard hardship and arrears monthly reporting process. Please indicate within your arrears report which accounts are affected by COVID-19.
In alignment with our existing borrower hardship program, QBE LMI will support decisions that are in the best interests of borrowers who are impacted by COVID-19 and will be made in accordance with regulatory guidance and responsible lending practices.
The LMI policy will remain in force and any future loss you might incur as the result of a borrower default will be protected by your LMI policy in the usual way.
Please contact your Regional Partnership Manager if you have any questions on the assistance you are providing or the reporting requirements.
Borrowers experiencing difficulty meeting financial commitments during this time are strongly encouraged to make direct contact with their lenders.