Category: Money Matters
Chapter Select
Sub category: Security
3 April 2020

How to get help when you need financial support

The unprecedented spread of COVID-19 has had a wide reaching impact on people and communities in Australia and beyond. We want to assure our customers that we’re here and ready help support you. We know many of our customers have had their lives turned upside down as a result of COVID-19. If you’re struggling to make repayments on an ING loan (Home Loan, Commercial Loan or Personal Loan) or credit card, we may be able to help you.

We are here to support you

What if I’m having trouble meeting my ING home loan repayments?

To support you if you have suffered a loss of income or employment due to COVID-19, we can help with a three month payment pause on your ING home loan repayments.

– The payment pause may be extended for another three months (total 6 months) on request,  subject to an assessment.

– A payment pause means you will not be required to make any repayments during the payment pause period, however interest and fees will continue to accrue on your loan. This means at the end of the payment pause period your loan balance will be higher, and your minimum repayments will increase so that your loan can still be paid within your loan term.


What other options are available if I’m experiencing financial difficulty with my ING home loan?

Customers with an ING home loan can also consider a number of different options;

– You may be able to access money available to you in redraw on your home loan. Some restrictions may apply.

– You might be paying down your home loan with larger than required repayments meaning you might want to reduce your repayments to the minimum monthly repayment amount.


What about my ING personal loan and/or ING credit card repayments?

If you’re experiencing financial difficulty and are worried you will not be able to make your repayments on your ING Personal Loan, you can also contact us for a 3 month payment pause. The payment pause may be extended for another three months (total 6 months) and is available on request. During payment pause, personal loan repayments are not required. Interest and fees continue to accrue to your loan, so that at the end of the payment pause your loan balance will be higher, and your minimum repayments will increase so that your loan can still be paid within your loan term.

Similar to home and personal loans, customers with an ING credit card can contact us on 133 464 for a 3 to 6 month payment pause. During a payment pause, credit card repayments are not required, but your card will be inactive during the period of the payment pause. Interest and fees will continue to accrue to your balance, and at the end of the payment pause your total balance will be higher than it was before the payment pause. The outstanding balance is then converted to an instalment plan to be paid off at a variable rate of 9.99% p.a. in accordance with the terms agreed. Once the instalment plan is paid off, your card functions can be reactivated.

As an alternative, reducing repayments to the minimum monthly repayment may be another option and will still allow you to maintain access to a credit card for everyday use.


What are my options if I am still in the same position after three months?

This is an uncertain time and we understand this. If you still require support contact us towards the end of the initial payment pause period and we will provide you with more options.


Will applying for payment pause impact my credit rating?

No, as long as you call us before you miss a payment. Payment pause is designed to help our customers through the uncertainty brought about by COVID-19 and will maintain your credit record. So if you are concerned that you may miss a payment due to COVID-19, please speak to us to initiate a payment pause early.

Missed payments are reported to the Credit Bureau and may impact your credit record.


Getting in touch

 Existing customers, please call one of our Lending Specialists on 133 464, available 8am – 8pm 7 days a week, and we will be able to help you get the ball rolling. For more info on how you might be able to get financial assistance, visit our website here.

The information is current as at publication. Any advice on this website does not take into account your objectives, financial situation or needs and you should consider whether it is appropriate for you. Deposit products, savings products, credit card and home loan products are issued by ING, a business name of ING Bank (Australia) Limited ABN 24 000 893 292, AFSL and Australian Credit Licence 229823. ING Living Super (which is part of the ING Superannuation Fund ABN 13 355 603 448) is issued by Diversa Trustees Limited ABN 49 006 421 638, AFSL 235153 RSE L0000635. The insurance cover offered by ING Living Super is provided by Metlife Insurance Limited ABN 75 004 274 882, AFSL 238096. ING Insurance is issued by Auto & General Insurance Company Limited (AGIC) ABN 42 111 586 353 AFSL Licence No 285571 as insurer. It is distributed by Auto & General Services Pty Ltd (AGS) ABN 61 003 617 909 AFSL 241411 and by ING as an Authorised Representative AR 1247634 of AGS. All applications for credit are subject to ING's credit approval criteria, and fees and charges apply. You should consider the relevant Product Disclosure Statement, Terms and Conditions, Fees and Limits Schedule, Financial Services Guide, Key Facts Sheet and Credit Guide available at when deciding whether to acquire, or to continue to hold, a product. Before interacting with us via our social media platforms, please take a minute to familiarise yourself with our Social Media User Terms

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