Supporting Members & staff
At Nova, the welfare of Members, staff and the broader community remains of upmost importance. And that’s precisely why we’re closely monitoring developments with the coronavirus – particularly in the Hunter and surrounding NSW and acting in accordance with measures recommended by federal, state and local government authorities as well as the World Health Organisation.
At this point, our services remain unaffected and Members are reminded Nova Alliance Bank deposits are covered by the Government Guarantee.
While the number of cases remains contained within the Hunter and surrounds at the moment, it is expected there will be additional pressure on our health system as the number of local cases increases over the coming weeks. We all have a role to play to limit the spread of COVID-19 – this includes the general public and the business community. At Nova, we have a range of measures we will be incrementally implementing to play our part and we appreciate the understanding of our Members during this time.
In the meantime, we ask that you do not enter Nova’s Branch if:
- you have been diagnosed with COVID-19 or awaiting test results to confirm a diagnosis
- you have returned from overseas within the last 14 days
- you have been in contact with someone who has been diagnosed with COVID-19 or who has returned from overseas within the last 14 days, and/or
- you are displaying flu-like symptoms.
If you have any health concerns or think you may have been exposed to COVID-19, we urge you to contact your doctor immediately to arrange an appointment or contact the Coronavirus Health Information Line on 1800 020 080 (24/7).
NOVA announces COVID-19 Assistance Package
Nova has announced a range of assistance measures to provide short and long-term support for Members impacted by the COVID-19 (coronavirus) pandemic.
The following financial assistance package is available:
- Already deferred Loan repayments for six months?
You may be eligible for an additional four months relief. We’ll contact you to discuss your circumstances near the end of your six-month repayment relief period.
At the end of the initial deferral period we expect customers to resume full repayments. If you indicate that you may not be in a position to recommence repayments and seek additional assistance, we’ll need to understand your circumstances in more detail. To do that, an assessment of your financial position will need to be done. This might conclude that you have the capacity to recommence repayments, or it might result in a restructure of your banking facilities.
The bank will work with you to identify appropriate solutions, ensuring they’re sustainable and realistic.
Customers who have the capacity to recommence repayments will be offered:
• A resumption of repayments at a higher amount to maintain your existing loan term.
• A resumption of repayments including an extension of loan term in line with your deferral term.
If a restructuring of your facility is a more appropriate outcome based on your current circumstances the following may be considered:
• Extending your loan term by longer than the COVID-19 impacted deferral term.
• Consolidation of your debts.
• Extending interest only arrangements for up to 12 months.
• Conversion of your principal and interest payments to interest only payments for up to 12 months before resuming principal and interest repayments over the remaining term.
If you’re unable to resume repayments in any form, the Bank may consider a deferral extension of up to 4 months. For this extension to happen, we’d need to establish on reasonable grounds that you’ll be able to resume repayments within the further deferral period. In this scenario, interest will continue to be charged.
We encourage you to view our online calculator so that you fully understand the impacts of ongoing non-payment on your banking facility.
If you have any questions about your banking facilities or deferral period, please contact us on 02 49261428 so that we can assist you further.
“We know many of our Members are uneasy at the moment, particularly with the flow on impact to the global and local economies. As the situation continues to unfold, NOVA is taking a proactive role to minimise the risks to staff, Members and the broader community. We understand the negative impact of COVID-19 will flow onto some household budgets, incomes, jobs, the sustainability of small businesses and more. This assistance package is designed to provide some relief and we encourage any of our Members adversely impacted by COVID-19, to contact us to see how we can assist.”
Impacted NOVA Members should contact us on 02 49261428.