Support during coronavirus

MEDFIN IS OPEN FOR BUSINESS

We understand the challenges facing healthcare businesses and uncertainty experienced by all Australians in the wake of COVID-19. Medfin continued lending throughout the Global Financial Crisis and we’ll continue to lend through this. Our focus is clear; to support you with your financial needs in any way we can. Whether it’s assisting with cash flow, working capital solutions, restructuring existing finances or payment deferrals.

Our Medfin Specialists are here to support customers

We encourage any customer that needs help to contact us so we can work with you to help mitigate the impacts of COVID-19 on your business.

  • You can submit a request for support online to your Relationship Manager
  • You can contact your Relationship Manager directly
  • Or call your Local Specialist team on 1300 361 122. Please be conscious that we are currently experiencing high demand and longer than usual response times.

We are here to serve you and have the experience, tools and guidance to support you in making immediate decisions to help your business.

We’re helping customers in difficulty

Eligible Medfin customers will be able to:

  • Defer payments on a range of business loans including goodwill, property, term loans and Asset Finance facilities (Chattel Mortgage, Lease and Hire Purchase)
  • Defer payments on Medfin personal loans, residential investment property loans and Self Managed Super Fund property finance
  • Defer payments on your Medfin line of credit facilities including Med-e-credit and Property Line of Credit

Support from NAB

If you’re a NAB or HICAPS customer, you can visit NAB to see what additional support is available to you.

Our teams are working hard to help you as quickly as we can and we appreciate your patience should you experience longer than normal wait times.

Request for support

Send a request to your Relationship Manager online

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We are in this together

Medfin has backed Medical Practitioners, Dentists, Vets and other allied Health Professionals for 30-years, and are totally committed to supporting you through these challenging times.

For more than 160-years, NAB has supported Australian’s through challenges. We are well-capitalised and stand ready to play our critical role in this global crisis. This means working with the Government and regulators on other necessary measures to support Australians and make sure credit keeps flowing.

Frequently Asked Questions

Am I eligible to defer my Medfin loans, lines of credit and Asset Finance repayments?

Yes. These measures are designed for Medfin customers who are experiencing financial difficulty as a result of COVID-19. Your repayments need to have been up to date, as at 1 March 2020. If you’re unsure, please submit a request for support online , or contact your Relationship Manager directly.

What options are available for me to restructure my current loans?

We have a range of relief options available to support our customers impacted during this difficult period. You can contact your Relationship Manager directly or submit a request online.

How does a deferral of my repayments work?
  • Eligible customers can defer their Medfin repayments for up to six months.
  • Eligibility criteria applies to all Medfin customers, financially affected by COVID-19 who have either principal and interest or some interest-only repayments.

During the deferral period, interest on your loan continues to be calculated and accrues in accordance with your loan contract.

Can I defer annual interest in advance repayments?

Please contact your Relationship Manager to discuss the options for this repayment type.

Business loans, Asset Finance and Lines of Credit

Will interest accrue during the deferral period?

Your standard interest rate will apply and interest will still accumulate on to your loan, line of credit and Asset Finance balance, during the deferral of your repayments

What happens after the deferral period ends on my business loans?

As interest accrues, this means that your loan balance will be higher at the end of the deferral period. Before the end of the deferral period, and depending on your business cash flow situation, options may include:

  • Paying your deferred payments in full
  • Spreading the deferred payments over the remaining term of the loan, or;
  • Extending the loan term

Options for SMSF loans are answered below
We’ll be in touch with you to discuss your situation and the available options before the end of the deferral period.
We may need you (and any guarantors) to sign documents agreeing to the changes before they’ll apply.

What happens when the deferred payment period ends on my line of credit?

Medfin line of credit means Med-e-credit, Practice Property line of credit & Residential Investment Property Line of Credit

As interest accrues, this means that your balance will be higher at the end of the deferral period. Before the end of the deferral period, and depending on your business cash flow situation you may choose to either:

  • pay the deferred interest in full
  • apply for an increased limit on your line of credit *subject to application and credit assessment*

We’ll be in touch with you to discuss your situation and the available options before the end of the deferral period.
We may need you (and any guarantors) to sign documents agreeing to the changes before they’ll apply.

Personal, Residential Investment Property and SMSF Loans

Will interest still apply?

Whilst you do not pay repayments during the deferral period, interest charges will continue to accrue on your loan. The interest charges will affect the loan balance, resulting in a higher monthly repayment amount when your repayments recommence.

What happens after the repayment deferral period on my Medfin personal or residential investment P&I property loan?

During the repayment deferral period, your interest will continue to be charged and will be added to the principal component of your loan. Part way through the deferral period, Medfin will get back in touch with you to review your situation. Once the deferral period is complete, your loan repayments will be recalculated based on the new, higher, loan balance and you will be notified of your new higher monthly repayment amount. The maturity date of your loan will remain unchanged.

What happens after the repayment pause period on my SMSF loan?

During the repayment deferral period, your interest will continue to be charged and will be added to the principal component of your loan. Part way through the deferral period, Medfin will get back in touch with you to review your situation. Once the deferral period is complete, your SMSF loan repayments will be recalculated based on the new, higher, loan balance and you will be notified of your new higher monthly repayment amount. The maturity date of your SMSF loan will remain unchanged.

Other questions you may have

Can I still make partial repayments during my repayment deferral period?

Yes, you can make one-off or partial repayments to reduce accrued instalments during your deferred period. Please contact your Medfin Relationship Manager directly or use the online form to submit this request.

Can I request interest only repayments for a 6-month period?

We don’t offer a six-month Interest Only option. We’re able to provide alternative solutions such as repayment holidays or repayment deferrals as above.

Does a repayment deferral affect my credit history?

No, the deferral of your loan repayments will not impact your credit history with Medfin or your credit score and repayment history with credit bureaus at all.

Will there be further relief options for Medfin loans?

We’re here to help you. If you don’t think you can make your monthly loan payment and require additional support, please contact your Medfin Relationship Manager directly or use the online form.

Important Information

All facilities with Medfin and National Australia Bank Limited are subject to eligibility criteria, credit assessment and approval. Terms & conditions, fees & charges apply (available upon request).

Because we do not know your personal objectives, please consider whether these products and services are appropriate for your circumstances. Before acting on any of the information on this website, please seek independent financial and tax advice.