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Support for Australia's Small and Medium-sized Businesses

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Unity Bank has today responded to the Australian Government’s Coronavirus SME Scheme with the following measures added to support Australian small and medium-sized businesses.

During the unprecedented COVID-19 pandemic, we understand the distressing times for businesses. We are always here to support you and your business, and in consultation with the Australian Government, we are pleased to announce a stimulus package that can help put the wind back in your sails.

Under the scheme, Unity Bank will offer an unsecured 3-year term loan to all business customers with a turnover of less than $50 million. This offer will be available with a 6-month payment free option which will be capitalised at the end of the 6-month period. 

These loans will be offered to new and existing members at a variable interest rate and a minimum establishment fee of $500.

To get started or find out more, request a call back from our Lending Specialist or call 1300 36 2000 to arrange a discussion about your business needs today.

 

Credit eligibility criteria, terms and conditions and fees and charges apply.

These products are only available to approved business customers and for business purposes only. This offer is to assist with working capital and other cash flow requirements but cannot be used to refinance existing debt. Loan applications between $10,000 and $40,000 will be accepted for assessment, and applications above $40,000 will be determined on a case by case basis. View our current terms and conditions and consider them before making any decision about these products. For current interest rates, visit our website at www.unitybank.com.au. Any advice or information on this site does not take into account your personal objectives, financial situation or needs and you should consider whether it is appropriate for you. Please review our Disclosure Documents before acquiring any product.

Unity Bank Limited ABN 11 087 650 315 | AFSL/Australian Credit Licence 240399 

 

QBE Insurance Support for our Members

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The health and wellbeing of our Members, community and employees is our main priority during this time of uncertainty. As the situation with COVID-19 continues to develop, we want to let you know that we are here to provide the support you may need.

Our insurance partner, QBE, has announced hardship assistance options for Members with QBE insurance policies.

Options include:

  • Deferring your payments for up to 90 days
  • Payment dishonours – if a scheduled payment is dishonoured, the system will auto commence one of the following depending on the reason the instalment dishonours;
    o Missed payment rolls into the next scheduled instalment
    o QBE will write to the Member asking them to call us to discuss options.
  • Hold your next instalment payment by changing your instalment date to a later date. This option applies to direct debits.

If you are experiencing financial hardship due to the impacts of the current virus outbreak, we are ready to help you. Please contact us by calling 1300 36 2000 to discuss your options.

 

Are you ready to Reboot your Privacy!

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As our day-to-day online activity shifts even further during the COVID-19 pandemic, Privacy Awareness Week is an important reminder to Reboot your privacy. Privacy Awareness Week (PAW) is an annual initiative of the Asia Pacific Privacy Authorities forum. It is held every year to promote and raise awareness of privacy issues and the importance of protecting personal information. 

Here are a few tips that can make a difference to your digital privacy.

1. Personal Information

Make sure you know who is getting your personal or financial information. Don’t give out personal information on the phone, through the mail or over the Internet unless you’ve initiated the contact or know who you’re dealing with.

If a company that claims to have an account with you sends an email asking for personal information, don’t click on links in the email. Instead, type the company name into your web browser, go to their site and contact them through customer service. Or, call the customer service number listed on your account statement.

Keeping your personal information secure is highly important to your bank, we will never ask for your account information via an email!

2. Switch to e-Statements

Receiving you monthly statements in the mail can increase the risk of your personal information being stolen. Do you trust that your mailbox is secure? Would you leave $1,000 in cash in your mailbox and trust it would still be there in a week? By switching to e-Statements you can only access your statements by logging into internet banking, protecting your personal information and potentially protecting yourself from identity theft.    

3. Log out every time

Closing a browser or typing over an address is not the same as logging out. Shut down apps when you’re not using them and make a habit of logging out of websites when you’re done. Most online banking applications automatically time out, but its cyber-smart to click ‘log out’ every time.

4. Check the machine

One of the most common ways a scammer will try to get access to your bank account is at the ATM. This is usually done by installing a ‘skimmer’ over the card reader, which captures the data on your card when you place it into the machine. The scammers then use that data to create a dummy card, which can also be used to access your account.

Always check before using ATMS especially if they aren’t owned by a bank looking for:

  • Any signs of tampering
  • Anything that looks out of place
  • Anything that seems to move when touched

And always cover your pin!

5. Check your balance

Banks are usually quite effective at detecting suspicious activity on their customers’ accounts, but they're not perfect. So check your account balance regularly. When you do, go through your transactions and make sure they match up to what you’ve spent. If you have a joint account make sure your partner does the same.

6. Keeping your personal information up to date 

It is important to keep you bank up to date with your personal information, if for any reason we may have to contact you about your account. We want to make sure we can reach you in a timely manner. 

For more information on privacy week, please click here.    

If you notice any signs of fraudulent activity on your account contact: 1300 36 2000

 
   

Delivering Safe Banking Services to our Members and Staff

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For 50 years, the wellbeing of our Members and staff have always been our top priority. As we face unprecedented responses from the COVID-19 (coronavirus) outbreak, our support and commitment to our Members and staff will not change. And as a mutual bank and a member of the Australian community, it is important we come together to support each other.

We would like to assure our Members that the Bank is prepared to make any necessary changes to support and protect them. We have implemented several actions to keep our Members, our staff and our wider community as safe as possible. 

We are monitoring the situation daily and following the advice of Australian Government Health authorities as well as applying governments restrictions that are currently in place. We will continue to assess and make any necessary changes, to ensure we can continue to provide safe banking services.

Helping you access your Bank

All our banking services will continue to operate as normal. If visiting one of our branches is not essential, you can still safely continue to bank with us through one of these channels.

  • Banking App – available on the App Store and Google Play
  • Internet Banking
  • Phone Banking

Please contact our helpful Member Services by email or phone if you need any assistance in accessing one of these channels or you are not sure how to use them.

Our branches and offices are being cleaned more than usual

We are taking extra steps to regulate cleaning and disinfection of all the high touch and high–traffic surfaces in our branches. 

Looking after our Members and our staff

  • Our staff have been provided with gloves when handling cash.
  • We have implemented social distancing of 1.5 meters 
  • For now, our Mobile Lenders will stop visiting members at home and at their workplace and instead will continue to provide consultations and service by phone and email.
  • We have ensured that our employees have the information they need to stay healthy, and the ability to stay at home if they are unwell in any way.
  • We have ceased business travel and face-to-face meetings, and instead use online or phone conferencing facilities where practicable.

Looking after you if you are experiencing financial difficulty

We have introduced a Financial Assistance Package for Members with any type of home loan, personal or car loan, overdraft or credit card and all commercial loans. If you wish to apply for financial relief, please complete our Financial Assistance online form and one of our friendly staff will contact you as soon as possible.

Keeping you up to date

We will provide further updates to Members if there are any significant changes in circumstances. Please visit our website for the latest news or follow us on Facebook (@UnityBankAU) and Twitter (@UnityBankAU).

Thank you for your continuous support

We would like to thank our Members for their continued support, showing understanding and giving positive encouragement to our staff members as they work hard to help the Members who are going through difficult times. 

If you have any questions, please contact us by email or phone 1300 36 2000.

 
 

Standing By You In Uncertain Times

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In these uncertain times, one thing is for certain, we’re here to support you. It’s what we have been doing for 50 years and will continue to do so through thick and thin. Today, we introduce additional measures to support individuals who are doing it tough and increasing our help to keep small businesses open so that they can keep their staff employed.

Relationship Rewards Program

The COVID-19 outbreak continues to rapidly change our way of living. To support Members who are increasing the use of their debit cards to make payments, we are increasing the number of free excess transactions by FOUR across all relationship tiers which will commence immediately for 6 months. 

Relationship Tiers Current Free
Excess Transactions
Additional
Free
New Free Excess
Transactions
Members with a balance $10,000+ 13 4 17
Members with a balance less than $10,000 5 4 9
Retired Members 58 year or older
(who are registered with us)
12 4 16
All in One Loans 20 4 24
All in One Package Unlimited - Unlimited

You can avoid exceeding your excess transaction limit by doing one of these two simple alternative payment methods:

  1. Use one of our Mobile Pay Apps – Google Pay, Apple Pay or Samsung Pay. Just like how you use your Visa payWave debit card, you can use your smartphone for instant everyday transactions. It's easy to set up. Just download the app from your mobile app store and link your Visa debit card. Paying with your smartphone is secure and convenient. To find out more about our Mobile Pay apps, click here.

  2. Slot your Visa debit card into the EFTPOS machine and select 'Credit'. By choosing 'Credit,' your payments will be processed via the Visa network and will not be counted as an EFTPOS transaction.

Supporting Members with Deposits

We have increased our 12-month Term Deposit rate by 0.40% to 1.70% and our 6-month Term Deposit to 1.30% (for deposits between $50,000 and $300,000) in recognition that this low rate environment is hurting savers.

Supporting Businesses

We have reduced Commercial Loans rates by 0.20% and Overdrafts by 0.40%, effective from 1 April 2020. In addition, we are not charging any Monthly Service fees on any commercial loan for the next 6 months. These fee waivers will automatically be applied to all loans and are in addition to a range of measures below that are available to businesses facing difficulties.

Unity Bank's Financial Assistance Package

A reminder that we are providing a Financial Assistance Package to help Members who are impacted by the COVID-19 coronavirus. We are providing immediate relief on all types of home loans, personal or car loans, overdrafts or credit cards and all commercial loan repayments.

Defer you Loan Repayments
Should you need financial assistance at this time, you can defer your loan repayments for an initial three-month period with a further three months available if you require it. It is important to note that whilst payments are deferred, interest on your loan will continue to accrue and will effectively capitalise. This means that at the end of the support period, your required repayment amount will increase so that you repay the total balance over the remaining loan term (including interest and charges added to the balance during the support period).

It is important to remember that if you defer your repayments you will pay more interest than you otherwise would. If you can recommence payments sooner, or are able to make lower payments, then it is in your best interests to do so as soon as your financial situation improves.

Converting to Interest Only
Consider whether converting your loan to an interest only loan is more suitable. Members in need of assistance can convert their principal and interest repayment loan to an interest only loan for up to 12 months. However, because you are only paying the interest only portion of the loan, you are not reducing the loan balance, which means you will pay more interest over the life of the loan.

Reducing your Loan Repayments
Reducing your loan repayments by extending the term of your loan. Remember, because you are paying your loan over a longer term, you will pay additional interest. So please consider making the maximum repayment that you can afford.

Redraw Facility
Accessing any additional money, you may have available to redraw in your eligible loan. Simply use online banking to transfer funds from your eligible loan into your savings account.

How to Apply
If you wish to apply for financial relief, please complete our Financial Assistance application form and one of our friendly staff will contact you to assist.

Other Changes

We have made some other changes to savings and term deposit rates which can be found here. New rates for term deposits took effect on 26 March 2020 and savings rates are effective from 1 April 2020.

   

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