Important information regarding COVID-19
Capital Finance Australia Limited is committed to supporting our business customers through these challenging times and will continue to be here to help as the COVID-19 situation evolves.
Applications for deferrals closed 30 September 2020.
How we are supporting:
Vehicle and equipment loan repayment deferral: Eligible Capital Finance business customers who need help managing their cashflow can defer principal and interest payments# of vehicle and equipment finance facilities (Lease, Hire Purchase, Rental and Goods Loan), for six months.
Eligibility for vehicle and equipment loan repayment deferral
The deferred payment period applies to eligible business connections impacted by COVID-19:
- with total business exposure of less than $10 million per customer group; and
- where the business is operated in Australia with less than 20% foreign ownership; and
- for those customer's above $3 million total business exposure, with current facilities that have not been in arrears in the last 90 days.
Things you should know
Terms and conditions
The below terms and conditions were provided and required the applicant’s consent as part of the business vehicle loan and equipment finance facilities deferral application:
- The payment deferral will be applied to all of your eligible Business vehicle loan and equipment finance facilities with Capital Finance. This includes all eligible Business Lending Products for you and any Businesses linked to your customer profile (for example where you might be a director of an entity or partner of a partnership being the eligible small business).
- Please note that the interest deferred will be capitalised^ and your loan term will be extended at the same fixed rate by at least 6 months. Any current fixed rate period will also be extended by 6 months.
- Once your deferred payment application has been processed, you will receive a confirmation email. If there is part of the email you do not understand or do not believe you agreed to, please contact us as soon as you can. This arrangement is an exception to the usual terms and conditions that apply to your facility. If you have an event of default (for example, you become insolvent) the events of default conditions of your contract continue to apply. Where we initiate Direct Debit payment to the account, we will attempt to cancel these, please advise us as soon as possible if payments continue to occur, so that we can rectify this promptly. Please note, if we do a Direct Debit after you have opted-in to the offer, we will refund it. Where payments are initiated by other institutions (eg. by direct credit from another financial institution or by direct credit from an employer), you need to cancel these to stop further repayments being made. We will endeavour to return these funds, if this isn’t possible we will apply to your loan balance.
- If you nominate a facility for the deferred interest period and you meet our eligibility criteria and the facility is subject to a fixed-rate period, the fixed-rate period will be extended by the deferred payment period. If you terminate your facility during the deferred payment period, termination fees, break fees, and applicable loan charges will become payable.
- Where there are other borrowers (such as other directors, partnership partners, beneficiaries) and guarantors associated with the loans, you confirm that you have authority to act on their behalf.
^ For Equipment Finance facilities and loans only, instalments will be deferred and finance charges will still apply over the deferred period. Instalments will be recalculated at the end of the deferral payment period and will include finance charges.