Repayment Break Option
If you have been affected by the impact of COVID-19 you can apply for a repayment break on your business loan of up to 3 months.
Download form here. Once completed please email BusinessCovid19@boi.com and you will receive a call-back. If you have an assigned Business Relationship Manager you should contact them directly and they will arrange the application for a repayment break for you.
What a repayment break means for you
- This repayment break means that you are not required to make any repayments to the Credit Facilities during the repayment break
- During the repayment break, interest will continue to accrue on your Credit Facilities and charges will continue to apply where relevant in accordance with the existing terms and conditions which currently apply to your Credit Facilities.
- If the current interest rate that applies to your Credit Facilities is a fixed interest rate or a variable interest rate, the application of a repayment break means that the term of the Credit Facilities will be extended, the interest payable on the Credit Facilities will increase and the amount owing on the Credit Facilities will increase.