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Viridian Line of Credit

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Due to COVID19

The customer must continue to meet the current requirements outlined in Viridian Line of Credit (VLOC) with the following changes:

The maximum LVR is 60%.

CommBank’s relief options for Viridian Line of Credit customers impacted by Coronavirus

If your customer has a Viridian Line of Credit (VLOC) and is impacted by Coronavirus, we have the following support options:

Option 1: If their balance is under the limit: Stop making monthly interest payments on the VLOC until they exceed their limit. If there is an interest redirection set up, this will need to be cancelled by the Bank.

Option 2:If their balance is over the limit: Contact FAS for hardship support on 1300 720 814.

 

Features and Benefits Product Attributes Repayment Options
  • Access funds up to agreed limit (subject to daily card limits where applicable) via ATM, chequebook, EFTPOS, EFTPOB, by phone, Maestro/Cirrus, Netbank and at Commonwealth Bank branches.
  • Interest calculated daily, charged monthly as the customer benefits immediately from every repayment they make.
  • Portability - the line of credit can move with the customer (conditions and fees apply).
  • Switch to a Standard Variable Rate, Fixed Rate, or Base Variable Rate (Rate Saver) at any time.
  • Statement frequency quarterly or on request (a fee applies for requested statements).
  • Minimum Loan Amount - $20,000
  • Maximum Loan Amount - no maximum
  • Minimum Term - not applicable
  • Maximum Term - not applicable
  • There are no set principle requirements. However monthly payments are required to cover interest and any accrued charges.
  • Clients have the ability to make additional repayments at any time without incurring an Early Repayment Adjustment and Administrative Fee.

Note: Interest cannot be charged to a related account

 

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