If you're ahead of repayments, you will have available funds in your home loan that you can redraw to use. If you're unsure about available funds or how to access them please contact us.
Focusing on our members needs
In these extraordinary and difficult times Horizon’s key priorities are simple: the welfare and livelihood of our members and our staff.
With that in mind please read the information below.
We are here to support our members & communities as best we can. Our branches are open for business. Our staff are ready and waiting to help you in any way they can as usual.
Please continue to visit this page for updates.
Your health & wellbeing is our priority
The wellbeing of our members and employees is our highest priority.
As the impacts of the Coronavirus (COVID-19) outbreak continue to evolve, we are closely monitoring and reviewing our response in line with advice from the World Health Organisation and NSW health and government authorities.
The health, safety and well-being of our members, employees and the community is paramount and we are taking a cautious approach consistent with the latest medical advice and government requirements.
In light of current health concerns, we kindly ask that if you believe you may have symptoms consistent with the Coronavirus (COVID-19) (i.e. a fever, coughing, sore throat, fatigue, and shortness of breath) please use our online and phone banking services, rather than coming in to a branch.
We have initiated further proximity protocol steps. All branches have a taped line on the carpet to indicate where members should stand while being served. Staff will direct the member to proceed to the counter when required to hand anything over or sign a form.We are also requesting that members use their own pen when conducting counter transactions. Signs are displayed to remind members of the close proximity directive.
Ways to bank with us
Members can access their accounts 24 hours a day and conduct most of their everyday banking via Horizon Online Banking, telephone banking and the Horizon app.
If you require assistance to set up Online Banking, app, telephone banking, debit card applications or any other enquiry please contact us for assistance.
1. What options are available if I am unable to repay my home or investment loan?
There are a few options that might be available to you right now. For eligible members, this includes accessing their redraw facility or mortgage offset account, deferring loan repayments, reducing your repayments to the minimum monthly repayment amount, or applying to change your repayments to interest only.
Home and investment loan members requesting financial assistance during this time will be able to defer their repayments for 6 months, with interest capitalised to their loan. No repayments are required for the 6 month deferral period. A review will occur after an initial 3 months. However during this time, interest and fees will add to the loan balance and your loan balance will progressively increase. Your loan term will be extended so your repayments do not increase as a result of the deferral period but may increase for other reasons such as a change in interest rate or accessing redraw. If your loan term extends beyond 30 years, monthly repayments will need to be increased to keep the loan from going beyond 30 years.
Please note: Any available redraw you have will be drawn on first during the 6 month deferral period. If you need to access your redraw during the deferral period, transfer your available redraw to another account now.
2. How can I request a deferral?
You can request your home or investment loan repayments be deferred by completing our COVID-19 Hardship Assistance form. Please contact your local branch to request the form and to have a chat about your circumstances. When we receive your completed form, we will aim to action your request within 5 business days.
3. If I apply today, how long will it take for my repayments to be deferred?
We will aim to process requests within 5 days and confirm in writing when your repayment deferral starts. Any repayments due prior to your deferral being approved are payable as normal.
4. What is the duration of the deferral?
The deferral period is 6 months for all home or investment loan members with a review after 3 months. During this period you can continue to make your own manual repayments. Any manual repayments you make will reduce interest payable and the length of time your loan term is extended for.
5. What happens after the 6 months?
At the end of the 6 month deferral period, your repayments will recommence. You can elect to either extend your loan term up to a maximum 30 years or stay on your original loan term and increase your repayments.
Note: Your repayments may increase for other reasons, for example, like accessing redraw, a change in interest rate and/or upon expiry of a fixed rate or interest only term.
6. Does this deferral impact my redraw?
Any available redraw you have will be drawn on first during the 6 month deferral period. If you need to access your redraw during the deferral period, transfer your available redraw to another account now.
7. Can I still make repayments during my deferral period?
Yes. You can make manual repayments at any time during the deferral period and all repayments will help reduce the interest charged and the duration your loan term will be extended by at the end of the deferral period.
8. Are all home and investment loans eligible?
All home and investment loans are eligible including bridging and construction loans.
9. During my loan repayment deferral, won't my loan fall into arrears?
Please don’t be concerned. While interest will still be charged, the Australian Prudential Regulation Authority (APRA) have invoked special rules during COVID-19 which means your loan won't fall into arrears during the deferral period and your credit rating will not be adversely affected.
10. Does this deferral impact my Mortgage Offset?
The deferral will have no impact on your linked Mortgage Offset account/s. Any money in your Mortgage Offset account/s will continue to reduce the balance on which we charge interest. This means you’ll only be paying interest on the difference.
11. Does this deferral impact the Interest Only period of my loan
There is no change to the Interest Only period of your loan. Interest Only will end on the contracted end date, even if this occurs during the deferral period.
12. Does this deferral impact my Fixed Rate loan?
There is no change to your Fixed Rate loan. The fixed rate term will expire on the contracted end date, even if this occurs during the deferral period.
13. Will deferring my home loan repayments be reported to credit reporting agencies?
Any arrears during the deferral period will not be reported to credit reporting agencies.
14. Will I be informed of the changes made to my loan at the end of the deferral period?
Yes, you will be contacted before the end of the deferral period to provide details on either how much your loan term will be extended by or repayments increased.
Here’s an example
Matt’s loan balance is $400,000. He has a remaining loan term of 25 years and his interest rate is 3.94% p.a. and his monthly repayments are $2,098.12 per month.
Matt has lost his job as a result of coronavirus and submits an application online for a deferral of his Home Loan repayments. If Matt defers his repayments (and makes no additional repayments or redraws in this time) at the end of the deferral period, his loan balance will have increased to $407.944.97. It would have otherwise been $395,251.70. At the end of the 6 month deferral period, Matt is to resume paying his normal repayment of $2,098.12 per month, however an additional 10 months will be added to the term of the loan and $13,295.86 additional interest paid over the life of the loan. If Matt prefers to keep the loan to the original 25 year term, his repayment will increase to $2,123.32 per month and additional interest will be limited to $4,557.14.
 For example purpose only. Assumes no change in interest rate. This does not consider your individual objectives, financial situation or needs. Before basing any decisions on this information please consider if it is appropriate to your circumstances and consider obtaining professional advice specific to your needs, including financial, taxation and legal advice.