Amid the heartbreak of losing or facing the loss of a loved one, having to deal with the ongoing demands of everyday life adds another layer of stress, especially when it comes to your mortgage.
The Commonwealth Bank (CBA) has sought address that concern, launching an Australian first that covers mortgage repayments for up to 12 months, without additional cost.
Home Loan Compassionate Care will offer complimentary protection to owner-occupier homeowners if they, their spouse or dependant passes away or is diagnosed with a terminal illness.
CBA’s Retail Banking Services Group Executive Angus Sullivan, said the Compassionate Care program will roll out automatically to existing customers to thank them for their loyalty.
“We know that mortgage repayments are the single biggest financial commitment for Australian homeowners, so when the unthinkable happens we’ll support our customers by making their home loan repayments for around 12 months at no cost,” he said.
“If something were to happen, the last thing you should have to worry about is your home loan. In designing this protection, we’ve made sure there’s no need to sign up or to activate it. We’ve also consulted with our own employees who have gone through similar, difficult experiences to ensure the end-to-end claims process is as easy and stress-free as possible, and a dedicated team has undergone specialised training to handle these sensitive matters.”
CBA commissioned research that found a third of Australians would only be able to cover their mortgage repayments for up to six months if a bereavement or terminal illness hit the family, and more alarmingly one in 10 could only cover a month or less of repayments based on current income and savings.
Nearly half (45%) of respondents would need financial assistance to cover mortgage repayments, with that number increasing to 55% if homeowners have children under 18, and was highest among those aged under 30 (67%).
Home Loan Compassionate Care is available for eligible owner-occupied home loan customers aged between 18 and 59 years. More details are available at commbank.com.au/compassionatecare