Big four banks offer mortgage relief to owners in the Opal tower

Owners of apartments in Sydney’s cracked Opal Tower are being offered mortgage relief as the future of their properties remain in limbo. Find out what is being offered.

Owners of apartments in Sydney’s cracked Opal Tower are being offered mortgage relief as the future of their properties remains in limbo.

In recent days the big four banks have rolled out financial assistance packages to customers

who have purchased property in the beleaguered building.

Investors on the impacted floors have rental income issues, while owner-occupiers cannot live in the building and are incurring costs elsewhere.

This comes after the NSW Premier Gladys Berejiklian on Friday urged owners to explore their legal options as some consider joining a class action for whoever is responsible for the building’s faults.

National Australia Bank’s chief customer officer Mike Baird said the lender has started contacting owners of Opal apartments to see if they could assist.

“We have contacted our customers given the current circumstances and will continue to stay in touch to help where we can,” he said.

“We are always keen to help our customers where we can at times of difficulty.”

The "Opal Building" in Homebush Bay has been inundated with structural issues.

The Commonwealth Bank’s executive general manager of home buying Daniel Huggins said first and foremost their “primary concern is the safety and security of our customers.”

“There is a range of financial assistance solutions available to borrowers and we encourage those customers who may have concerns to speak with one of our lending specialists today,” he said.

In most cases financial assistance being offered includes offering customers a repayment holiday — where they don’t have to make mortgage repayments.

This can often be up to three months.

Alternatively customers might be given the option to reduce their pending home loan repayments for a certain time.

These arrangements are similar to those offered to customers struck by the drought in recent months and their inability to meet pending mortgage repayments.

The Sydney Olympic Park tower was evacuated on Christmas Eve after cracks were discovered in the building’s structure.

Many residents were forced to relocate and some still remain out of their apartments while an investigation continues.

A Westpac spokeswoman said if Opal apartment owners were under financial they should contact the bank.

“We know that financial difficulty can arise from unexpected events and we provide assistance to customers on a case-by-case basis,” she said.

“We encourage customers to contact us as early as possible so we can work with them on the right solution.”

ANZ is also offering assistance.

Ms Berejiklian said while she empathised with residents, providing financial aid was not a matter for the government.

@sophieelsworth