In unprecedented times new thinking is required.
If you have lending and are financially impacted by COVID-19 – It’s OKAY to ask for help!
Businesses, Home Borrowers and Investors should not only have the latest information on what assistance is available, but where to go if it’s needed.
We have put together a short summary of what the major lenders will do to help, their contact numbers and online links for you here.
CBA Hotline Financial Assistance
Personal Accounts: 13 30 95
Business Accounts: 13 26 07
All of our home loan customers will be able to pause their repayments for up to six months should they need to.
Offering an unsecured loan of up to $250,000 (lending criteria applies) with no establishment or account fees, and no repayments required for six months for business with less than $50m turnover. After 6 months, interest would accumulate at a low 4.5%, with principle and interest repayments required.
Automatically deferring BetterBusiness Loan and Asset Finance repayments for eligible small business and community group customers with total lending limits with CommBank up to $3 million in April, May and June 2020. From July, customers will be able to opt-in to receive a further three month deferral if needed in line with the ABA loan deferral arrangements. We’ll communicate with our customers about how they can make repayments if they do not wish to be covered by the auto-enrolment and continue to explore other options to assist
Deferring repayments on overdraft products, for 90 days
Waiving merchant terminal fees for impacted customers with CommBank merchant terminals, for 90 days
Waiving establishment fees and excess interest on Temporary Excess products
Deferring repayments on vehicle and equipment finance loans, and providing tailored restructuring options that meet individual customer needs
Home Owners: 13 25 99
Business: 1800 413 950
General Contact: 13 13 14
We’re decreasing the standard variable home loan rate by 0.15% p.a. effective Friday 27 March 2020.
If you are currently paying more than the minimum repayment amount, you have the option to reduce your repayments to the minimum repayment amount. If you’d like to change your repayment amount, you can do so after 27 March 2020 on ANZ Internet Banking
If you’re experiencing financial difficulty due to COVID-19, ANZ may be able to support you by putting your home loan repayments on hold for six months, with interest capitalised. If you pause your repayments, ANZ will check in with you after three months
All impacted customers can request a six-month payment deferral on loan repayments for term loans, with interest capitalised
We are making available temporary increases in overdraft facilities for 12 months
We’ve decreased variable interest small business loan rates in Australia by 0.25% p.a., effective from 27 March 2020
Consumer: 1300 683 106
Business: 1300 769 650
General: 13 22 65
Eligible customers can pause their home loan repayments for up to 6 months (including a 3 month checkpoint).
Eligibility applies to all NAB home loan customers aﬀected by Coronavirius (owner occupiers and investors on either principal and interest or interest only repayment schedules).
Note, redraw will be revoked for customers during this repayment pause. Consider whether taking redraw may be more suitable for you.
Defer principal and interest for up to six months on a range of business loans including floating and variable rates, and equipment finance loans
Receive a 200-basis point rate cut on QuickBiz loans and overdrafts, effective March 30
Receive an additional 100-basis point reduction on variable rates for small business loans, effective March 30. This is on top of a 25-bps reduction earlier this month
Access up to $65 billion of additional secured limits to pre-assessed customers, with $7 billion currently available for fast assessment process
Access up to $9 billion in additional limits for unsecured lending for existing customers via QuickBiz and
Defer business credit card repayments
Request merchant terminal (including HICAPS) fees are waived for up to 6 months.
Consumer: 132 032
Business: 132 142
General: 1800 067 497
A 2.29% p.a. fixed rate home loan for one, two and three years for owner occupied customers on principal and interest repayments with a Premier Advantage Package, effective Friday 27 March.
Westpac customers who have lost their job or suffered loss of income as a result of COVID-19 should contact us for three months deferral on their home loan mortgage repayments with extension for a further three months available after review
Unsecured three-year term loan up to $250,000 for eligible new and existing customers with turnover of less than $50M, as part of the Federal Government’s latest economic support measures that guarantees 50 per cent of new loans issued by eligible lenders to small and medium size businesses. Effective Monday 23 March 2020, credit criteria applies.
400 basis point reduction on unsecured lending term loan for new and existing customers, effective Monday 23 March 2020.
200 basis point reduction on overdrafts for new and existing customers, effective Monday 6 April 2020.
100 basis point interest rate reduction for small business cash-based loans, effective Monday 6 April 2020.
Repayment relief for small business customers: Westpac small business customers who need help to manage their cash flow can defer principal and interest repayments of business term loans for up to six months. Find out how to apply here.
Merchant terminal rental fee waivers for up to three months.
Helping small and medium businesses take advantage of the increased instant asset write-off and accelerated depreciation provisions in the Federal Government stimulus package with no establishment fees for equipment finance loans until the end of June 2020.
Additional help already available to small business customers who are impacted by recent disasters and are experiencing hardship
Deferred payments for Business credit cards for a period of at least three months
Fee free redraw
Restructuring and consolidating loans
Termination of a term deposit without the interest rate adjustment.
Note: Just remember, the volume of people possibly affected by this situation is unprecedented and all the lines are under pressure. Expect delays in getting through and possibly choose the registration links included above to register your needs.
As always if your not sure about anything give us a call.