Decrease variable interest home loan rates in Australia by 0.15% p.a. across all Variable rate indices, effective from 27th March 2020.
Introduction of a two-year fixed rate of 2.19% p.a.4 for Owner Occupiers paying Principal & Interest; our lowest fixed-rate home loan on-record.
Request a deferral of home loan repayments for up to six-months, with a review at three-months, with interest capitalised2.

For Small & Medium Businesses:

Decrease variable interest small business loan rates in Australia by 0.25% p.a., effective from 27th March 2020, resulting in a 0.50% p.a.1 reduction since last week.
All impacted customers can request a six-month payment deferral on loan repayments for term loans, with interest capitalised2.
Making available temporary increases in overdraft facilities for 12 months.
A reduction by 0.80% p.a. to a new two and three-year fixed rate of 2.59% p.a. for secured small business loans up to $1 million3, effective 3rd April 2020.

Note:

1ANZ announced it would decrease variable interest small business loan rates by 0.25% p.a., effective 13th March 2020.

2Interest Capitalisation is the addition of unpaid interest to the outstanding loan balance. The outstanding loan balance increases when payments are postponed during periods of deferment or forbearance and unpaid interest is capitalised.

3Applicants must have less than $1M total business lending with ANZ and must meet ANZ’s security requirements.

4Available under ANZ Breakfree from 23rd March 2020

Business Owners:

What ANZ customers are eligible for the ANZ COVID-19 Commercial Package?

All ANZ business customers are able to apply for the support package, including Small Business, Business Banking, Agribusiness and Emerging Corporate customers, subject to eligibility criteria.

All impacted customers can request a six-month payment deferral on loan repayments for term loans, with interest capitalised. This includes ANZ Business Loan, Business Mortgage Loan, Tailored Commercial Facility, Tailored Business Facility and asset finance.

For impacted customers with overdrafts, we are making available temporary increases in overdraft facilities for 12 months.

My customer doesn’t qualify for the Commercial Package, or wants a different arrangement – what are their options?

Our intent with the Commercial Package is to provide a simple, streamlined process for customers.

However, we recognise that some customers will require more tailored solutions. In these scenarios, please discuss the customer’s needs with your ANZ Business Banking Manager or Relationship Manager.

Where a customer is provided with relief assistance, will the aggregator continue to receive existing trail on the customer’s commercial loans?

Yes, where a customer is given relief assistance, ANZ will continue to pay trail commissions on the loan in accordance with the Commercial Broker Agreement.

Will ANZ be participating in the Government Coronavirus SME Guarantee Scheme for lending up to $250k?

Yes, ANZ is pleased to confirm it is working with the Government to offer facilities using the Government Coronavirus SME Guarantee Scheme.

We are presently working on how we can best use the scheme to support our customers, including how we offer any facilities, and will provide further information when available. Please refer to the Government Coronavirus SME Guarantee Scheme page for further information.

For additional information you can go to: https://www.anz.com.au/promo/covid-19/

Adelaide Bank

Message from Adelaide Bank:

We understand the impact of the coronavirus (COVID-19) could affect you financially. The following financial assistance package was announced for all affected Bendigo and Adelaide Bank customers nationwide on Monday 16 March 2020. In line with recent announcements, this package has been extended to six months. It includes:

Home Loan and Business Loan customers can apply for relief on loans for up to six months
Waiver of fees for the restructuring or consolidation of loans

To explain how this will work with us, during the 6 month period interest will capitalise into the loan. Once the 6 month period is up, your client will then arrange with our Mortgage Help team on their repayments moving forward. Whilst this won’t show as a default or in arrears on the credit file, it will show blank on CCR. This means that a repayment has not been made.

For more information:

https://www.adelaidebank.com.au/coronavirus-assistance/

AMP Bank

AMP has advised that you must call them on 133 330 and seek contact from the AMP hardship team. They will then advise to what is currently being offered. Its case by case.

Hardship request – https://www.amp.com.au/support/COVID-19?extcmp=cv19-1-whero-gf–cta-gen-202003

Bankwest

If you’re unable to meet your minimum monthly repayments or require ongoing financial assistance, please contact us on 1300 769 173 or customer.assist@bankwest.com.au

This is a link to the Bankwest website that has the contact details for our dedicated Customer Assist team. https://www.bankwest.com.au/personal/guides/financial-hardship-assistance

Commonwealth Bank of Australia

Commonwealth Bank has today announced a package of support for all home loan customers. This package includes the option to defer Home Loan repayments for up to 6 months, with interest capitalised.

In addition, for the customers you support there’s a few options available. This includes accessing their redraw facility, considering a repayment holiday, reducing repayments to the minimum monthly repayment amount, or applying to change their repayments to interest only payments.

Should customers wish to seek deferral of Home Loan repayments this can be sourced online at commbank.com.au/coronavirus.

I recognise that many of you are small business owners and may yourselves be impacted by the uncertainty of this rapidly changing environment. As such you will have access to the full range of support from us.

I’d also like to take this opportunity to summarise some of the initiatives we announced yesterday to further support households and businesses with a range of new measures. These include:

Offering a 2.29% p.a. fixed rate home loan for one, two and three years – our lowest advertised rate ever – allowing owner occupier customers on principal and interest repayments with a Wealth Package to lock in certainty of these historically low interest rates, from 30 March.
Reducing direct debit repayments for all variable principal and interest home loan accounts to the minimum required from 1 May to release up to $3.6bn of additional cash flow for Australian households. Customers who wish to retain their existing repayments will have the ability to amend their repayment amounts from 1 May.
Increasing 12 month term deposit rates by 60 bps to 1.70% p.a. This allows all Australians – and especially older Australians who rely on their savings income – to earn a guaranteed return which is 1.45% above the cash rate. This offer is available for all eligible new and existing CBA personal customers, available from the 19th March 2020 on balances from $5,000 to $2 million.
Increasing eligibility criteria for personal overdrafts, available online or through the CommBank App, helping customers access emergency funds.
A range of measures to help keep small businesses open so that they can keep Australians employed

ING Bank

ING have assured that they are always available to discuss the individual circumstances of each of their clients & will respond appropriately to instances of financial stress as and when they arise.

If any concerns, ING clients are asked to call: 133 464 to discuss their individual needs.

More details can be found via: https://www.ing.com.au/help-and-support/coronavirus-covid-19.html?pid=vis:hph1:def:covid19

Macquarie Bank

Macquarie Bank have introduced a comprehensive package of support measures to help Australians dealing with the impact of coronavirus (COVID-19).

Immediate support measures made available for households and businesses include:

All Macquarie Personal and Business Banking clients who are experiencing financial difficulty can immediately defer their repayment for six months
This applies to all commercial loan, overdraft, home loan, car loan and credit card clients.

More information on how we can help is available: https://www.macquarie.com/au/personal/coronavirus

If you need to discuss how we can provide ongoing support, you can also contact us on: Home loans – 1300 363 330

We are monitoring industries impacted by the coronavirus situation. The identified industries at this time are:

tourism
transportation, excluding public transportation and delivery services
hospitality
retail
sport, arts and recreation.

For PAYG applicants within the above industries:

•	the application must include a bank account statement showing a salary credit no older than 14 days at the time of formal approval, matching the most recent payslip
•	alternatively, our credit assessor will need to speak to the applicant’s employer to confirm employment status and current income
•	where the applicant is on paid leave or unpaid leave, our credit assessor will need to speak to the applicant’s employer to confirm employment status and current income.

For all self-employed applicants, regardless of industry, the application must include our normal requirement of the last two years financials and:

•	business activity statements (BAS) covering the period from the most recent financial statements to the application date. From 1 April 2020 we’ll require the March quarter BAS, and
•	bank statements from at least 1 March 2020 onwards (and no older than 14 days at time of approval) showing credits or deposits evidencing consistent trading income.

National Bank of Australia (NAB)

Support for businesses and homeowners

NAB has announced a range of measures to assist businesses and homeowners. These complement the federal government and Reserve Bank of Australia’s stimulus packages.

NAB Business customers will be able to:

Defer principal and interest for up to six months on a range of business loans, including floating and variable rates, and equipment finance loans, if experiencing financial difficulty;
Receive a 200-basis point rate cut on new loans and all overdrafts on QuickBiz, effective March 30 2020;
Receive an additional 100-basis point reduction on variable rates for small business loans, effective March 30 2020. 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.

NAB Personal customers will be able to:

Pause home loan repayments for up to six months, if experiencing financial challenges, including a three-month checkpoint. For a customer with a typical home loan of $400,000, this will mean access to an additional $11,006 over six months, or $1,834 per month.
Access a 10-month term deposit rate of 1.75% p.a. for 10 months, effective March 24. This is for personal customers only, with deposits of $5,000 to $2 million.
Access fixed home loan rates of 2.39% p.a. for 1 year, 2.29% p.a. for 2 and 3 year, and 2.79% p.a. for 5 year (owner-occupier P&I), effective March 25. First home buyers will have access to a rate of 2.19% p.a., fixed for two years. This delivers reductions of between 10 and 60bps (table below).
Access over $20bn in redraw and more than $30bn in offset. Note: Around 1 in 2 accounts are at least 6 months ahead based on redraw & offset balance; and 4 in 10 are 12 months ahead.
Reduce repayments on variable rate loans. Over the past 12 months, reductions of 84bps to our owner-occupier variable rates have provide a potential benefit of $3,360 per year to customers with a $400,000 loan. Most customers have not yet taken the option to reduce their payments.

To talk to someone about how NAB can help, your customers should contact us directly by submitting a request for support online, or contacting our Customer Care teams on:

Business – 1300 769 650 (Monday to Friday 8am-6pm AEST/AEDT)
Personal – 1300 683 106 (Monday to Friday 8am-8pm AEST/AEDT; and Saturday 9am-1pm AEST/AEDT).

NAB’s advertised package home loan fixed rates change as follows, from 25 March 2020

NAB Package Fixed rate	Owner Occupied P+I		Investor P+I
NAB Package Fixed rate	Current	New	Current	New
1 year	2.99% p.a.	2.39% p.a.	3.19% p.a.	2.69% p.a.
2 year	2.89% p.a.	2.29% p.a.	3.09% p.a.	2.59% p.a.
3 year	2.89% p.a.	2.29% p.a.	3.09% p.a.	2.59% p.a.
4 year	2.99% p.a.	2.79% p.a.	3.19% p.a.	3.09% p.a.
5 year	2.99% p.a.	2.79% p.a.	3.19% p.a.	3.09% p.a.
FHB Special (2Y)	2.79% p.a.	2.19% p.a.

You can read more about what NAB is doing to support customers at nab.com.au/coronavirus

St George Bank

We have announced extensive support measures to help consumer and small business customers impacted by the outbreak of COVID-19 in Australia.

Support for retail customers:

Effective Friday 27 March 2020, we are making changes to Fixed Home Loans under the Advantage Package*.
- 1 year owner occupier Principal & Interest fixed rate^ home loan decreasing by 0.65% p.a. to 2.29% p.a. (comparison rate** 3.58% p.a.)
- 2 year owner occupier Principal & Interest fixed rate^ home loan decreasing by 0.65% p.a. to 2.29% p.a. (comparison rate** 3.50% p.a.)
- 3 year owner occupier Principal & Interest fixed rate^ home loan decreasing by 0.65% p.a. to 2.29% p.a. (comparison rate** 3.43% p.a.)
St.George customers who have lost their job or suffered loss of income as a result of COVID-19 can contact us for three months deferral on their home loan mortgage repayments, with extension for a further three months available after review.
Effective Friday 27 March 2020, we are introducing a Term Deposit special offer of 1.7% p.a. interest for 12 months for all Australians (up to $500,000 per customer). Available online and in-branch. For Australians aged 65 years and over the rate will be 2% p.a. for eight months (up to $500,000 per customer). Customers can choose to have interest paid monthly to provide them with regular income.
We have also introduced a nationwide plan to help elderly customers access telephone and internet banking, including a specialist call centre available to help people register for and use telephone and online banking.

Support for business customers:

We have made a 200 basis point reduction on overdrafts for new and existing customers.
We have made a 100 basis point interest rate reduction for small business cash-based loans.
Small business customers with business balances less than $3m1 experiencing cash flow issues as a result of COVID-19 can defer Principal & Interest repayments of business term loans and Equipment finance for six months.
We also have merchant terminal rental fee waivers for up to three months. In addition, we are 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.

If you need to defer your Home Loan repayments they can fill out this form. https://www.stgeorge.com.au/contact-us/financial-hardship/apply-for-assistance

Consumer customers can also request assistance by completing the Financial Hardship form https://eforms.stgeorge.com.au/olfmu/eforms/assist/#/welcome/applyNow

Suncorp

Suncorp Bank has announced a financial assistance support for customers impacted by coronavirus across the country.

Effective immediately, Suncorp Bank is offering the following relief assistance options to impacted customers and business customers:

An opportunity to defer scheduled loan repayments (including interest only) on a case-by-case basis
Existing loan rearranging (for example, principal and interest to interest only) with the waiver of establishment fees
Waive early withdrawal fees for customers wishing to withdraw from term deposits and/or Farm Management Deposits
Working capital assistance
No interest rate increases

If you are experiencing ‘financial hardship’ the Suncorp ‘Customer Assist’ number is: 1800 413643.

Westpac

Support for retail customers:

Effective Friday 27 March 2020, we are making changes to Fixed Home Loans under the Premier Advantage Package*.
- 1 year owner occupier Principal & Interest fixed rate^ home loan decreasing by 1.00% p.a. to 2.29% p.a. (comparison rate** 3.61% p.a.)
- 2 year owner occupier Principal & Interest fixed rate^ home loan decreasing by 0.69% p.a. to 2.29% p.a. (comparison rate** 3.53% p.a.)
- 3 year owner occupier Principal & Interest fixed rate^ home loan decreasing by 0.69% p.a. to 2.29% p.a. (comparison rate** 3.45% p.a.)
Westpac customers who have lost their job or suffered loss of income as a result of COVID-19 can contact us for three months deferral on their home loan mortgage repayments, with extension for a further three months available after review.
Effective Friday 27 March 2020, we are introducing a Term Deposit special offer of 1.7% p.a. interest for 12 months for all Australians (up to $500,000 per customer). Available online and in-branch. For Australians aged 65 years and over the rate will be 2% p.a. for eight months (up to $500,000 per customer). Customers can choose to have interest paid monthly to provide them with regular income.
We have also introduced a nationwide plan to help elderly customers access telephone and internet banking, including a specialist call centre available to help people register for and use telephone and online banking.

Support for business customers:

We have made a 200 basis point reduction on overdrafts for new and existing customers.
We have made a 100 basis point interest rate reduction for small business cash-based loans.
Small business customers with business balances less than $3m1 experiencing cash flow issues as a result of COVID-19 can defer Principal & Interest repayments of business term loans and Equipment finance for six months.
We also have merchant terminal rental fee waivers for up to three months. In addition, we are 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.

If you need to defer their Home Loan repayments they can fill out this form. https://www.westpac.com.au/about-westpac/sustainability/initiatives-for-you/customers-financial-hardship/apply-for-assistance/

Consumer customers can also request assistance by completing the Financial Hardship form https://banking.westpac.com.au/olfmu/eforms/assist/#/welcome/applyNow

Westpac call centre number: 1300 130928.