Overview of the COVID-19 key assistance programs available from ANZ, Commonwealth Bank, NAB and Westpac.
ANZ
- Decrease variable interest small business loan rates in Australia by 0.25% p.a.
- Defer loan repayments for up to six months for term loans, with capitalised interest
- Six month deferment of loan repayments for SMEs (federal scheme)
- Increase in overdraft facilities for 12 months
- Reduce 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 $1m
Source: www.media.anz.com/posts/2020/03/anz-launches-major-covid-19-support-package
Commonwealth Bank
- Reduce rates on business loans by 25 basis points
- Defer repayments (and waive fees) on business loans and overdrafts for 90 days
- Six month deferment of loan repayments for SMEs (federal scheme)
- Waive merchant fees with CBA payment terminals, for 90 days
- Waive early redraw fees on business term deposit accounts
- Waive establishment fees and excess interest on Temporary Excess products
- Defer repayments on vehicle and equipment finance loans
- Prioritise payments to SME suppliers
Source: www.commbank.com.au/guidance/newsroom/business-eap-202003
NAB
- Unsecured business loans of up to $100,000 or overdraft up to $50,000
- Defer P&I for up to six months on a range of business loans
- Six month deferment of loan repayments for SMEs (federal scheme)
- 200-basis point rate cut on QuickBiz loans and overdrafts
- 100-basis point reduction on variable rates for small business loans
- $65 billion additional secured limits to pre-assessed customers
- $9 billion additional limits for unsecured lending for existing customers
- Defer business credit card repayments
Source: www.nab.com.au/personal/customer-support/covid19-help/business-support
Westpac
- Waive early redraw fees
- Deferred business loan repayments up to 90 days
- Six month deferment of loan repayments for SMEs (federal scheme)
- Option to extend Business Loan term by up to 90 days
- Access to term deposit funds without reduction in interest rate
- Defer payments for Business Credit Cards
- Business Financial Counselling access