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 $1 million
  • Work with impacted customers to restructure loans and in some circumstances provide an extension to existing loan repayment deferrals of up to a further four months
Sources:

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
  • Offering three year, unsecured Loans of up to $250,000 to approved customers for working capital purposes
Sources: 

NAB

  • Unsecured business loans of up to $250,000 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 90 120 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
Sources: