banks and lending institution concessions

Banks and Lending Institutions
Specific COVID-19 concessions have been announced by the following banks:
i) CBA
Deferring repayments on a variety of business loan and overdraft products, for 6-months.
Reducing commercial interest rates by 0.25
Waiving merchant terminal fees for impacted customers with CBA payment terminals, for 90 days.
Waiving early redraw fees on business term deposit accounts (including Farm Management Deposit accounts).
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.
πŸ’‘ How to apply?
ii) ANZ
Suspending interest repayments
Deferral of business loan repayments for up to 6 months, assessed on a case-by-case basis
Providing early access to term deposits without incurring break fees
Providing access to additional credit subject to approval
πŸ’‘ How to apply?
Contact ANZ or your relationship manager.
iii) NAB
Deferral of business loan repayments for up to 6 months, assessed on a case-by-case basis
Extension of a business loan term by a period of up to three months, where individual circumstances warrant
Support to restructure existing business loans, including equipment finance
Business credit card deferred repayments.
πŸ’‘ How to apply?
Contact NAB or your relationship manager
1300 769 650 (Monday to Friday 8am-6pm AEST/AEDT)
iv) Westpac
Continuing it’s hardship assistance program
Deferral of business loan repayments for up to 6 months, assessed on a case-by-case basis
πŸ’‘ How to apply?
Contact Westpac or your relationship manager
v) Bendigo
Home Loan and Business Loan customers can apply for relief on loans for up to three months
Waiver of fees for the restructuring or consolidation of loans
Credit card customers can apply for an emergency credit card limit increase
Discounted interest rates on new personal loans taken out by existing Bendigo Bank customers
Waiver of interest rate reduction for early withdrawals on term deposits prior to maturity
Deferral of payments and extensions for Equipment Finance on a case by case basis
If you need a finance and debt assessment contact us to meet with our Joint Venture Partner Mike Doyle -Vertex Finance.
Acknowledgement – SBO financial
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