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Aid you can access from your bank during Melbourne’s 4th lockdown

  • June 09 2021
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Borrow

Aid you can access from your bank during Melbourne’s 4th lockdown

By Fergus Halliday
June 09 2021

Following the federal government’s $500-a-week emergency outreach to Victorians, Australia’s big four banks are also promising a range of support measures for their respective clients. 

Aid you can access from your bank during Melbourne’s 4th lockdown

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  • June 09 2021
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Australia’s major banks have spoken out in support of initiatives to ease the burden on those affected by Victoria's fourth major lockdown.

Commonwealth Bank of Australia

In the wake of Melbourne going back into lockdown, the Commonwealth Bank said it’ll be offering short-term repayment deferrals alongside alternative hardship measures to those affected. 

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“Our thoughts are with our Victorian customers and the broader community as they enter into their second week of lockdown. We want to assure any of our customers who need assistance during this difficult time that we have measures in place to support them, including short-term repayment deferrals. Our teams are here to help them and can tailor solutions to suit their different circumstances,” said CBA CEO Matt Comyn.

“We know the latest lockdown will have an impact on the Victorian business community, and we’ve been speaking to our customers to understand how they are faring and if they need assistance. Our business customers have demonstrated great resilience throughout the pandemic, and we’re committed to doing what we can to help them through this lockdown period and beyond.”

The Commonwealth Bank’s support measures include refunds of merchant terminal fees for up to 90 days for eligible customers, waiving of fees and notice periods on Cash Deposit and Farm Management Deposit accounts for eligible customers plus tailored support for larger business customers.

NAB

NAB has also issued a statement of support for those affected by Victoria’s latest bout with the coronavirus pandemic. The bank has not announced new initiatives but recommends that customers looking for support reach out to their bankers or the NAB Assist business support hotline. 

Andrew Irvine, NAB group’s executive, business and private bank, said, “We’ve been there to support our customers throughout the pandemic so far and team of bankers remain front and centre, helping businesses and individuals as they weather the current restrictions.”

“Our bankers are still dedicated to checking in one-on-one with our business customers to talk about their particular situation. Once we’re able to understand exactly where a business is, the pressures and the future opportunities, we can then tailor support specifically for them. 

“This support can be financial solutions, but it can also be mental health support through one of our professional providers. We have bankers who are experienced and well versed with helping businesses make quick decisions and put in place solutions to help them get through this,” Mr Irvine said. 

Westpac

“We know that many households and businesses have been impacted by the lockdowns in Victoria, and we want our customers to know that we are here to support them through this time,” said Chris de Bruin, Westpac chief of consumer and business banking.

“In particular, small businesses in hospitality and tourism, retail and service-based industries are doing it tough. Westpac offers a range of measures to help including reduced or deferred repayments, and low-interest rate loans.”

The bank encouraged customers in need of financial assistance to access their dedicated support team, which promises to provide support in the form of everything from temporary interest reductions to fee-free loan restructuring. 

“Westpac has helped more than 33,000 businesses and 148,000 homeowners with financial support during COVID-19 and we will continue to do our part in supporting customers dealing with the ongoing impacts of this pandemic,” said Mr de Bruin.

ANZ

Like CBA, ANZ has announced an extended support package for business and home loan customers affected by the latest COVID-19 lockdown.

According to ANZ executive Mark Hand, “we all know that this latest lockdown in Victoria will be a major blow to many of our retail and business customers.” 

“We want our customers to feel supported in these difficult times and we’ve increased our resources so that people seeking assistance will find the helping hand they need. Many Victorians have shown great resolve during this crisis and our people are here to help them through the next stage,” he said.  

For home loan customers, this support can include deferring or temporarily reducing repayments, waiving fees, restructuring home loan debt or swapping to a fixed-rate loan. 

Meanwhile, eligible business customers are able to defer payments on asset finance or business loans and receive a refund on merchant terminal fees. 

ANZ is also encouraging affected businesses to take advantage of the federal government’s SME Loan Recovery Scheme, which provides interest rates on loans of up to $5 million in value.

Aid you can access from your bank during Melbourne’s 4th lockdown
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