Borrow
Banks offer customer assistance re COVID-19
Bendigo and Adelaide Bank is the latest financial institution to announce a number of assistance measures for short and long-term business and consumer support in the wake of coronavirus concerns.

Banks offer customer assistance re COVID-19
Bendigo and Adelaide Bank is the latest financial institution to announce a number of assistance measures for short and long-term business and consumer support in the wake of coronavirus concerns.

It’s a “unique situation for the global and local economy”, Bendigo and Adelaide Bank’s managing director, Marnie Baker, has outlined.
“Health, safety and wellbeing will always be of paramount importance,” she continued.
“While the full-reaching human and economic impacts of COVID-19 are still largely unknown and evolving, we are working with the industry and government to manage the impact on our customers, staff, communities and partners.”
Noting that the bank has “a responsibility and commitment to support those affected through the good times and the rougher times”, Bendigo and Adelaide Bank customers nationwide will have access to a financial assistance package.
Home loan and business loan customers can apply for relief on loans for up to three months, while fees will be waivered for the restructuring or consolidation of loans.
The bank has also advised that credit card customers can apply for an emergency credit card limit increase, and discounted interest rates will be provided on new personal loans taken out by existing Bendigo Bank customers.
It has also waived interest rate reductions for early withdrawals on term deposits prior to maturity.
Several of the big four banks have also outlined measures to support affected customers, which include repayment relief on home loans, and an expansion of servicing capabilities, in the wake of a joint statement from the Australian Banking Association.
The Australian Banking Association’s position
Last week, the Australian Banking Association (ABA) backed Australia’s banks as being in a “strong” position.
Chair of the Australian Banking Association and Commonwealth Bank CEO Matt Comyn noted that “Australia has a very strong financial system with banks that are well capitalised and have strong balance sheets”.
“Banks have supported the country through difficult times in the past and continue to do so. We are very much open for business,” he said.
ABA CEO Anna Bligh indicated that banks “stand ready to support customers, and if anyone is in need of assistance, they shouldn’t wait but come forward as soon as possible”.
While the type of assistance offered will depend on individual circumstances, the ABA said it can include: a deferral of scheduled loan repayments, waiving of fees and charges, interest-free periods or no interest rate increases, and debt consolidation.
ANZ
ANZ said it would support suspension of interest repayments, provide additional credit and provide early access to term deposits without incurring break fees.
Westpac
Westpac outlined that its hardship assistance program will be made available to affected customers, which includes the deferring of repayments for up to three months.
Speaking to nestegg’s sister brand Mortgage Business, Will Ranken, Westpac general manager, home loans, said the bank recognises that “COVID-19 is impacting our customers and we are committed to supporting them during this time”.
He said they are encouraging “any customer with concerns about their loans and repayments to talk to us so we can provide support”.
“Westpac has a dedicated hardship assistance program to help customers experiencing financial stress, including deferring repayments.”
NAB
NAB will offer support services to customers, such as the suspension of payments or interest, a reduction of the loan amount or the waiving of fees.
A spokesperson said the bank will work with all customers on a “case-by-case basis”, and encourages any customer experiencing hardship to contact NAB.
About the author

About the author


Banking
ASIC takes trading platforms to court
ASIC has launched civil penalty proceedings against CommSec and AUSIEX for “compliance failures” over a significant period of time. ...Read more

Banking
BOQ sets sights on big 4 banks with latest merger
The Bank of Queensland has announced that it will buy ME Bank for $1.3 billion in a bid to challenge the dominance of the big four banks. ...Read more

Banking
CBA liable for overcharging 1,510 customers in excess of $2.2m
Commonwealth Bank has been held accountable for overcharging 1,510 customers in excess of $2.2 million, among a suit of other breaches including “deceptive conduct”. ...Read more

Banking
Consumers let down by government failures on the banking RC
In the two years since the financial services royal commission, super fund members, bank customers and insurance policyholders have all been let down by the federal government’s failure to implement...Read more

Banking
ASIC’s chair to leave despite being cleared of wrongdoing
ASIC chair James Shipton will leave the financial regulator permanently, despite being cleared of any wrongdoing. ...Read more

Banking
NAB snaps up neobank in $220m deal
NAB is set to snap up a neobank in a deal said to cost $220 million, as it looks to enhance its digital offering. ...Read more

Banking
368k Australians potentially eligible for Westpac class action: Are you one of them?
The Federal Court is set to notify 368,000 Australians that they might be eligible to join a consumer credit class action against the big four bank. ...Read more

Banking
Government introduces royal commission laws
The government is striving to implement a number of the royal commission recommendations in a package that was recently introduced to Parliament. ...Read more

Banking
ASIC takes trading platforms to court
ASIC has launched civil penalty proceedings against CommSec and AUSIEX for “compliance failures” over a significant period of time. ...Read more

Banking
BOQ sets sights on big 4 banks with latest merger
The Bank of Queensland has announced that it will buy ME Bank for $1.3 billion in a bid to challenge the dominance of the big four banks. ...Read more

Banking
CBA liable for overcharging 1,510 customers in excess of $2.2m
Commonwealth Bank has been held accountable for overcharging 1,510 customers in excess of $2.2 million, among a suit of other breaches including “deceptive conduct”. ...Read more

Banking
Consumers let down by government failures on the banking RC
In the two years since the financial services royal commission, super fund members, bank customers and insurance policyholders have all been let down by the federal government’s failure to implement...Read more

Banking
ASIC’s chair to leave despite being cleared of wrongdoing
ASIC chair James Shipton will leave the financial regulator permanently, despite being cleared of any wrongdoing. ...Read more

Banking
NAB snaps up neobank in $220m deal
NAB is set to snap up a neobank in a deal said to cost $220 million, as it looks to enhance its digital offering. ...Read more

Banking
368k Australians potentially eligible for Westpac class action: Are you one of them?
The Federal Court is set to notify 368,000 Australians that they might be eligible to join a consumer credit class action against the big four bank. ...Read more

Banking
Government introduces royal commission laws
The government is striving to implement a number of the royal commission recommendations in a package that was recently introduced to Parliament. ...Read more