More big announcements from the major banks that are pitching in to ease some financial pressure for Home Owners and Businesses.

Our friends at Cloudhouse Consulting have provided this very handy list of who is helping, and how.

 

Repayments on home, business, vehicle/equipment finance loans

• ANZ – impacted customers can request a 6-month payment deferral on loan repayments for term loans, with interest capitalised. ⁣
• CBA – automatically deferring BetterBusiness Loan and Asset Finance repayments with total lending limits with CommBank up to $3 million in April, May and June 2020. From July, customers will be able to receive a further three-month deferral if needed. ⁣
• Macquarie Bank – business and personal banking clients experiencing financial difficulty can immediately defer their loan repayments for 6 months. Applies to all business loan, overdraft, home loan, car loan and credit card clients. ⁣
• NAB – defer principal and interest for up to 6 months on a range of business loans, and equipment finance loans. ⁣
• Westpac – small business customers can defer principal and interest repayments of business term loans for up to six months⁣

 

Request Merchant Fee/Terminal Relief

• ANZ no details yet
• CBA waiving merchant terminal fees for impacted customers for 90 days.⁣
• NAB waiving merchant terminal for up to 6 months.⁣
• Westpac – merchant terminal rental fee waivers for up to 3 months, but not specifically the merchant fees themselves

 

Overdrafts & Interest Rate Reductions

Many larger banks are offering temporary increases in overdrafts. All of the major banks are offering substantial interest rate reductions to help manage cash flow.

Other New Facility Options

All of the major banks are offering 3 year unsecured loans of up to $250k, subject to usual lending criteria.

NAB is offering unsecured QuickBiz Loans of up to $100,000 or QuickBiz Overdraft up to $50,000

Please contact your bank for specifics.

 

Please SHARE this with anyone you know that it could help. We all need to work together right now, and having fast access to this information could save a friend their livelihood.