Banks

Last Updated: 09 October 2020

As the economic impacts of Covid-19 are becoming more substantial, Australian banks are coming up with financial relief strategies to support businesses as well as individuals. A list of major banks as well as smaller lenders are offering various relief packages specifically for businesses. Below are a list of providers and their offerings:

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ANZ is offering the following:

  • Payment deferral for the period until 31 March 2021 on loan repayments for term loans, with interest capitalised.
  • Business credit card repayment relief plans.
  • 3 month waiver of the Merchant Rental Fees.
  • Australian Government Coronavirus SME Guarantee Scheme of loans up to $1 million.

For more information

Or to speak to an ANZ Business Banker, visit their website or call on 1800 413 950.

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CBA is offering the following:

  • Deferral on BetterBusiness Loan principal and interest repayments.
  • Secured and Unsecured BetterBusiness Loan options of up to $1million for small and medium-sized businesses.
  • Refund Merchant terminal rental fees, minimum monthly Merchant Service Fee, Monthly Access Fee, and Simple Merchant Plan fee (as applicable) for up to 90 days.
  • Reduce all small business loans by 1% from 3 April 2020.

For more information

Visit their website or call on 13 2221.

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NAB is offering the following:

  • Secured or unsecured loan of up to $1 million under the SME Guarantee Scheme.
  • Pausing business credit card repayments.
  • Changes to late payment fees.
  • Deferral of business loan payment and interest.
  • Reduce in minimum monthly repayments.

For more information

Visit their website or call on 131 012.

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Westpac is offering the following:

  • Secured or unsecured loan of up to $1 million under the SME Guarantee Scheme.
  • Business insurance premium payments deferral.
  • Business loans and business credit card repayment relief.
  • Temporary JobKeeper payment overdraft .

For more information

Visit their website or call on 131 012.

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Suncorp is offering the following:

  • Deferral of principal and interest repayments.
  • Converting principal and interest to interest only repayments.
  • Deferring equipment finance instalments.
  • Waiving merchant rental and minimum monthly fee for up to 6 months.
  • Secured or unsecured loan of up to $1 million under the SME Guarantee Scheme.
  • Temporary overdraft to bridge Job Keeper Payments.

For more information

Visit their website or call on 13 11 55.

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ING is offering the following:

  • Repayment pause relief for small business customers with ING commercial loans.

For more information

Speak to their Lending Specialist team at 133 464 or visit their website.

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Bank of South Australia is offering the following:

  • Business loan repayment and business credit card deferral options.
  • Temporary business overdraft facility.
  • Small business insurance relief.
  • JobKeeper payment temporary overdraft facility.
  • Secured or unsecured loan of up to $1 million under the SME Guarantee Scheme.

For more information

For more information, visit their business relief page here.

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For existing customers, contact your Relationship Manager or call 1800 620 673. For more information, visit their COVID-19 website here.

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Bendigo Bank is offering the following:

  • Business loan relief for up to 6 months.
  • Business loan interest rate cut.
  • SME Insurance repayment relief options.

For more information

For more details of their Small Business Relief Package, call 1300 236 344 or visit their website.

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Bank of Queensland is offering the following:

  • Deferral repayments on business loans for up to 6 months.
  • 1 year Interest Only period for businesses holding a variable rate Business Term Loan.
  • Reduced business lending rates.
  • Defer insurance premium for up to 6 months for businesses insured through BOQ's insurance partner GIO.
  • No change to insurance premiums for businesses with existing GIO insurance whose business premises are currently unoccupied due to COVID-19.

For more information

For more information on BOQ's Business support packages, call 1800 079 866 or visit their website.

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Bankwest is offering the following:

  • Secured or unsecured loan of up to $1 million under the SME Guarantee Scheme.
  • Temporary JobKeeper Overdraft to help pay your staff.
  • Contactless payment limit increase to $200.
  • Free business webinars.

For more information

For businesses needing tailored restructuring options or to apply for the support package, call 13 70 00 or visit their website.

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St. George Bank is offering the following:

  • Business loan and credit card repayment deferrals.
  • Temporary business overdraft facility.
  • Small business insurance relief.
  • Home Loan repayment deferral.
  • Secured or unsecured loan of up to $1 million under the SME Guarantee Scheme.

For more information

For details of their relief program and eligibility, visit their website.

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Bank of Melbourne is offering the following:

  • Business loan and credit card repayment deferral.
  • Temporary business overdraft facility.
  • Small business insurance relief.
  • Home Loan repayment deferral.
  • Secured or unsecured loan of up to $1 million under the SME Guarantee Scheme.

For more information

For details of the relief package or to speak to their Service team, call 1300 608 266, or visit their website.

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