Following the RBA’s announcement to cut the cash rate to a record 0.25%, and the subsequent announcement to set up a $90 billion term funding facility for banks to use to support SME clients, the Australian Banking Association has announced a small business relief package from Australia’s banks.
This includes Australian banks deferring loan repayments for small businesses affected by COVID-19 for six months.[1]
If your small business has been impacted by the COVID-19 pandemic and lockdowns, contact your bank today. Assistance can include:
- A deferral of scheduled loan repayments
- Waiving fees and charges
- Interest free periods or no interest rate increases
- Debt consolidation to help make repayments more manageable
Click your bank to find out more about their offering:
- AMP
- Arab Bank Australia Limited
- Bank Australia
- Bank of Melbourne
- Bank of Sydney
- BOQ
- Bank SA
- Bankwest
- Bendigo Bank
- Citi
- CommBank
- HSBC AU
- ING
- Macquarie
- ME
- MyState Bank
- NAB
- Rural Bank
- Rabobank
- St.George
- Suncorp Bank
- U BANK
- Westpac
