CBA Expands Support Measures to COVID-19 Customers
“I want to assure all of our customers across Australia who today face tighter restrictions that support is available now,” Mr. Comyn said.
“Australians have responded well to the pandemic over the past 18 months and we will do so again as we face this next phase of restrictions. If you need help, please visit https://www.commbank.com.au/latest/coronavirus.html
“We have measures in place to support you during this difficult time, including short-term repayment deferrals for home loans and small businesses. Our teams are there to help you and can adapt solutions to your different circumstances.
This new deferral agreement is in addition to measures announced last week to support retail and business customers.
Last week, the ABC announced that qualifying small businesses with a better business loan of up to $ 3 million will be offered repayment leave of up to three months to provide relief. cash flow if their business has been significantly affected by the pandemic.
“This offer is in addition to the current range of COVID-19 assistance measures we offer to affected customers, ranging from fee waivers at merchant terminals to options that allow eligible businesses to access additional credit.” , said Mr. Comyn.
ABC branches will remain available to our customers, with COVID security procedures in place. Reduced hours from 10 a.m. to 2 p.m. will apply in heavily impacted LGAs in Sydney, Fairfield, Liverpool and Canterbury-Bankstown. Please visit commbank.com.au/info for branch hours.
The range of customer support measures includes:
Retail customer support
- Two-month mortgage loan repayment deferral;
- Access the money you may have available by withdrawing your qualifying loan;
- Restructuring your home loan debt;
- Switch to fixed rate mortgage;
- Reduce your repayments to the minimum monthly repayment amount; and
- Use money in your daily compensation (if you have the option).
Business support measures
- Deferrals of repayment on eligible business loans;
- A refund of merchant terminal fees up to 90 days for eligible customers;
- Waiver of fees and notice periods on cash deposit and farm management accounts for eligible clients;
- Specialized tailor-made support for large corporate clients; and
- CBA loans provided through the Federal Government Supported Small Business Loan Collection Program. This provides eligible businesses with loans of up to $ 5 million with variable interest rates starting at 2.6% per annum for secured loans and 2.85% per annum for secured loans with leave. reimbursement from 12 months. Unsecured loans are available with rates starting at 3.25% pa and starting at 3.75% pa with a repayment holiday starting at 12 months.
All businesses in need of assistance are encouraged to visit https://www.commbank.com.au/support/emergency-assistance.html or contact their dedicated CommBank Relationship Manager.
Mr Comyn added: “Our communities have shown how resilient they can be, but we know it is important to assure them that the country’s banks, including the CBA, are ready to help them with a series of financial support measures, including loans and personalized assistance. .
“We hope these supports will help our customers to some extent as we all walk our way through this pandemic.”