The BIG four major banks have announced financial initiatives to distress home loan customers, allowing them to defer mortgage repayments for up to six months. They also announced other measures to help personal and business customers, including interest rate reductions.
ANZ – some initiative examples:
Reduction of variable home loan rates by 15 bps (0.15%) – effective 27 March 2020
Reduction of variable small business loan rates by 25 bps (0.25%) – effective 27 March 2020
Small business temporary increase in overdraft facilities for 12 months
CBA – some initiative examples:
Home loan cuts to 1, 2 & 3-year fixed owner-occupied principal and interest (P&I) loans by 70 bps to 2.29%
Reduced repayments for all variable P&I home loan accounts – effective 1 May 2020
Option to defer loan repayments by up to six months.
Small business loan repayments deferral for up to six months
Reduced rates on business loans by 100 bps (1%) – effective 3 April 2020
NAB – some initiative examples:
Suspension for loan repayments for personal and business customers
Reduction of interest by 200 bps (2%) on new loans and overdrafts – effective 30 March 2020
Reduction of variable rates on small business loans by 100 bps (1%) – effective 30 March 2020
Westpac – some initiative examples:
Loan deferrals for up to three months (with extension for another three months after review)
Reduction of overdraft interest by 200 bps (2%) – effective 6 April 2020
Small business loans reduction on variable interest by 100 bps (1%) – effective 6 April 2020
https://www.accountantsdaily.com.au/business/14167-big-banks-outline-mortgage-repayment-relief?utm_source=Accountants%20Daily&utm_campaign=23_03_20&utm_medium=email&utm_content=4&utm_emailID=bb309e1981809c04308c4405f608b8670c0e3b1a70badea1c8be428598fb48bd