Coronavirus (COVID-19) Responses from banks

CURRENT AT 23 MARCH 2020

This is a summary of assistance announced by the banks in March 2020 in relation to mortgages and small business. Different arrangements for credit cards or personal loans were generally not covered. Home loans

ANZ BANK of ■ Home loan payments can be deferred for Contact the bank for a case by case to six months, with a review at three decision on support. months ■ Unpaid interest will be added to the out- standing loan balance. Contact the bank. Support may include:

CBA ■ Deferral of mortgage and/or loan repay- ments ■ Home loan payments can be deferred for ■ Interest only repayments up to six months. ■ Early access to Term Deposit funds with ■ Unpaid interest will be added to the out- waiver of redemption fee standing loan balance. ■ Waiver of other fees and charges related to non-payment. NAB ■ Home loan payments can be deferred for BANKSA up to six months. There will be a check- ■ Customers can apply for a three-month point after three months. deferral on repayments. ■ Redraw facility will be revoked during this ■ A further three months may be available repayment pause after a review. ■ We assume that unpaid interest will be added to the outstanding loan balance. Contact the bank. ■ Home loan payments can be deferred for three months BENDIGO AND BANK ■ A further extension of three months may Customers can apply for relief on loans for be available after a review. up to three months. ■ We assume that unpaid interest will be added to the outstanding loan balance. CITIBANK

AMP Contact the bank. Possible support includes: Contact the bank. ■ mortgage hardship ■ waivers on monthly service fees, ■ credit line increases on credit cards BANK

Contact the bank. Support may include: HSBC ■ A deferral of home loan repayments for Contact the bank. Financial assistance may up to three months, with a further three- include: month extension possible following a review ■ a deferral of loan repayments, ■ Debt consolidation ■ fees or charges waived, and/or ■ Waiver of fees and charges ■ interest free periods. ING RURAL BANK Contact the bank. Contact the bank.

MACQUARIE ST GEORGE All clients in financial difficulty can Contact the bank. immediately defer for six months their ■ Customers may be eligible for a three- repayments on their home loans, car loans, month deferral on home loan repayments. credit cards and overdrafts. Contact the A further three-month extension may be bank. available after a review. ■ We assume that unpaid interest will be ME BANK added to the outstanding loan balance. Contact the bank. SUNCORP

MyState BANK Contact the bank. Repayments may be deferred on a case by case basis. Contact the bank for case by case support.

RABO BANK Contact the bank. Small business loans

ANZ NAB Contact the bank or your relationship Contact the bank. Support includes: manager. Possible support includes: ■ Deferral of business loan repayments for ■ Request a six-month payment deferral up to six months, assessed on a case by on loan repayments for term loans, with case basis. interest capitalised ■ Option to defer business ■ Temporary increases in overdraft facilities repayments available for 12 months ■ Request waiver of merchant terminal fees for up to six months CBA ■ Support to restructure existing business loans, including equipment finance. Contact the bank. Support includes:

■ Automatic enrolment of 76,000 AMP businesses into loan deferral Contact the bank for case by case support. arrangements for up to six months, with interest capitalised ■ Deferred repayments on vehicle and equipment finance loans Contact the bank. Support may include a ■ Merchant terminal fees waived for 90 deferral of loan repayments for up to six days months. ■ Deferral of repayments on business loans and overdrafts for 90 days BANK of SYDNEY ■ Waiving early redraw fees on business term deposit accounts (including Farm Contact the bank for a case by case Management Deposit accounts) support. ■ Waiving establishment fees and excess interest on Temporary Excess products BANK OF QUEENSLAND Contact the bank for case by case support. WESTPAC Contact the bank. Support includes: BANKSA

■ Deferral of principal and interest Contact the bank. Support may include: repayments of business term loans for up ■ a deferral of principal and interest to six months. repayments of business term loans for six ■ Waiver of merchant terminal rental fees months for up to three months ■ waivers on merchant terminal rental fees ■ Fee free redraws for up to three months. ■ Access to term deposit funds without reduction in interest rate ■ Deferred payments for Business Credit Cards for at least three months. ■ Waiving early redraw fees on term deposit accounts ■ Support to restructure and consolidate loans BANKWEST ING Contact the bank. Support may include: Contact the bank.

■ A deferral of repayments on business loans and home loans held by small busi- MACQUARIE BANK ness customers for six months All clients in financial difficulty can immedi- ■ Waiver of merchant terminal rental and ately defer for six months their repayments minimum monthly service fees for 90 on their business loans. Contact the bank. days if businesses have experienced more than a 20% reduction in transac- ME BANK tion volumes ■ Waiving early pre-payment fees on busi- Contact the bank. ness term deposit accounts (including Farm Management Deposit accounts) MyState BANK ■ Waiving establishment fees on temporary Contact the bank for case by case support. overdrafts ■ Deferring repayments on vehicle and RABO BANK equipment finance loans Contact the bank for case by case support. BENDIGO AND ADELAIDE BANK RURAL BANK Contact the bank. Support may include: Contact the bank for case by case support. ■ A deferral of repayments on business loans for up to three months ST GEORGE ■ Discounted interest rates on new personal loans taken out by existing Contact the bank. Possible support includes: customers ■ deferral of principal and interest repay- ■ Waiver of interest rate reduction for ments of business term loans for six early withdrawals on term deposits months. ■ Deferral of payments and extensions ■ merchant terminal rental fee waivers for for equipment finance up to three months. ■ Fee waiver to restructure or consoli- date loans SUNCORP CITIBANK Contact the bank. Possible support in- cludes: Contact the bank for case by case support. ■ Deferral of loan repayments HSBC ■ Waiver of early withdrawal fees for early access to term deposits, including Farm Contact the bank for case by case support. Management Deposits.