Commonwealth Bank has unveiled an expanded package of financial support for its Victorian customers who have been affected by the latest COVID-19 lockdown in the state.
For personal customers impacted by the latest lockdown in Victoria, short-term repayment deferrals are available. Business customers will be able to take advantage of a range of measures including CBA loans provided through the Federal Government-backed SME Loan Recovery Scheme.
This offers eligible businesses loans up to $5 million with variable interest rates from as low as 2.6% p.a. for secured loans, and from 2.85% p.a. for secured loans with a repayment holiday from 12 months. Unsecured loans are available with rates from 3.25% p.a., and from 3.75% p.a. with a repayment holiday from 12 months.
Retail customer support
The availability of short-term repayment deferrals is in addition to CBA’s coronavirus hardship support package, which include:
- Accessing money you may have available in redraw in your eligible loan;
- Restructuring your home loan debt;
- Switching to a Fixed Rate home loan;
- Reducing your repayments to the minimum monthly repayment amount; and
- Using money in your Everyday Offset (if available to you).
CBA has also introduced a freeze on forced sales until September 2021 this year for eligible customers impacted by the COVID-19 pandemic who are struggling with repayments.
Business customer support
For our small and medium businesses customers who are impacted by the current lockdown, other measures of help include:
- Repayment deferrals on asset finance and eligible business loans;
- A refund of merchant terminal fees for up to 90 days for eligible customers;
- A waiving of fees and notice periods on Cash Deposit and Farm Management Deposit accounts for eligible customers; and
- Specialised tailored support for larger business customers.
Any businesses that need support, especially those in Victoria, are encouraged to call 1800 314 695 or reach out to their dedicated CommBank Relationship Manager.