The number of business loan deferrals has also dropped significantly in the last six months. As at 31 December 2020, just 2,000 business loans were in deferral, representing less than 0.3 per cent of the portfolio. 81,000 business accounts have now exited from the deferral arrangement, with 96 per cent of loans returning to pre-deferral terms.
Since the beginning of COVID-19, Commonwealth Bank has provided repayment deferrals on approximately 250,000 home, personal and business loans in a bid to help customers manage the challenges of COVID-19.
In addition to repayment deferrals, the bank has also sought to provide customers with other support measures, including a freeze on home loan forced sales for owner-occupiers and a new money management feature in the CommBank app – Coronavirus Money Plan.
In June 2020, the bank officially unveiled its Coronavirus Money Plan feature to provide customers with simple, practical, relevant and actionable guidance and tools to better plan and manage their finances.
Since its launch, more than 400,000 customers have used the app feature. Further, 2.9 million customers have visited the Benefits finder feature in the app since it was launched in September 2019.
Benefits finder’s aim is to help connect customers with their share in billions of dollars worth of unclaimed government rebates and benefits. Since launch, 920,000 claims have been made, 615,000 of which have occurred since the start of COVID-19.
Today, the feature helps save customers in excess of $150 million annually in utility bills and additional government payments.
Commonwealth Bank Chief Executive Officer, Matt Comyn, said the bank was committed to providing best-in-class technological solutions to customers to ensure their needs – whatever they may be – are met.
“The bank remains well placed and committed to supporting our customers and the wider community as the economy begins to recover, while continuing to offer our support to those in need of ongoing assistance,” he said.