“We have a range of measures to help businesses to free up cash flow and provide some certainty, whether it's through loan deferrals, fee refunds or new low cost funding through the SME Recovery Loan Scheme. As well as helping to deliver vital cash flow and provide peace of mind during this challenging time, these funds have allowed many businesses to adapt and innovate their operations, such as transitioning online."
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;
- Specialised tailored support for larger business customers; and
- 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.
Any businesses that need support, especially those in Sydney, are encouraged to call 1800 314 695 or reach out to their dedicated CommBank Relationship Manager.
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.
“We have been able to provide a lot of support for our New South Wales customers over the past year and a half through COVID and we are here to help anyone who needs support during this latest difficult time,” added Mr Comyn. “We would encourage anyone who banks with us and are facing difficulties to get in touch with us. This is a time for us to come together again and support our customers.”
Rates are current at 25 June 2021 and are subject to change. For current interest rates and the latest support support measures, visit the CommBank website for Coronavirus support for business customers.
Applications for the Government’s SME Guarantee Scheme (Business Restarter Loan) closed on 17 June 2022.