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Your personal and financial wellbeing is our priority in these uncertain times. Whether you’re experiencing business hardship, reduction or loss of income or are navigating how to help your employees, this guide helps explain what’s on offer, to help alleviate the stress.
We will automatically defer BetterBusiness Loan and Equipment Loan principal and interest repayments for eligible business and community customers with total lending limits up to $5 million, in April, May and June 2020, unless customers advise us not to. We’ll contact customers around the end of this repayment deferral period to confirm whether they need a further three-month deferral in line with the ABA loan deferral arrangements.
Eligible business customers with total lending limits between $5-10 million can choose to defer BetterBusiness Loan principal and interest repayments for up to six months from April 2020, in line with the ABA loan deferral arrangements.
Home loan customers requesting financial assistance during this time will be able to defer their repayments for 6 months, with interest and fees added to their home loan and loan term extended.
We're offering an unsecured loan of up to $250,000* (lending criteria applies) with no establishment or account fees, and no repayments required for six months for business with less than $50 million annual turnover. For the first 6 months, interest will be deferred and capitalised at a reduced variable rate of 5.5%, reducing to 4.5% on the 3rd April 2020. From 6 months, principal and interest repayments will be required.
We will automatically waive certain Merchant fees (for eligible business customers with an EFTPOS device or eCommerce facility) for March, April and May 2020.
Other Merchant customers requiring financial assistance during this time are able to reach out to their Relationship Manager or our Merchant Support team on 1800 230 177 to discuss a refund of Merchant terminal rental fees for up to 90 days.
Many of the tools and technology you already use make it possible for you to manage your business remotely, so you can keep things running as smoothly and simply as possible even as things change.
Small business energy saver
Cut the energy costs of your small business with the Business Energy Advice Program (BEAP) – a free, independent energy advice service.
Home Loans for business owners
We're here to help you, whatever your home buying needs and for however you do business.
Foreign Exchange Risk Management Solutions
See how we could help you protect your business from the highs and lows of foreign currency exchange.
* These products are only available to approved business customers and for business purposes only. This offer cannot be used to refinance existing debt or purchase an asset. Applications for finance are subject to the Bank's eligibility and suitability criteria and normal credit approval processes. View our current Terms and Conditions for Business Finance and consider them before making any decision about these products. For current interest rates, visit Business banking rates and fees. Commonwealth Bank of Australia ABN 48 123 123 124 AFSL 234945.
As this advice has been prepared without considering your objectives, financial situation or needs, you should, before acting on this advice, consider its appropriateness to your circumstances. View our Financial Services Guide (PDF 59kb).
These products are only available to approved business customers and for business purposes only. Applications for finance are subject to the Bank’s eligibility and suitability criteria and normal credit approval processes. View our current Terms and Conditions for Business Finance and consider them before making any decision about these products. For current interest rates, visit Business banking rates and fees. Commonwealth Bank of Australia ABN 48 123 123 124 AFSL 234945.
