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Supporting customers in a time of need

Supporting customers in a time of need

Angus Sullivan, Group Executive of Commonwealth Bank’s Retail Bank, shares how the Bank is supporting its retail customers.

During these uncertain times, CBA has been working on a number of measures to provide immediate financial support for customers who have been affected by the coronavirus. These measures aim to relieve financial stress and providing customers with the necessary financial support to get them through the economic downturn felt around Australia and globally.

For people with home loans you are able to defer your loan repayments for 6 months.   

For new and existing home loan customers we've dropped our interest rates to our lowest ever advertised rate of 2.29% p.a for 1, 2 and 3 year terms, for owner occupied loans in our Wealth Package with principal and interest repayments.  

For our personal customers looking to earn interest on your savings, you are able to access a 12-month term deposit with 1.70% p.a. interest rate for balances between $5,000 and $2,000,000 for a limited time. This allows all Australians – and especially older Australians who rely on their savings income – to earn a fixed return. 

For our customers over the age of 70 we are prioritising these calls to our contact centre so they can speak with an agent faster.

For credit card customers who were unable to make their minimum credit card repayment in March, we are automatically refunding late fees and/or interest for the month.  

For small businesses customers we have automatically deferred business loan repayments for 76,000 small businesses. We are also offering small businesses new loans of up to $250,000, with no account fees and no repayments for 6 months. 

And for people who have unfortunately lost their jobs or have been stood down for the time being, we have customised support options – which can be found on our website at commbank.com.au/coronavirus.

CBA’s branches and Australian based processing and call centres will remain open to assist customers at this time. However, customers may experience delays due to increased volumes and reduced working hours in branch. Customers can still access their banking anytime via the CommBank app and NetBank.

For customers further information regarding coronavirus support, please visit commbank.com.au/coronavirus.