Financial support guide

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. 

View the guide

Defer your business loan under $5 million

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. We’ll contact customers around the end of their deferral to confirm whether they need a further three-month deferral in line with the ABA loan deferral arrangements.

What is available?

Automatically deferring all principal and interest repayments on BetterBusiness Loan and Equipment loan repayments for a period of up to 6 months.

This 6 month period includes:

  • An automatic deferral for 3 months for all eligible CommBank customers.
  • Before the end of the first three months, we’ll contact customers so they can opt-in for a further three months.

Do I have to ‘opt-in’?

For the April to June 2020 deferral:

  • No - we’ve automatically opted-in all eligible business and community customers to have their loan repayments automatically deferred for April to June 2020.
  • We will communicate directly to eligible customers by the end of March – there is no need to get in touch with us directly to arrange a 3 month deferral.

For the July to September 2020 deferral:

  • We’ll contact customers around the end of their initial deferral to let them know how they can extend their loan repayment deferral for another three months if they need to.

What are the implications?

During the deferral period, deferred interest and any fees will be added to the outstanding balance in accordance with the contract and capitalised over the remaining term of the facility. 

The total amount of interest payable will be more than it would have been under the original contract term if payments are deferred.

For amortising (principal and interest) loans, we will extend the loan term at the end of the deferral period so that repayments are in line with what is currently being paid, regardless of any interest rate changes during the deferral period. After the end of the deferral period, interest rates and repayments may change in accordance with the contract.

For interest only loans, we will add the deferred interest and any fees to the principal of the loan balance at the end of the deferral period. This amount won’t need to be repaid until the maturity of the loan. Interest repayments will recommence after the end of the deferral period in line with the contract.

After the deferral period, we will reinstate the regular direct debits. We will communicate these exact arrangements with customers, including how they can continue to make loan repayments should they wish to.

  • For an example on how this might affect your existing 3 year interest only loan for $100k at 5% automatically deferred for 3 months, please view this diagram
  • For an example on how this might affect your existing 3 year principal and interest loan for $100k at 5% automatically deferred for 3 months, please view this diagram
  • For an example on how this might affect your existing 3 year interest only loan for $100k at 5% automatically deferred for 3 months with a further 3 month deferral based on ABA loan deferral agreements, please view this diagram 

How do I ‘opt-out’?

All eligible CommBank business customers have been opted-in to the April to June 2020 deferral. The repayment amount will be set to $0 for payments due, with any direct debits paused.  If you make repayments yourself, you are no longer required to do so.  

We’ll communicate with our customers about how they can make repayments if they do not wish to be covered by the auto-enrolment.

How do I get in contact?

Eligible customers will be contacted directly before the end of March.

We’re doing our very best to support you and acknowledge it’s a rapidly changing environment. We’re working around the clock to ensure we have dedicated teams of specialist bankers to help you through this and to respond to your queries. Our online accounts are available so you can work remotely and access 24 hours a day through NetBankCommBank app or through CommBiz.

We encourage any customer that needs help to contact us. If you have a Relationship Manager they will be able to assist you at this time, or speak with our dedicated Business Financial Assistance team on 13 26 07, who are available 24/7. 

Defer your business loan between $5 - $10 million

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.

What is available?

Option to request deferral of all principal and interest repayments on BetterBusiness Loan repayments for a period of up to 6 months on an ‘opt-in’ basis, under the following conditions:

  • For commercial property customers, the customer provides an undertaking to the Bank that for the period of the interest capitalisation, the customer will not terminate leases or evict current tenants for rental arrears where those arrears are a result of coronavirus;
  • The customer has advised that its business is affected by coronavirus; and
  • Impacted loans are current and repayments have been up to date for 90 days prior to the application.

What are the implications?

During the deferral period, deferred interest and any fees will be added to the outstanding balance in accordance with the contract and capitalised over the remaining term of the facility.

The total amount of interest payable will be more than it would have been under the original contract term if payments are deferred.

For amortising (principal and interest) loans, we will extend the loan term at the end of the deferral period so that repayments are in line with what is currently being paid, regardless of any interest rate changes during the deferral period. After the end of the deferral period, interest rates and repayments may change in accordance with the contract.

For interest only loans, we will add the deferred interest and any fees to the principal of the loan balance at the end of the deferral period. This amount won’t need to be repaid until the maturity of the loan. Interest repayments will recommence after the end of the deferral period in line with the contract.

  • For an example on how this might affect your existing 3 year interest only loan for $100k at 5% automatically deferred for 3 months, please view this diagram
  • For an example on how this might affect your existing 3 year principal and interest loan for $100k at 5% automatically deferred for 3 months, please view this diagram
  • For an example on how this might affect your existing 3 year interest only loan for $100k at 5% automatically deferred for 3 months with a further 3 month deferral based on ABA loan deferral agreements, please view this diagram

How do I get in contact?

If you have a Relationship Manager they will be able to assist you at this time, or speak with our dedicated Business Financial Assistance team on 13 26 07, who are available 24/7.

Take a new loan

Offering an unsecured loan of up to $250,000* (lending criteria applies) with no establishment, no account fees, and no repayments required for 6 months for small and medium-sized businesses with less than $50 million annual turnover. For the first 6 months, interest will be deferred and capitalised at a reduced variable rate from 4.5% p.a.. From 6 months, principal and interest payments will be required.

What is available?

Three year, unsecured BetterBusiness Loans of up to $250,000 for working capital purposes only (not asset purchases or refinancing of existing debt).

  • For the first six months, all repayments are deferred
  • For the remaining term of the loan, amortising principal and interest repayments will be applicable
  • No establishment or account fees

This offer is for new loan applications only and cannot be applied to existing loans, including top-ups or variations. Customers may only access one loan under this offering.

The BetterBusiness Loan includes online redraw capability, which means customers will only pay interest on drawn balances. More about the BetterBusiness Loan

Who is eligible?

Small to medium sized businesses and community groups with an Australian Business Number (ABN) and an annual turnover less than $50 million can apply for loans under this offering. The offer is limited to one loan per customer.

Not-for-profit organisations with turnover less than $50 million are also eligible.

Both current CommBank business customers and new-to-bank customers are eligible.

Apply now

Waive your merchant fees

Waive your Merchant Fees

We’re here to support our customers and are waiving certain Merchant fees (for eligible business customers with an EFTPOS device or eCommerce facility) from March to May 2020.

Eligible customers will be contacted directly before the end of March.

How do I know if I am eligible?

Effective 25 March 2020, we’ll apply the automatic waiver to any business who:

a) have been Government ordered to shut down, which includes:

  • Registered and licensed clubs, licensed premises in hotels and pubs, casinos and nightclubs
  • Cinemas and entertainment venues
  • Auctions and open house inspections
  • Personal services such as beauty therapy, tanning, massage and tattoo parlours (but not physiotherapy)
  • Outdoor and indoor markets, although “major food markets” (the prime minister cited Sydney’s Flemington market as an example) will be addressed by states and territories
  • Amusement parks and arcades, and indoor and outdoor play centres
  • Galleries, museums, libraries and swimming pools
  • Gyms and indoor sport venues
  • Places of worship

b) have been impacted by restrictions due to Government ordered change of operations, which includes:

  • Hairdressers and barbers
  • Boot camps and personal training
  • Restaurants and cafes
  • Business related to weddings and funerals

We continue to stand shoulder to shoulder with the Reserve Bank, the Government, and the Australian Banking Association, and will review this list as the situation evolves in order to support your business.

What fees are being waived?

Customers with a Simple Merchant Plan:

  • Your Simple Merchant Plan fee: this is the flat rate fee paid monthly. It may be $30, $60, $90, $120 or $150 depending on your agreement
  • Any excess transaction costs: these are the 1.5% transaction costs which are incurred when you go over your cap limit
  • Stationery costs: Only applicable for customers who have an EFTPOS terminal and require printer tally rolls
  • Additional terminal Rental fee: $29.50 per additional terminal
  • Chargeback fees

Customers who are not on a Simple Merchant Plan:

  • Your merchant terminal rental costs: Monthly fee charged for each terminal you have, costs will vary depending on the terminal type. This cost is not applicable for eCommerce products
  • The minimum monthly Merchant Service Fee: this cost is unique to each business and can be located within your Fee Schedule
  • Stationery costs: Only applicable for customer who have an EFTPOS terminal and require printer tally rolls
  • The Monthly Access Fee:  this cost is unique to each business and can be located within your Fee Schedule. This cost is only applicable for BPOINT, CommWeb and Internet Merchant Account customers

Which fees still apply?

Customers who are not on a Simple Merchant Plan:

  • Transaction fees
  • Chargebacks fees

If I’m not eligible, how do I request the waiver?

If you’re facing financial difficulty you can request to waive your fees for 90 days by contacting your Relationship Manager or our Merchant Support Team on 1800 230 177.

You can reduce rate and fees

For CommBank small business customers we’re providing additional flexibility by reducing interest rates by 1.00% p.a. on small business loans, which will come into effect on 3 April 2020. You can also access a range of other options available to businesses most affected, including waiving merchant terminal fees, early redraw fees on business term deposit accounts, and establishment fees and excess interest on Temporary Excess products.

Here’s what’s on offer:

  • We’ve reduced all small business loans by 1% where the variable rate is calculated based on the current cash rate - this will come into effect from 3 April 2020
  • You can defer repayments on overdraft products for 90 days
  • We’ve waived merchant terminal fees for impacted customers with CommBank merchant terminals for 90 days
  • We’ve waived early redraw fees on business term deposit accounts (including Farm Management Deposit accounts)
  • We’ve waived establishment fees and excess interest on Temporary Excess products

How do I talk to someone about this?

Eligible customers will be directly contacted before the end of March.

We’re doing our very best to support you and acknowledge it’s a rapidly changing environment. We’re working around the clock to ensure we have dedicated teams of specialist bankers to help you through this and to respond to your queries. Our online accounts are available so you can work remotely and access 24 hours a day through NetBankCommBank app or through CommBiz.

We encourage any customer that needs help to contact us. If you have a Relationship Manager they will be able to assist you at this time, or speak with our dedicated Business Financial Assistance team on 13 26 07, who are available 24/7. 

Has your business been forced to shut down or seen a significant decrease in revenue? Here's what else you can do

You can take measures to look after your employees

You’re going to need your employees once the current crisis passes. This means taking steps to keep them safe and maintain essential services. It also means continuing to pay them if you can afford to. If you don’t have enough work for your employees and can’t afford to keep paying them you may be able to stand them down, allowing them to stay on the books and accrue annual leave, without you having to pay a wage.

This will assist in allowing you to quickly restart your business when the coronavirus passes. Once they have exhausted their leave entitlements, employees can start to receive a JobSeeker Payment, which has been increased by $550 per fortnight. If you can afford to, you can pay an additional $104 per fortnight without impacting your employees on their ability to claim. This will in many cases be preferable to redundancy, because it will help keep your employees connected to your business so that you can start up more quickly afterwards.

You can boost cash flow

From 28 April 2020, the Australian Taxation Office will begin automatically crediting your BAS with a payment equal to 100% of your salary and wages withheld, between $10,000 and $50,000 with a further payment available in the July-October period. For CommBank small business customers with less than $50 million annual turnover, you can apply for an unsecured loan of up to $250,000 (lending criteria applies) with a reduced interest rate of 4.5% p.a. No establishment fees, no account fees and no repayments required for up to six months. For the first 6 months, interest will be deferred and capitalised at a reduced variable rate from 4.5% p.a.. From 6 months, principal and interest repayments will be required.

You can seek rent and utility relief

Many utility providers have also launched relief measures. Speak to your specific provider about temporary relief. Talk to your landlord about what may be possible for rental relief.

You can be assured that your personal liability won't be impacted

Legislation has been relaxed so directors will not be personally liable for insolvent trading where debts are incurred in the ordinary course of business. You will still need to repay debts taken out, but can take steps to protect your business through this period. 

We're here to help

You can count on CommBank in uncertain times. We’re doing our best to support you and acknowledge it’s a rapidly changing environment. 

We’re working around the clock to ensure we have dedicated teams of specialist bankers to help you through this and to respond to your queries. You can access your accounts online 24 hours a day on NetBankCommBank app or through CommBiz.

Get in touch with us if you need help. If you have a Relationship Manager they’ll be able to assist you. Or speak with our dedicated Business Financial Assistance team on 13 26 07 who are available 24/7. 

Things you should know

Financial support

This information is current as at 19 March 2020 and is prepared without taking into account your individual and/or business needs and objectives. Please obtain independent financial, legal, tax and other relevant advice prior to making any investment decision. CommBank has the right to change or cancel this offer at any time without notice.

* 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.