Financial support

I am eligible for the $750 government stimulus package, when will I receive this money?

Two payments of $750 each will be paid to eligible Australians. The first payment will be made from 31 March 2020, with over 90 per cent of these payments expected to be received by mid-April, and the second payment will be made from 13 July 2020. Both payments will be paid into their nominated myGov account.

For more information and to check if you’re eligible, visit the Treasury website. or view the payments to support households factsheet

I am in need of extra money or experiencing cash flow shortages, what can I do?

There’s a few options that might be available to you.

Personal Overdrafts can provide a bit of extra money when you need it. It is linked to your transaction account and allows you to access additional funds should you run out of your own. A Personal Overdraft can be applied to your account within 1 business day. Rates and fees apply.

You can check if you have been conditionally approved in the CommBank app by accessing the menu in the top left corner of the app, selecting Products & offers, and then selecting Product Offers. If you are conditionally approved, you will see Personal Overdraft as one of the options and can access the online application. Alternatively you can apply for a Personal Overdraft by visiting us in branch or calling 13 14 31. You may need to provide documents to verify your income and liabilities. We recommend you have the following documents on hand when you apply in order to avoid delays.

  • Evidence of your income, such as your 2 most recent payslips
  • Any statements relating to your borrowing with other institutions

Eligible home loan and personal loan customers can access their redraw facility. Find out more about CommBank home loans or CommBank personal loans, or redraw in NetBank or the CommBank app.

If you have a Term Deposit that you require immediate access to due to hardship, please visit your branch or get in touch by phone and they will guide you through this process.

I’m worried about how to manage my credit card repayments, what options are available?

We’ll automatically be refunding late payment fees and any interest (including interest on Purchases, Cash Advances, Balance Transfers and SurePay plans) for any customers who missed their minimum repayment in March 2020.

When will I receive my refund?
We will be refunding customers as soon as possible during the month of April 2020.  Customers will see an adjustment for Late Payment Fee and/or Interest on their April statement.

Will you be refunding late fees and interest ongoing?
We will continue to monitor the impact of coronavirus on credit card customers in the coming months and will keep you informed of any additional support.

If I miss my minimum repayment, will this still be reported to credit bureaus (e.g. Equifax, Experian and Illion) and impact my credit score?
While we recognise that the coronavirus may affect the ability of some of our customers to meet their minimum repayments, we are required to continue to report to credit bureaus where customers do not meet the minimum requirements of their credit arrangements.

Who is eligible for the refund?
Any customer who missed their minimum repayment in the month of March is eligible for the refund. If you paid your minimum repayment, you will not receive a refund.

Do I have to apply for the refund?
No. The refund will be applied automatically for all eligible customers. There is no action required from customers.

Understanding credit card interest, fees and charges and how it all works can help you manage your credit card during this time.

If you need additional help managing repayments

To help manage your monthly repayments and pay down your credit card debt, you may want to put some or all of your credit card balance into a SurePay® instalment plan. SurePay® plans allow you to pay off your balance in instalments like a loan. Find out how SurePay works

You might like to calculate your credit card repayments to reduce your interest and pay it off faster or assess whether you’re on the best card for your circumstances. You can also compare credit cards and switch to a card that better suits your needs.

If you need help paying on time

To help pay your balance on time, you can set up AutoPay, which allows you to transfer money from your transaction account to your credit card. Find out how to set up AutoPay 

If you need to set a spending cap or review your limit

You can review and set your credit card limit and manage spending caps in the CommBank app or NetBank. Manage your credit card in NetBank.

I cannot pay my debt and am experiencing financial hardship or am preparing for possible hardship, how can you help?

Our Financial Assistance Solutions teams can provide support when you are unable to meet your CommBank credit card, personal loan or home loan payments by reducing or deferring your repayments. We also have tools and tips available to help you manage your money.

Find out more about financial assistance or request assistance online in NetBank.

You can also call us on 13 30 95. Our Financial Assistance Solutions teams are open 8am - 9pm Monday to Friday and 9am - 2pm on Saturday (Sydney/Melbourne time).

If you feel you need some additional guidance with your finances more broadly including access to free financial counselling, you can visit the National Debt Helpline.

I am waiting for a new or replacement card, when will it arrive?

New or replacement card orders generally arrive in seven to ten business days, however, this may be delayed due to coronavirus impacts on Australia Post service delivery. You can visit Australia Post’s coronavirus impacts website for the latest updates. 

I’ve been stood down by my employer, what options are available? 

Being stood down is a temporary measure that means you remain employed but unpaid for the period of time that you do not perform your duties. You’ll continue to accrue annual leave but will not earn the wage from your employer.

You can seek JobSeeker support

If your income has fallen below a certain level, you may be eligible to apply for immediate income support from JobSeeker at my.gov.au. Payments will be made immediately with full information required later.

Payments have been increased by $550 per fortnight meaning you will earn up to $1,115.70-$1,340.10 per fortnight. If you’re claiming income support, you may be eligible for other rebates and benefits.

If you need to print a bank statement or balance letter, you can do this online.

You can continue to seek employment

Many businesses have increased demands at this time. If you have been stood down or had your hours reduced and you find other work, you can take that job.

As long as you are not employed as a full-time permanent employee this will not require you to resign from your original job. Your Government support will be adjusted based on the income you receive (if this is above $104 per fortnight). 

You can seek rent and utility relief

You may be eligible for rental assistance from the Government. Talk to your landlord about what else may be possible for further rental relief. You may also be eligible for an energy subsidy. Many utility providers have also launched relief measures. Speak to your specific provider about temporary relief. 

You can access additional benefits

Through Benefits Finder in the CommBank app, we may be able to find Government or other benefits you may be eligible for. 

Home loans

What options are available if I am unable to repay my home loan?

There’s a few options that might be available to you right now. For eligible customers, this includes accessing their redraw facility, deferring home loan repayments, reducing your repayments to the minimum monthly repayment amount, or applying to change your repayments to interest only. View the latest rate announcements and what they mean for you.

Home loan customers requesting financial assistance during this time will be able to defer their repayments for 6 months, with interest capitalised to their home loan. For the 6 month deferral period no repayments are required. However during this time, interest and fees will add to the loan balance and your loan balance will progressively increase. Your loan term will be extended so your repayments do not increase as a result of the deferral period but may increase for other reasons such as a change in interest rate or accessing redraw. We’ll also make a one-off payment to you to offset any interest charged on the interest during the 6 months. The payment will vary depending upon your loan balance and interest rate. For example, a loan of $350,000 will receive approximately $45.

Please note: Any available redraw you have will be drawn on first during the 6 month deferral period. If you need to access your redraw during the deferral period, transfer your available redraw to another account now.

How can I request a deferral?

The fastest way to request your home loan repayments be deferred for 6 months is by completing our online form below. Please only submit the form once, multiple submissions will cause a delay when we process your request. Once you submit your form online, we’ll aim to action your request within 7 business days. 

Defer Repayments Request

We are receiving a large number of calls, so please use the online form if possible.  If you do phone us, you may experience a significant delay.

You can also call us on 13 30 95. Our Financial Assistance Solutions teams are open 8am - 9pm Monday to Friday and 9am - 2pm on Saturday (Sydney/Melbourne time).

If you feel you need some additional guidance with your finances more broadly including access to free financial counselling, you can visit the National Debt Helpline.

If I apply today, how long will it take for my repayments to be deferred?

We’ll aim to process requests within 7 days and confirm in writing when your repayment deferral starts. Any repayments due prior to your deferral being approved are payable as normal.

What additional information do I need to provide at the time I submit the deferral request?

No additional information is required to request the deferral, however we will ask you to declare that you have been impacted by coronavirus (e.g. loss of job or income).

We may, at our discretion, ask for further supporting information or documentation to confirm your eligibility, if we require this information you will be notified.

What is the duration of the deferral?

The deferral period is 6 months for all home loan customers. During this period you can continue to make your own manual repayments. Any manual repayments you make will reduce interest payable and the length of time your loan term is extended for.

What happens after the 6 months?

At the end of the 6 month deferral period your repayments including your direct debit will recommence and your loan term will be extended so your repayments do not increase as a result of the deferral period. 

Note: your repayments may increase for other reasons, for example, like accessing redraw, a change in interest rate and/or upon expiry of a fixed rate or interest only term.

Does this deferral impact my redraw?

Any available redraw you have will be drawn on first during the 6 month deferral period.  If you need to access your redraw during the deferral period, transfer your available redraw to another account now.

What is the one-off payment for interest?

When your home loan repayments are deferred for 6 months, interest is calculated and added to the loan balance each month which can result in you paying interest on interest each month.

We’ll make a one-off payment to you to offset any interest charged on the interest during the 6 months. The payment will vary depending upon your loan term and interest rate. For example, a loan of $350,000 will receive approximately $45.

Can I still make repayments during my deferral period?  

Yes. You can make manual repayments at any time during the deferral period and all repayments will help reduce the interest charged and the duration your loan term will be extended by at the end of the deferral period.

Are all home loans eligible?

All home loans are eligible including Bridging and Construction loans are eligible. Viridian Line of Credit and CommBank Portfolio Loans are not included in the deferral. 

During my home loan repayment deferral period my loan balance is showing an arrears balance – why is this?

Please don’t be concerned. Interest will still be charged to your loan account and an arrears balance may accrue during the deferral period which you may see on NetBank or the CommBank App. This will be corrected by us, without adversely affecting you. It will not reported to credit reporting agencies.

Does this deferral impact my Everyday Offset?

The deferral will have no impact on your linked Everyday Offset account/s. Any money in your Everyday Offset account/s will continue to reduce the balance on which we charge interest. This means you’ll only be paying interest on the difference.

Does this deferral impact the Interest Only period of my loan?

There is no change to the Interest Only period of your loan. Interest Only will end on the contracted end date, even if this occurs during the deferral period.

Does this deferral impact my Fixed Rate loan?

There is no change to your Fixed Rate loan. The fixed rate term will expire on the contracted end date, even if this occurs during the deferral period.

Will deferring my home loan repayments be reported to credit reporting agencies?

Any arrears during the deferral period will not be reported to credit reporting agencies.

Will I be informed of the changes made to my home loan at the end of the deferral period?

Yes, you will be contacted before the end of the deferral period to provide you details on how much your loan term will be extended by and your new repayment and direct debit amount at the end of 6 months.

Here’s an example
Meet Tim

Tim’s loan balance is $300,000. He has a remaining loan term of 25 years and his interest rate is 3.50% p.a.3 and his monthly repayments are $1,502 per month.

Tim has lost his job as a result of coronavirus and submits an application online for a deferral of his Home Loan repayments. If Tim defers his repayments (and makes no additional repayments or redraws in this time) at the end of the deferral period, his loan balance would have increased to $305,288.43 with a new monthly repayment of $1,501. His loan term - which was 25 years at the start of the 6 month deferral period - would increase by 1 year and 3 months by the end of the deferral period and he would pay an additional $13,103.73 in interest over the life of the loan due to the repayment deferral. 

Passbook customers

As a Passbook customer, is it safe for me to visit your branches?

Banking is an essential service, so we want to assure customers our branches remain open. In line with the Government’s social distancing guidance, we have introduced measures in our branches to ensure the safety and wellbeing of our staff and our customers. These include introducing social distancing markers to ensure staff members and customers keep a safe distance of at least 1.5 metres from each other.

To comply with this recommendation, staff may ask customers to wait outside or come back later if the branch is getting full. We understand this might inconvenience some people, but we want to take every necessary measure to ensure our branches operate in the safest way possible. However, we do encourage any customer who can conduct their banking online, through NetBank or the CommBank app, to do so. These channels are available 24 hours a day.

If you’re unsure whether your branch is going to be open, please use the branch locator tool.

Can I still use my Passbook at Australia Post?

Passbooks are still accepted at Australia Post. Withdrawals remain limited to a maximum of $1,000 over a seven day period and an assisted withdrawal fee may apply. Check the Australia Post website to understand if their operating hours have been impacted by the coronavirus. Find a Post Office near you.

Can I add card access to my Passbook as some retailers are not taking cash?

A Passbook does not have card access. You may wish to consider opening an account with an attached access card. Having an account with a card feature gives you access to funds when branches are closed or when you need to make a cashless transaction. You can open an account in one of our branches, over the phone1 or online in NetBank or the CommBank app. The Pensioner Security Account and Streamline Basic Account offer no monthly account fees to eligible customers, including those on a pension.2

When you open an account, a card will be posted to you. Generally, cards should arrive in seven to ten business days, however, this may be delayed due to coronavirus impacts on Australia Post service delivery. You can visit Australia Post’s coronavirus impacts website for the latest updates.

Can I use online banking with a Passbook?

Passbooks have limited online banking access and you are unable to complete certain transactions. If you require digital banking you can register for NetBank (online banking) and the CommBank app. If you already have a CommBank Keycard or Debit Mastercard® with another account, or credit card and PIN number, you can register for NetBank online. If you don’t have another eligible account, you can open an account in one of our branches, over the phoneor online.

Register for NetBank to set up online banking or go to the app store on your smart phone and tap the search icon then type in CommBank app to download it.

If you don’t have a card you can visit one of our branches or register over the phone. Keep in mind there are limited ways you can use Passbooks online and phone banking may be more useful if you’re unable to visit a branch.

Can I give someone authority to operate my account if I’m unable to visit a branch?

Yes, but it’s important to choose someone you trust and seek independent advice prior to giving authority over your financial affairs. One of the options available is a Power of Attorney.  

In the current circumstance we appreciate it may be difficult for you to visit at a branch to lodge a power of attorney and we confirm the following solution is available to you should you choose to authorise a person to perform transactions on your passbook account.

If your nominated person brings the following documentation with them to the branch we should be able to establish them to perform transactions on your bank account for you.

  • Original or certified copy of the power of attorney;
  • Identification documents for your attorney (nominated person);
  • The passbook for the bank account;
  • If a new bank account is to be opened the completion of a Certified Copies Identification Form.

We are here to protect you and your financial affairs within the Bank so for more information on things to consider before you give authority to a third party, refer to Safe & Savvy – A guide to help older people avoid abuse, scams and fraud.

I have appointed a Power of Attorney to act on my behalf, how can they access online banking?

Depending on the type and details of the Power of Attorney (POA), a third party may be able to manage these accounts online via NetBank. If you have already registered the POA with us but cannot access the accounts online, visit a branch or contact us on 13 22 21. If you haven’t already lodged the POA with us you, or your nominated person, will need to visit a branch to get this set up. Please note that Passbooks cannot be transacted on using online channels however phone banking does offer some transactional functionality for Passbooks.

I have some online banking access on my Passbook account but I can’t transfer funds – how can I change that?

Passbooks have limited online banking access and you are unable to complete certain transactions. Phone banking may be a better alternative if you need to transact on a passbook and cannot visit a branch or Australia Post. Alternatively you may wish to consider opening an account with an attached access card which will allow you to transfer funds online.

During the coronavirus will I still be charged a $5 per month account fee?

Your $5 per month Passbook account fee will still apply but many of our accounts offer no monthly account fee.

Visit us in any branch or call us on 13 22 21 to discuss low or no fee account options.

Travel and foreign exchange

Does CommBank Travel insurance cover coronavirus claims?

All travel insurance offered through CommBank is provided by Zurich Australian Insurance Limited through its agent Cover-More. This includes CBA Travel Insurance and international travel insurance included with your eligible CommBank credit or debit card. Please note there is no cover for cancellation claims related to COVID-19.

Further information on how COVID-19 impacts international travel insurance included with you CommBank Credit or Debit card can be found through the FAQs for CBA Credit/Debit card travel insurance policyholders.

Further information for standalone CBA Travel Insurance policyholders regarding COVID-19 can be found on Cover-More’s website.

See below for full terms and conditions:

CBA Travel Insurance

International travel insurance included with your eligible CommBank credit card

International travel insurance included with your eligible CommBank debit card

Can I get my money back for travel that I've had to cancel?

Please contact your travel provider or airline to discuss refunds due to cancellations or change of plans related to coronavirus.

Can I still make international payments or access foreign exchange?

Some foreign currencies are temporarily unavailable which means you’re unable to make payments or exchange in that currency. You should check which currencies are currently available for International Money Transfers or foreign exchange before you try. Most countries will accept major currencies instead. See available currencies.

Superannuation

I am seeing my superannuation (super) balance go down. What is happening?

Coronavirus has caused a significant decline in financial markets globally. This has caused a decline in the super balances of many Australians who have a portion of super invested in local and overseas share markets.

It’s important to remember that super is a long-term investment. Your super balance will fluctuate up and down depending on the performance of the assets your super is invested in (e.g. shares, property, fixed interest). While investment markets can be unpredictable with shorter-term volatility, historically over the long-term they typically recover. If you’re thinking about changing your investment options, it’s important to consider your age, long term goals and risk appetite. Also consider speaking to a financial adviser before you make any decisions.

If you have an Essential Super account, you can view your super balance anytime in NetBank or the CommBank app. You can also check your super’s asset allocation in NetBank. Visit our Essential Super product page for more information.

Can I access my superannuation if I am experiencing financial hardship?

On 22 March 2020, the Australian Government announced superannuation changes to enable Australians financially impacted by coronavirus to access their super. Tell me more

Can I reduce my superannuation minimum drawdown rate?

To provide retirees with more flexibility in managing their superannuation assets and retirement incomes at this time, the Government announced on 22 March 2020 that it is temporarily reducing the minimum pension payment requirement for account based pensions and similar products by 50% in both 2019-20 and 2020-21. Tell me more

Life insurance and income protection provided by AIA

Am I covered for coronavirus (COVID-19) under my Life Insurance provided by AIA Australia policy?

Yes, we want to reassure you that COVID-19 has no impact on your existing life insurance cover with AIA Australia. If you need to make a claim related to COVID-19, as with any other claim, you will need to meet the eligibility requirements for your type of cover. Please check the terms and conditions of your Life Insurance PDS for more information.

Am I covered for COVID-19 under my Income Protection provided by AIA Australia policy?

Yes, if you have been advised by your medical practitioner that you’re unable to work due to sickness (including COVID-19) and you meet all the other requirements of the policy, you may be eligible for a benefit. Please note that your benefit period commences after the completion of your waiting period (either 30 or 90 days). If uncertain, please check the terms and conditions of your Income Protection PDS for more information.

If you have been made redundant (become involuntarily unemployed), you may be eligible for a Premium Pause which will put your premiums on hold, whilst maintaining cover.

Your Income Protection policy does not cover you if you’re unable to work due to self-isolation following a request or guidance from your employer, or if your work has shut down/closed but your medical practitioner hasn’t advised that you’re unable to work due to a sickness or injury. 

For more information, please check the terms and conditions of your Income Protection PDS.

Who do I contact if I require more help?

AIA Australia’s Customer Service Team is here to help you with any questions you may have, including claims enquiries. Please call 1800 491 588 between 9am and 5pm Monday to Friday, AEST.

CommInsure Protection purchased via a financial adviser

Does CommInsure Protection cover me if I get COVID-19 (Coronavirus)?

We want to reassure you that COVID-19 has no impact on your existing CommInsure Protection cover. If you need to make a claim related to COVID-19, as with any other claim, you will need to meet the eligibility requirements for your type of cover.

To understand what you are covered for please read your original Policy, and any product updates we have provided to you. The Policy will include the requirements that need to be met for payment of a claim.

Does CommInsure Protection cover me if I have to care for a family member with COVID-19?

Our policies are designed to protect and support you if you become seriously ill or injured. They are not intended to cover situations in which you stop work to care for a family member.

If you have Child cover and your child develops a specific child cover condition, the policy may provide a benefit payment which could help you if you’ve had to stop work to look after your child.

To understand what you are covered for please read your original Policy, and any product updates we have provided to you. The Policy will include the requirements that need to be met for payment of a claim.

Does CommInsure Protection cover my family member if they have to take time off to look after me because I’m unwell with COVID-19?

If you have income protection it may include an inbuilt Family Support benefit which subsidises an immediate family member’s lost income for up to three months if you’re totally disabled.

To understand what you are covered for please read your original Policy, and any product updates we have provided to you. The Policy will include the requirements that need to be met for payment of a claim.

I have had to set up an office to work from home; does my insurance policy cover a screen, keyboard and chair?

Our policies are designed to protect and support you if you become seriously ill or injured. They do not cover your office setup.

What happens to my insurance if I can’t pay my premiums?

We understand that it is a difficult time for many people right now. If you would like to discuss any options available to you to reduce your premiums at this time, please contact us on 13 1056, 8am to 8pm, Monday to Friday (AEST/ADST).

Is CommInsure going to have to stop working due to office shutdowns?

We are here to help you. We are preparing for all scenarios to keep supporting you and to keep our staff safe and healthy. This includes facilitating staff to work from home, to continue to be there when you need us.

Things you should know

Financial support

Personal Overdraft applications are subject to credit approval. View the Personal Overdraft Terms and Conditions. Full terms and conditions will be included in our Personal Overdraft offer. Fees and charges apply.

A spending cap will also apply to any companion CommBank credit cards held by any additional cardholders on the same account. Some types of transactions made via CommBank branches, telephone, online or mobile banking such as transfers to other accounts, bill payments, assisted cash withdrawals and transactions flagged as recurring (for example, direct debits) or that are not sent to us for authorisation won't be declined. For full terms and conditions of the spending cap, visit NetBank or the CommBank App.

You won't be able to apply for an instalment plan if you don't meet our criteria (e.g. if you have exceeded your limit or if you are in default). Instalment plans are not available on non-Awards Business Cards, corporate cards or balance transfers or Great Rate transactions. The terms of the Credit Card Conditions of Use relating to instalment plans (section 5) will apply. While you have an instalment plan, we apply your credit card payments first to your current monthly instalments. This will apply even when you have other card balances with a higher interest rate, such as cash advances and purchases not on a plan. Any interest-free period on purchases will no longer apply once the purchase is put on a plan. You can cancel your instalment plan at any time. When a cancellation is processed, the outstanding instalment balance will be transferred to your purchases balance (or cash advance balance for cancelled cash advance plans) and accrue interest from the transfer date at the standard purchase or cash interest rate applicable on your account. If you miss a monthly payment your plan won’t be cancelled and you can continue to make any remaining monthly payments due up to the end of your chosen term. However, if you miss an instalment payment, the unpaid amount will be transferred to your purchases balance (or cash advances balance if the instalment plan was a cash advance plan). It will then accrue interest at the purchases (or cash advance) rate.

Passbook

1 Customers who opened a Passbook account prior to 2007 may not be able to open a new account online or over the phone.

2 Subject to terms and conditions.

Home loans

3 Illustrative purposes only. Assumes no change to the interest rate. This doesn’t consider your individual objectives, financial situation or needs. Before basing any decisions on this information please consider its appropriateness to your circumstances and consider obtaining professional advice specific to your needs, including financial, taxation and legal advice. 

Superannuation

Colonial First State Investments Limited ABN 98 002 348 352, AFSL 232468 (CFS) is the issuer of interests in Commonwealth Essential Super ABN 56 601 925 435 (Essential Super) and is a wholly owned but non-guaranteed subsidiary of the Commonwealth Bank of Australia ABN 48 123 123 124 (Bank). This document may include general financial product advice but does not consider your individual objectives, financial circumstances or needs. You should read the Product Disclosure Statement (PDS) and the Reference Guide for Essential Super carefully and consider whether the information is appropriate for you before making any decision regarding this product. Download the PDS and Reference Guide at commbank.com.au/essentialsuper-documents or call us on 13 4074 for a copy. The Bank and its subsidiaries do not guarantee the performance of Essential Super and an investment in this product is subject to risk, loss of income and capital invested. An investment in Essential Super is via a superannuation trust and is therefore not an investment in, deposit with or other liability of the Bank or its subsidiaries. Where we mention ‘we’, ‘us’ or ‘our’, we mean CFS.