Big banks rally round locked down customers

by Mike Wood28 Jun 2021

As millions of Australians return to the nightmare scenario of lockdowns, the financial industry has come together to offer COVID support packages to customers and businesses.

CBA have announced a raft of measures to help their customers: SME customers ill have fees waived and access to deferrals on asset finance and some business loans, while home loan customers can switch to fixed rates and reduce repayments to the mandated minimum, among other measures.

“Our thoughts are with our New South Wales customers who are tonight entering lockdown,” said CEO Matt Comyn. “We want to assure any of our customers who need assistance during this difficult time that we have measures in place to support them including short-term repayment deferrals. Our teams are here to help them and can tailor solutions to suit their different circumstances.

Westpac have announced similar supports, including business loan restructuring and case management for SMEs. Their COVID help is available in both Sydney and the Northern Territory, where the Darwin area is in a shorter, 48-hour lockdown.

ANZ will help SME customers by waiving fees on EFTPOS terminals and payment relief on asset finance and commercial loans. Restructuring and short-term relief will also be offered to home loan customers.

NAB are to offer business restructuring, fees waivers, personal loan relief and payment deferrals across a range of loans. Temporary payment breaks and temporary payment reductions are also to be introduced for NAB customers.

“Throughout the pandemic we’ve been there to support customers and our bankers are ready and willing to help any businesses and individuals who need assistance," said NAB Group Executive for Business & Private Bank, Andrew Irvine.

“Australians have shown how resilient they are right throughout this pandemic and together we will continue to get through this.”

“Our bankers will work with customers to understand their individual situation, the pressures they’re under and how we can then tailor support specifically for them.”

“Our bankers are experienced and well versed with helping step customers through things and be able to put in place solutions to help.”